Analyst Conference Call Summary

biotechnology

conference date: October 30, 2025 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, up % sequentially from $2.65 billion and up % from $ billion in the year-earlier quarter.

Net income $ million, up % sequentially from $635 million and up % from $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, up % sequentially from $4.33 and up % from $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher A. Viehbacher said: ""

In Q2 2025 a Phase 3 Felzartamab study in late antibody-mediated kidney transplant rejection (AMR) initiated. Also initiated Phase 3 trials in IgA nephropathy and primary membranous nephropathy in Q2 2025.

Leqembi (lecanemab) for Alzheimer's patients global growth continued, with U.S. sales at $ million, up sequentially from $63 million, and global at $ million, up sequentially from $160 million. Partnered with Eisai, which is doing strong sales in Asia, including China. Introduction of blood-based diagnostics in H2 2025 would also help. Has approval for IV maintenance. Expected approval for subc version in August. AHEAD 3-45 study in presymptomatic AD should readout in 2028. Positive data announced in Q2 2025 shows continuous treatment has sustained benefit.

BIIB080 for tau in Alzheimer's received FDA Fast Track and is currently in a Phase 2 trial with data readout due in 2026.

Zurzuvae launch is going well, exceding expectations, received positive EU CHMP opinion. Well over 10,000 women now treated for PPD. Physicians are writing repeat prescriptions and are becoming more proactive about diagnosing PPD.

Salanersen for SMA high dose filings accepted by FDA and EMA. PDUFA September 22, 2025, but got CRL instead for more manufacturing data.

In Q2 2025 Dapirolizumab pegol Phase 3 data presented at EULAR show improvement in fatigue and reduction of disease activity in SLE.

Non-GAAP net income was $ million, up % sequentially from $803 million and up % from $ million year-earlier. Non-GAAP EPS diluted was $, up % sequentially from $5.47 and up % from $ year-earlier.

Total product revenue was $ billion, up % sequentially from $1.88 billion and down % from $ billion year-earlier. That excludes the Rituxan revenue, royalties and other revenue.

* unconsolidated joint business revenue, Anti-CD20 products
** mainly contract manufacturing

Cash and equivalents (including marketable securities) balance ended at $ billion, up sequentially from $2.80 billion. $ billion debt. $0 million was spent to repurchase shares. $ million cash flow from operations. $ million cap ex. $ million free cash flow.

GAAP Cost of sales was $ million. R&D expense was $ million. Acquired in-process R&D expense $ million. SG&A expense $ million. Amortization of acquired intangible assets $ million. Collaboration profit sharing income $ million. Restructuring charges $ million. Loss on contingent consideration $ million. Other expense $ million. Total cost and expenses $ billion. Leaving income from operations of $ million. Income tax $ million.

See also the Biogen product pipeline. The entire pipeline includes 27 clinical programs.

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