Biogen (NASDAQ:BIIB) said its preliminary adjusted earnings per share for the fourth quarter of 2025 are expected to be about $1.26, below the consensus analyst forecast of $1.68.
The biotechnology group noted that both its GAAP and non-GAAP results for the quarter will reflect roughly $222 million in pre-tax charges. These costs relate primarily to acquired in-process research and development, as well as upfront and milestone payments.
The elevated R&D-related expenses weighed heavily on quarterly performance and were a key factor behind the shortfall versus market expectations.