Biogen Q4 Revenue Beats by $80M, Adjusted EPS of $1.99 Tops Forecasts
Biogen posted Q4 revenue of $2.28B, beating estimates by $80M despite a 7.1% year-over-year decline, and delivered adjusted EPS of $1.99, 22.1% above forecasts, with EBITDA of $795.5M (34.9% margin). Management highlighted new products—Lekembi, Skyclaris, Xerxuve and Calcadi—surpassing $1B annual sales and raised 2026 EPS guidance to $15.75.
1. Q4 Financial Results
Biogen reported fourth-quarter revenue of $2.28 billion, surpassing estimates by $80 million despite a 7.1% year-over-year decline. Adjusted EPS reached $1.99, beating forecasts by 22.1%, and adjusted EBITDA was $795.5 million with a 34.9% margin.
2. Growth in New Products
Sales of newer products—Lekembi, Skyclaris, Xerxuve and Calcadi—collectively exceeded $1 billion in annual revenue, driven by strong uptake in multiple sclerosis and Alzheimer’s therapies, supporting the company’s pivot away from legacy assets.
3. 2026 Guidance and Margin Outlook
The company set 2026 adjusted EPS guidance at $15.75, 5.3% above analyst expectations, while fourth-quarter operating margin compressed to 4.3% from 18% a year earlier, reflecting higher investment in growth initiatives.
4. Key Analyst Questions
Analysts probed the cadence of Lekembi adoption and reimbursement timing, timelines for top-line growth, commercial prospects for anti-tau BIB080, conviction levels in lupus candidate ladifilumab, and the impact of upcoming launches on operating expenses.