Biogen Inc.
Revenue
$3B
Net Income
$98M
Biogen Inc.
Revenue
$3B
Net Income
$98M
Biogen Inc.
CIK: 0000875045
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q2 2026neutral (50)not_provided
Reality-Based Sentiment Analysisneutral50/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Biogen Inc. has been showing bearish trends with stable guidance. Revenue has grown 8.1% during this period. The latest quarter shows neutral sentiment with neutral tone from management.
Latest Quarter Highlights:
Biogen reported Q2 2026 revenue of $2,736.0 million (+3.4% YoY) and net income of $97.5 million (-84.6% YoY), heavily impacted by the May 2026 Apellis acquisition which added SYFOVRE and EMPAVELI products and triggered $153.2 million in restructuring charges. Core business showed modest growth with LEQEMBI collaboration revenue (+16.0%) and strong momentum in rare disease (SPINRAZA, SKYCLARYS) offsetting MS product declines, while $5.4 billion Apellis deal and ongoing cost reduction initiatives signal strategic pivot toward specialized immunology and rare disease markets.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 7/29/2026
Summary
Biogen reported Q2 2026 revenue of $2,736.0 million (+3.4% YoY) and net income of $97.5 million (-84.6% YoY), heavily impacted by the May 2026 Apellis acquisition which added SYFOVRE and EMPAVELI products and triggered $153.2 million in restructuring charges. Core business showed modest growth with LEQEMBI collaboration revenue (+16.0%) and strong momentum in rare disease (SPINRAZA, SKYCLARYS) offsetting MS product declines, while $5.4 billion Apellis deal and ongoing cost reduction initiatives signal strategic pivot toward specialized immunology and rare disease markets.
Revenue
$2.74B
Net Income
$97.5M
Guidance
Tone
Capex
$92.1M(+44.5% YoY)
Partnerships
Key Quotes
"The addition of Apellis is expected to enhance our short- and long-term revenue growth profile by adding two commercialized, differentiated, specialized immunology products to our growth portfolio."
"We implemented an integration plan designed to realize operating synergies through cost savings and avoidance following the closing of the Apellis acquisition."
"Our long-term competitive position depends upon our success in discovering and developing innovative, cost-effective products that serve unmet medical needs, along with our ability to manufacture products efficiently and to launch and market them effectively in a highly competitive environment."
Q1 2026
10-Q • Filed 4/29/2026
Summary
Biogen delivered Q1 2026 revenue of $2.48B (up 1.9% YoY) with net income of $319.5M (up 32.7% YoY), driven by strong LEQEMBI collaboration revenue growth and SKYCLARYS momentum offsetting TECFIDERA and SPINRAZA declines. The company maintains a balanced portfolio with solid cash generation ($645.5M operating cash flow) and strategic growth investments, including the proposed $5.6B Apellis acquisition and ongoing clinical development of felzartamab, though management provided no forward guidance in this 10-Q filing. The tone is cautiously optimistic regarding pipeline progression and geographic diversification, with headcount stable following prior cost-cutting measures.
Revenue
$2.48B
Net Income
$319.5M
Guidance
Tone
Capex
$51.2M(+38% YoY)
Partnerships
Key Quotes
"We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases."
"The addition of Apellis is expected to enhance our short- and long-term revenue growth profile by adding two commercialized differentiated immunology and rare disease medicines to our growth portfolio."
"We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions."
Q4 2025
10-K • Filed 2/6/2026
Summary
Biogen reported full-year 2025 revenue of $8,507 million and net income of $1,456 million from its 10-K annual report. The company faces intense competitive pressure with significant revenue headwinds from generic and biosimilar competition across key products (TECFIDERA, RITUXAN, TYSABRI), pricing pressures from healthcare reform including the IRA and OBBBA, and ongoing regulatory and reimbursement challenges. Management tone is defensive, emphasizing extensive risk disclosures around market competition, pricing pressure, regulatory changes, and execution risks on new product launches like LEQEMBI and SKYCLARYS.
Revenue
$2.28B
Net Income
$-48.9M
Guidance
Tone
Partnerships
Key Quotes
"The generic competition for TECFIDERA has significantly reduced our TECFIDERA revenue and we expect that TECFIDERA revenue will continue to decline."
"Biosimilar products referencing RITUXAN are available in the U.S and are being offered at lower prices. This competition has had a significant adverse impact on the pre-tax profits of our collaboration arrangements with Genentech."
"Our ability to set the price for our products varies significantly from country to country... Governments may use a variety of cost-containment measures to control the cost of products, including price cuts, mandatory rebates, value-based pricing and reference pricing."
