Biogen's revenue grew 11% year over year in the third quarter, while non-GAAP earnings per share declined 46%, including $284 million of acquired in-process research and development expense. Management narrowed its full-year guidance for underlying EPS to $15.95-$16.75 from $15.85-$16.85.
Biogen remains a significant player in the $20 billion global MS market with Vumerity, Avonex, Plegridy, Tysabri, and Tecfidera, although its portfolio has been declining due to competitive pressures from newer drugs and loss of exclusivity events.
Bears
Biogen's MS portfolio is under pressure from newer branded drugs as well as generic and biosimilar versions of its older therapies.
Biogen is an established biopharmaceutical company focused on treatments for neurodegenerative and rare diseases. Its declining multiple sclerosis franchise is its largest revenue generator and contributed 40% of total revenue in 2025. Biogen also generates significant revenue from its CD20 collaboration agreements with Roche (19% of total in 2025), which includes oncology drugs Rituxan and Gazyva and multiple sclerosis drug Ocrevus. Biogen's newer franchises include Spinraza (spinal muscular atrophy, with partner Ionis), Leqembi (Alzheimer's disease, collabroation revenue from its partner Eisai), Skyclarys (Friedreich's ataxia, Reata), Zurzuvae (postpartum depression, Sage), and Qalsody (amyotrophic lateral sclerosis, Ionis).