Biogen Q4 EPS Beats by 24%, $2.28B Revenue Tops Estimates
Biogen reported Q4 adjusted EPS of $1.99, beating estimates by $0.38, on revenues of $2.28 billion, which topped forecasts by $70 million despite a 7% year-over-year decline. The company issued 2026 guidance of $15.25–$16.25 adjusted EPS and forecast mid-single-digit revenue declines.
1. Q4 Earnings Outperform Expectations
Biogen delivered adjusted EPS of $1.99 in Q4 2025, surpassing consensus of $1.61 despite a 42% year-over-year earnings decline. Total revenues were $2.28 billion, down 7% but ahead of the $2.21 billion estimate, reflecting stronger-than-expected new drug sales.
2. Legacy Portfolio vs New Therapies
Multiple sclerosis drug revenues fell 14% to $917 million, driven by generic erosion of Tecfidera and competitive pressure; Vumerity sales edged up 3% to $181 million. Spinraza sales dropped over 15% to $356 million, while Alzheimer’s therapy Leqembi collaboration revenues rose to $47 million.
3. Cost Management and R&D Savings
Adjusted R&D expenses declined 6% to $478 million under the Fit for Growth program, while SG&A costs rose 1% to $678 million to support new product launches. Contract manufacturing and royalty revenues tumbled 66% to $44 million.
4. 2026 Outlook and Guidance
Biogen forecasts 2026 adjusted EPS of $15.25–$16.25, above the prior-year $15.28 and consensus of $14.87. The company expects mid-single-digit constant-currency revenue declines, offset by growth from new drugs and flat gross margin year over year.