Q3 2025
10-Q • Filed 10/30/2025
Summary
Biogen reported Q3 2025 revenue of $2,534.7 million, up 2.8% YoY, with net income of $466.5 million (+20.0% YoY). Strong cash generation with operating cash flow of $1,692.7 million for nine months, though management is executing cost-reduction initiatives (Fit for Growth program targeting $1.0 billion in savings by end-2025) and reducing headcount by approximately 1,400 employees. The company is progressing with strategic acquisitions (HI-Bio's felzartamab, pending Alcyone deal) but facing headwinds from generic competition, biosimilar pressure, and healthcare pricing reforms.
Revenue
$2.53B
Net Income
$466.5M
Guidance
Tone
Capex
$109.9M(-3.9% YoY)
Partnerships
Key Quotes
"We initiated cost saving measures as part of our Fit for Growth program to reduce operating costs, while improving operating efficiency and effectiveness. The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025."
"Our incorporation of technologies using AI into some of our processes represents ongoing strategic investment in our operations."
"We face potential impacts from increased competition from new originator therapies, generics, prodrugs and biosimilars of existing products, including but not limited to increased competition from TECFIDERA generic entrants and a biosimilar entrant of TYSABRI."
Q2 2025
10-Q • Filed 7/31/2025
Summary
Biogen reported Q2 2025 revenue of $2,645.5 million and net income of $634.8 million, showing modest growth as product revenue remained relatively flat while collaboration revenues grew substantially, particularly LEQEMBI collaboration revenue which increased 365% YoY. The company continues executing cost reduction initiatives with $300 million in cumulative Fit for Growth restructuring charges through June 2025, reducing headcount by approximately 1,400 employees, though operating cash flow declined significantly to $420.2 million from $1,179.0 million in the prior year due to working capital changes and tax payments.
Revenue
$2.65B
Net Income
$634.8M
Guidance
Tone
Capex
$63.7M(-19.8% YoY)
Partnerships
Key Quotes
"our long-term competitive position depends upon our success in discovering and developing innovative, cost-effective products that serve unmet medical needs, along with our ability to manufacture products efficiently and to launch and market them effectively in a highly competitive environment"
"the Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which will be reinvested in various initiatives"
"During the second quarter of 2025 the first milestone related to the fourth patient dosed in a phase 3 clinical trial of felzartamab for AMR was achieved, resulting in a $150.0 million milestone payment"
Q1 2025
10-Q • Filed 5/1/2025
Summary
Biogen reported Q1 2025 revenue of $2,431.0 million, up 6.1% YoY, with net income of $240.5 million, down 38.9% YoY due to $200.7 million in acquisition-related IPR&D charges and $35.3 million in restructuring costs. Strong performance in LEQEMBI collaboration revenue ($33.0M vs $2.8M) and contract manufacturing ($282.3M vs $152.2M) partially offset declines in core MS products like TECFIDERA and TYSABRI; the company is executing its Fit for Growth program targeting $1.0 billion in savings by end-2025 through 1,400 headcount reductions.
Revenue
$2.43B
Net Income
$240.5M
Guidance
Tone
Capex
$37.1M(-19.4% YoY)
Partnerships
Key Quotes
"We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older."
"The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which will be reinvested in various initiatives."
"felzartamab has received Breakthrough Therapy Designation and ODD from the FDA for development in the treatment of PMN and AMR."
Q4 2024
10-K • Filed 2/12/2025
Summary
Biogen reported full-year 2024 revenue of $11.66 billion and net income of $1.61 billion. The company faces significant headwinds from generic and biosimilar competition, pricing pressures from government regulation (particularly the IRA), and supply chain challenges tied to geopolitical tensions. Management's tone is defensive, heavily focused on risk enumeration across product portfolios, regulatory compliance, manufacturing capacity utilization, and competitive threats.
Revenue
$2.45B
Net Income
$266.7M
Guidance
Tone
Partnerships
Key Quotes
"Multiple TECFIDERA generic entrants are now in North America, Brazil and certain European countries and have deeply discounted prices compared to TECFIDERA. The generic competition for TECFIDERA has significantly reduced our TECFIDERA revenue and we expect that TECFIDERA revenue will continue to decline."
"The ongoing geopolitical tensions related to Russia's invasion of Ukraine and the military conflict in the Middle East have resulted in global business disruptions and economic volatility."
"We expect drug pricing and other health care costs to continue to be subject to intense political and societal pressures on a global basis."
Q3 2024
10-Q • Filed 10/30/2024
Summary
Biogen reported Q3 2024 revenue of $2.47 billion and net income of $388.5 million, returning to profitability after a loss in Q3 2023, driven by strong performance from acquired products SKYCLARYS and new launches ZURZUVAE and TOFIDENCE. The company continues restructuring initiatives with $1.0 billion in gross operating savings targeted by end of 2025, completed the HI-Bio acquisition for felzartamab pipeline, and generated solid operating cash flow of $2.1 billion, though facing headwinds from biosimilar competition and pricing pressures.
