Biogen Inc. (NASDAQ:BIIB) delivered stronger-than-expected results for the fourth quarter of 2025 and paired them with a confident profit outlook for 2026, lifting its shares modestly higher following the announcement.
The biotech group reported adjusted earnings of $1.99 per share, comfortably ahead of analyst expectations of $1.61. Revenue totaled $2.28 billion, topping the consensus forecast of $2.21 billion, although this marked a 7% decline from the prior year. Biogen shares rose around 1.4% after the results were released.
Performance from newer growth therapies remained a bright spot. Sales from growth products rose 6% year over year in the quarter. Global in-market sales of LEQEMBI reached about $134 million, up 54% from a year earlier, while ZURZUVAE generated roughly $66 million in revenue, reflecting strong uptake. SKYCLARYS also continued to gain traction, with the number of patients on therapy increasing by around 30% during 2025.
“Our 2025 performance reflected continued focus on strong execution and financial discipline, driven by our revenue of nearly $1 billion from LEQEMBI, SKYCLARYS, ZURZUVAE, and QALSODY, progression of our pipeline, and resilience of our MS franchise,” said Christopher A. Viehbacher, President and Chief Executive Officer.
Looking ahead, Biogen forecast adjusted earnings per share of $15.25 to $16.25 for fiscal 2026, above the Street consensus of $14.92. The company cautioned, however, that total revenue is expected to fall by a mid-single-digit percentage versus 2025, as continued declines in multiple sclerosis product sales—excluding VUMERITY—are only partly offset by growth from newer therapies.