Biogen (NASDAQ:BIIB) Announces Earnings Results

Biogen (NASDAQ:BIIB) issued its quarterly earnings results on Friday. The biotechnology company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.38, FiscalAI reports. The firm had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.21 billion. Biogen had a net margin of 15.98% and a return on equity of 14.13%. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.44 EPS. Biogen updated its FY 2026 guidance to 15.250-16.250 EPS.

Here are the key takeaways from Biogen’s conference call:

• Biogen reported stronger-than-expected results, with full-year non-GAAP diluted EPS of $15.28, total 2025 revenue of ~$9.9 billion, $2.1 billion in free cash flow, and $4.2 billion in cash and marketable securities, giving the company financial flexibility.
• Leqembi remains the anti-amyloid market leader (>60% share) and the subcutaneous iClick pen is under priority review (PDUFA May 24), which could reduce treatment burden and expand uptake if approved and reimbursed.
• Biogen has materially expanded its late‑stage pipeline with multiple near‑term catalysts — notably litifilimab (SLE readout by year‑end), felzartamab (AMR readouts next year), BIIB080 and BIIB122 mid‑year signals, and Spinraza high‑dose regulatory activity — creating potential upside if data are positive.
• Despite EPS guidance of $15.25–$16.25 for 2026, management expects total revenue to decline mid‑single digits and legacy MS revenues (ex‑Vumerity) to fall by mid‑teens % in 2026 due to generic and biosimilar pressure.
• Management is actively deploying capital into BD and strategic investments (Alcyone acquisition, deals with Vanqua and Deira), recorded $222 million of IPR&D charges in Q4, and says opportunistic M&A and other uses of the strengthened balance sheet remain possible.

Biogen Price Performance

Shares of Biogen stock opened at $201.18 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.72 and a quick ratio of 2.04. Biogen has a one year low of $110.04 and a one year high of $202.41. The business’s 50 day simple moving average is $176.94 and its two-hundred day simple moving average is $156.67. The stock has a market capitalization of $29.51 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 1.56 and a beta of 0.16.

More Biogen News

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Q4 beat on both EPS ($1.99 vs. consensus ~1.72) and revenue ($2.28B vs. ~$2.21B); investors reacted favorably to the upside. BIIB Beats on Q4 Earnings & Sales, Stock Gains on Upbeat ’26 EPS View
• Positive Sentiment: Biogen raised FY‑2026 adjusted EPS guidance to $15.25–$16.25, above consensus — a major driver of the rally as it signals stronger full‑year profitability expectations. Biogen forecasts annual profit above estimates as Leqembi sales pick up
• Positive Sentiment: Sales of Leqembi and newer launches (Skyclarys, Zurzuvae) showed meaningful growth and helped offset MS declines, supporting upside to future revenue mix and margins. Biogen Hits 52-Week High, Alzheimer’s Drug Sales Jump
• Positive Sentiment: Recent analyst support (RBC buy) and favorable coverage helped sentiment alongside the earnings/guidance beat. Biogen (BIIB) Receives a Buy from RBC Capital
• Neutral Sentiment: Management released the full earnings slide deck and call transcript — useful for modeling guidance assumptions and product-level trends but not market-moving on its own. Biogen Inc. (BIIB) Q4 2025 Earnings Call Transcript
• Negative Sentiment: Core MS franchise continued to decline, driving overall revenue down ~7.2% YoY; management said MS revenue pressures will persist, which limits near‑term top‑line growth. Biogen 4Q Revenue Down as Multiple Sclerosis Sales Slide
• Negative Sentiment: Some outlets note Biogen “swung to a loss” on certain GAAP measures and expect continued portfolio declines, underlining execution and pricing risks in legacy products. Biogen Stock Rises Even as Multiple Sclerosis Revenue Tumbles

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BIIB shares. Wedbush upped their target price on shares of Biogen from $143.00 to $178.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Biogen in a research note on Monday, December 29th. Mizuho upped their price objective on Biogen from $177.00 to $207.00 and gave the stock an “outperform” rating in a report on Thursday, January 8th. Sanford C. Bernstein set a $191.00 price objective on Biogen in a report on Tuesday. Finally, UBS Group initiated coverage on Biogen in a research report on Tuesday, January 6th. They issued a “neutral” rating and a $185.00 target price for the company. Eleven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat.com, Biogen presently has an average rating of “Hold” and an average price target of $193.77.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 748 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $179.30, for a total value of $134,116.40. Following the sale, the insider owned 6,271 shares of the company’s stock, valued at $1,124,390.30. This trade represents a 10.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is owned by insiders.

Institutional Trading of Biogen

Large investors have recently modified their holdings of the business. Sivia Capital Partners LLC purchased a new stake in Biogen in the second quarter worth $216,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Biogen in the 3rd quarter worth about $54,000. WFA of San Diego LLC purchased a new position in Biogen during the 2nd quarter valued at about $32,000. Camelot Portfolios LLC purchased a new position in Biogen during the 3rd quarter valued at about $294,000. Finally, Voleon Capital Management LP bought a new stake in Biogen during the third quarter worth about $316,000. 87.93% of the stock is owned by institutional investors.

About Biogen

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.