Analyst Conference Call Summary

biotechnology

conference date: February 6, 2025 @ 5:30 AM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, down % sequentially from $2.54 billion and up % from $ billion in the year-earlier quarter.

Net income $ million, down % sequentially from $466 million and up % from $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, down % sequentially from $3.17 and up % from $ year-earlier.

Guidance:

.

Conference Highlights:

CEO Christopher A. Viehbacher said: ""

In Q4 2025 Zurzuvae was approved for post-partum depression in the EU. It is a major revenue growth driver.

In Q4 2025 litifilimab Phase 3 studies for systemic lupus erythmatosus were fully enrolled. Data expected in H2 2026. Lupus is a very competitive area, but physicians are seeing something special.

In Q3 2025 high dose Spinraza was resubmitted to the FDA, PDUFA is April 3, 2026.

In Q3 2025 the IRAK4 degrader (BIIB142) for autoimmune disease, including lupus, initiated Phase 1 study in healthy volunteers.

In Q4 2025 Leqembi Iqlik subcutaneous injection launched. Leqembi (lecanemab) for Alzheimer's patients global growth continued, with U.S. sales at $69 million, up sequentially from $63 million, and global at $121 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. AHEAD 3-45 study in presymptomatic AD should readout in 2028. Positive data announced in Q2 2025 shows continuous treatment has sustained benefit.

Salanersen for SMA high dose PDUFA was September 22, 2025, but got CRL instead for more manufacturing data.

Non-GAAP net income was $ million, down % sequentially from $708 million and up % from $ million year-earlier. Non-GAAP EPS diluted was $, down % sequentially from $4.81 and up % from $ year-earlier.

Total product revenue was $ billion, down % sequentially from $1.85 billion and up % from $ billion year-earlier. That excludes the Rituxan revenue, Alzheimer's collaboration, 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 $ billion. $ billion debt. $0 million was spent to repurchase shares. $ billion cash flow from operations. $ million cap ex. $ billion 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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