Biogen Delivers Q4 Beat, Analyst Focuses On Leqembi Expansion, 2025 Outlook

On Wednesday, Biogen Inc BIIB reported fourth-quarter adjusted EPS of $3.44, up 17%, beating the consensus of $3.35.

The company reported sales of $2.46 billion, up 2% year over year on constant currency and 3% on a reported basis, beating the consensus of $2.40 billion.

As part of ongoing pipeline prioritization efforts, Biogen has decided to discontinue further development of BIIB113 in early Alzheimer’s disease, BIIB094 in early Parkinson’s disease, BIIB101 in multiple system atrophy, and BIIB143 (cemdomespib) in diabetic peripheral neuropathic pain.

Biogen forecasts a full-year 2025 adjusted EPS of $15.25-$16.25 versus a consensus of $16.34.

Also Read: Biogen Downgraded On Pipeline Setbacks And Leqembi Sales Slowdown

Revenue is expected to decline by a mid-single-digit percentage for 2025 compared to 2024 as further declines in multiple sclerosis product revenues are expected to be partially offset by increases in revenue from product launches.

Goldman Sachs analyst Salveen Richter notes that Biogen’s management expects to remain disciplined with regard to capital allocation, pointing to an interest in early-to-mid-stage deals in immunology, rare diseases, and neurology.

The analyst notes that while Goldman Sachs is mainly focused on Zurzuvae and Skyclarys, it is also watching for declines in the multiple sclerosis portfolio and Spinraza business. The main priority is how the company plans to counteract these losses through new product launches and business development.

Investors were especially concerned about the FY25 outlook compared to market expectations, particularly for Leqembi, and the company’s plans for mergers, acquisitions, and pipeline growth.

The analyst notes that for Leqembi’s rollout in early Alzheimer’s, the growth of infusion centers and more doctors prescribing it are major advantages. So far, Eli Lilly’s Kisunla has had little impact.

“We continue to watch market share vs. growth dynamics, and the extent to which the IV maintenance approval, the potential approvals of subcutaneous maintenance and induction, alongside the wider availability of blood-based biomarkers will drive launch momentum in 2025+,” Goldman Sachs analyst writes.

Price Action: BIIB stock is down 4.6% at $132.90 at last check Wednesday.

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