Biogen Stock Earnings Reports

Biogen reported a strong Q3 2025 driven by robust growth in recent launches (LEQEMBI, SKYCLARYS, ZURZUVAE and QALSODY). Launch-product revenue grew 67% year-over-year and has more than offset year-to-date declines in legacy MS franchises. LEQEMBI continues sequential demand growth globally ($121M booked by Eisai in Q3), with the IQLIK subcutaneous maintenance now available and commercial focus on securing Part D coverage. SKYCLARYS is available in 34 countries and growing (30% YoY), while ZURZUVAE is expanding rapidly (150% YoY). R&D progress: Biogen emphasized a high-conviction late-stage portfolio with ~10 Phase III or Phase III-ready programs (including litifilimab fully enrolled with readouts expected H2 2026, felzartamab and BIIB080 programs) and continues to expand the early-stage pipeline through internal programs and BD (Alcyone acquisition, Vanqua license). Financials: revenue grew 3% in Q3, launch products generated $257M, non-GAAP EPS rose 18% YoY, and free cash flow was ~$1.2B for the quarter. Management raised the business outlook and updated non-GAAP EPS guidance (noting a $0.25 benefit from stronger trends) while incorporating ~ $1.25 per share impact related to expected Q4 BD transactions. The company remains focused on delivering $1B gross/$800M net savings under Fit-for-Growth by end of 2025 and is investing in prelaunch/commercial capabilities for multiple upcoming launches.