Revenue
$2.47B
Net Income
$388.5M
Guidance
Tone
Capex
$114.4M(-46% YoY)
Partnerships
Key Quotes
"The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which will be reinvested in various initiatives."
"We completed the acquisition of all of the issued and outstanding shares of HI-Bio, a privately-held clinical-stage biotechnology company focused on targeted therapies for patients with severe immune-mediated diseases."
"These forward-looking statements involve risks and uncertainties...that could cause actual results to differ materially from those reflected in such statements."
Q2 2024
10-Q • Filed 8/1/2024
Summary
Biogen reported Q2 2024 revenue of $2,465M (flat YoY) and net income of $584M, with modest growth offset by portfolio pressures in MS products and integration costs. The company is executing cost reduction initiatives (Fit for Growth targeting $1B savings by end of 2025) while investing in pipeline expansion through acquisitions of HI-Bio and Reata, with new product launches (SKYCLARYS, ZURZUVAE) gaining traction. Operating cash flow remained strong at $1,179M for H1 2024, but significant restructuring charges and R&D investments signal defensive positioning amid competitive and regulatory headwinds.
Revenue
$2.46B
Net Income
$583.6M
Guidance
Tone
Capex
$79.4M(-42.3% YoY)
Partnerships
Key Quotes
"The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025"
"We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases"
"SKYCLARYS received E.U. regulatory approval in February 2024 and became commercially available in certain countries in Europe"
Q1 2024
10-Q • Filed 4/24/2024
Summary
Biogen reported Q1 2024 revenue of $2,290.5 million, down 7% YoY, with net income of $393.4 million, essentially flat. The decline was driven by product revenue headwinds (particularly TYSABRI and SPINRAZA) and lower contract manufacturing revenue, partially offset by strong new product launches including SKYCLARYS ($78.0M) and QALSODY ($4.6M). Operating cash flow of $553.2 million remained robust. The company is executing its Fit for Growth restructuring program targeting $1.0 billion in savings by end of 2025 with approximately 1,000 headcount reductions, while managing integration of the Reata acquisition completed in September 2023.
Revenue
$2.29B
Net Income
$393.4M
Guidance
Tone
Capex
$45.9M(-31.1% YoY)
Partnerships
Key Quotes
"We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer's disease and launched the first approved treatment to target a genetic cause of ALS."
"The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which will be reinvested in various initiatives."
"SKYCLARYS was approved and became commercially available in the E.U. during the first quarter of 2024."
Q3 2023
10-Q • Filed 11/8/2023
Summary
Biogen reported Q3 2023 revenue of $2.53 billion (flat YoY) with a net loss of $68.1 million, primarily driven by a $300 million loss on strategic investments and $120 million in restructuring charges related to the 2023 Fit for Growth program and Reata integration. The company completed a transformative $6.6 billion acquisition of Reata (SKYCLARYS for Friedreich's Ataxia) in late September, funded through cash and a $1.0 billion term loan, while navigating ongoing product declines in legacy MS therapies offset partially by growth in SPINRAZA and newly launched products (LEQEMBI, ZURZUVAE, QALSODY). Operating cash flow remained healthy at $1.53 billion, but the company is in a restructuring phase with aggressive cost-cutting measures expected to generate $1.0 billion in savings by 2025.
Revenue
$2.53B
Net Income
$-68.1M
Guidance
Tone
Capex
$211.8M(+37.5% YoY)
Partnerships
Key Quotes
"The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by 2025, some of which will be reinvested in various initiatives and includes net headcount reduction of approximately 1,000 employees."
"The acquisition of Reata is expected to complement our global portfolio of neuromuscular and rare disease therapies. The addition of SKYCLARYS is anticipated to provide potential operating synergies with SPINRAZA and QALSODY."
"We recognized approximately $393.4 million as compensation attributable to the post-acquisition service period [related to Reata equity awards], of which $196.4 million was recognized as selling, general and administrative expense with the remaining $197.0 million in research and development expense."
Sector Comparison
How BIIB performs vs Healthcare sector and Biotech peers
Sector Ranking (Healthcare)
Category Ranking (Biotech)
Key Metrics vs Averages
BIIB
$2,736M
Biotech Avg
$2,626.4M
Healthcare Avg
$2,626.4M
BIIB
44.5%
Biotech Avg
27.1%
Healthcare Avg
27.1%
Guidance: not_provided • Tone: neutral