Biogen Beats Q1 Earnings Expectations As Two Newcomer Drug Sales Spike, Avoids Tariff Impact

Biogen Inc. BIIB reported on Thursday that the first quarter of 2025 adjusted earnings per share was $3.02. That’s down from $3.67 a year ago, beating the analyst consensus of $2.52.

The company reported sales of $2.43 billion, up 6% year over year on a reported basis, 8% on constant currency, beating the consensus of $2.23 billion.

Multiple sclerosis revenue of $953 million decreased by 11% (down 10% on constant currency). The multiple sclerosis drug Tysabri sales were down to $381.5 million from $431.3 million.

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Rare disease revenue increased 33% year over year (up 36% on constant currency) to $563 million. Spinraza’s revenue increased to $423.9 million from $341.3 million a year ago.

Revenues from Skyclarys, acquired via Reata acquisition, reached $123.9 million during the quarter, up from $78 million a year ago.

U.S. Skyclarys revenue of approximately $69 million was impacted by expected Medicare discount dynamics partially offset by demand growth.

In Alzheimer’s disease, Biogen said Leqembi’s first quarter global in-market sales of approximately $96 million, including U.S. in-market sales of approximately $52 million, representing continued sequential growth.

Guidance: Biogen lowers full year 2025 adjusted EPS outlook from $15.25-$16.25 to $14.50-$15.50 versus a consensus of $4.92.

The guidance reflects the ~($0.95) impact from a $165 million upfront transaction payment to Stoke related to the collaboration agreement for zorevunersen in Dravet syndrome, partially offset by a $0.20 benefit mainly from foreign exchange.

For 2025, Biogen expects total revenue to decline by a mid-single-digit percentage. Further declines in multiple sclerosis product revenues are expected to be partially offset by increases in revenue from product launches.

Potential tariffs are not expected to significantly affect the company’s 2025 financial outlook, even if the current exemption for pharmaceuticals ends:

Many of its products sold in the U.S. are made domestically

It has strong global inventory levels. However, Biogen notes that the future of U.S. and international tariffs is still unclear, and its forecast does not account for any new tariffs that might be introduced.

In April, the European Commission approved Eisai Co., Ltd. ESALY and Biogen’s amyloid-beta (Aβ) monoclonal antibody Leqembi (lecanemab). The Commission said it granted the approval under strict conditions.

Price Action: BIIB stock is up 0.80% at $122.05 at $130 at the last check on Thursday.

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