Biogen Inc. (NASDAQ:BIIB) shares fell 2.6% on Thursday after the biotechnology company trimmed its full-year earnings forecast, overshadowing an otherwise strong third-quarter earnings beat that topped Wall Street estimates on both profit and revenue.
The company reported adjusted earnings of $4.81 per share, comfortably above the analyst consensus of $3.88, while revenue reached $2.53 billion, exceeding expectations of $2.34 billion and marking a 3% year-over-year increase.
Despite the outperformance, Biogen lowered its full-year adjusted EPS guidance to a range of $14.50–$15.00, below the $15.76 analysts had expected. The downgrade reflects higher anticipated costs tied to business development deals expected to close during the fourth quarter.
“We delivered another quarter of strong financial performance driven by continued commercial momentum in our launch products, resilience in our MS franchise and our ongoing focus on disciplined cost management,” said Christopher A. Viehbacher, President and Chief Executive Officer.
Biogen’s new product portfolio was a key growth driver, with sales across Alzheimer’s disease, rare disease, and postpartum depression treatments up 67% year-over-year. Notably, LEQEMBI global sales surged 82% to about $121 million, SKYCLARYS revenue climbed 30% to $133 million, and ZURZUVAE generated $55 million, continuing its strong upward trajectory.
The company’s multiple sclerosis (MS) franchise also showed resilience, rising 1% year-over-year, helped by a favorable gross-to-net adjustment and solid demand for VUMERITY in the U.S., which offset ongoing generic competition for TECFIDERA in Europe.
Looking ahead, Biogen now expects 2025 revenue to remain flat or increase up to 1% at constant currency versus 2024 — a slight improvement over its prior forecast of “approximately flat” growth. The company attributed the revision to strong year-to-date results and stability in its U.S. MS business.
Biogen also highlighted pipeline advancements, including the FDA resubmission for high-dose nusinersen (SPINRAZA) in spinal muscular atrophy (SMA), which now carries a PDUFA date of April 3, 2026, as well as accelerated timelines for its litifilimab Phase 3 trials in systemic lupus erythematosus, with results expected in the second half of 2026.