Third quarter 2025 total revenue of $2.5 billion, increased 3% year-over-year; GAAP diluted EPS of $3.17,increased 19% year-over-year; Non-GAAP diluted EPS of $4.81, increased 18% year-over-year
Delivered 67% year-over-year growth across launch products in Alzheimer's disease, rare disease, andpostpartum depression
• LEQEMBI global in-market sales of approximately $121 million represents year-over-year growth of 82%;U.S. in-market sales of approximately $69 million shows continued steady growth; ex-U.S. in-market sales of approximately $52 million reflects continued demand growth, offset by a partial drawdown of the previously disclosed Q2 inventory build in China
• SKYCLARYS global revenue of approximately $133 million represents 30% year-over-year growth; U.S. revenue of approximately $75 million impacted by a Medicare true up, partially offset by patient growth; ex-U.S. revenue of approximately $58 million reflecting continued adoption across markets
• ZURZUVAE revenue of approximately $55 million showed strong continued growth; now approved in theEuropean Union
MS franchise grew 1% year-over-year driven by a favorable gross-to-net adjustment, with strong demand growth and timing of shipments benefitting VUMERITY in the U.S., partially offset by continued generic erosion of TECFIDERA in Europe
Delivered progress across key late-stage pipeline programs during the third quarter
• LEQEMBI IQLIK, the first and only FDA-approved anti-amyloid treatment to offer an at-home subcutaneous injection in a maintenance setting and launched in October 2025. FDA rolling submission underway for LEQEMBI IQLIK treatment initiation
• Today announced that high dose nusinersen (SPINRAZA) in SMA was successfully resubmitted with the FDA with an updated PDUFA date of April 3, 2026
• Today announced both litifilimab Phase 3 studies for systemic lupus erythematosus fully enrolled with expected data readout for both studies now accelerated to H2 2026
• New analysis of dapirolizumab pegol Phase 3 data presented at American College of Rheumatology Convergence underscores the potential for a differentiated profile in systemic lupus erythematosus
Advanced Biogen’s immunology strategy with new early-stage programs
• IRAK4 degrader (BIIB142) for autoimmune disease, including lupus, initiated Phase 1 study in healthy volunteers
• Added a preclinical C5aR1 antagonist through a licensing agreement with Vanqua Bio, adding a proven immune mechanism with the potential to address a broad range of inflammatory disorders
Biogen updates full year 2025 guidance to reflect stronger underlying business outlook and investment for growth from business development transactions expected to close in the fourth quarter
• Full year 2025 Non-GAAP diluted EPS expected to be between $14.50 and $15.00, including expected improved business impact of approximately $0.25 EPS, offset by an expected approximately ($1.25) EPS impact in the fourth quarter from acquired IPR&D expense
• Increased expected full year 2025 total revenue to be approximately flat to increasing 1%, at constant currency, versus full year 2024, up from approximately flat previously
Biogen Inc. (Nasdaq: BIIB) today reported third quarter 2025 financial results. Commenting on the quarter,President and Chief Executive Officer Christopher A. Viehbacher said:
"We delivered another quarter of strong financial performance driven by continued commercial momentum in our launch products, resilience in our MS franchise and our ongoing focus on disciplined cost management.
Looking ahead we are further advancing our new Biogen roadmap with a cadence of potentially registrational Phase 3 readouts beginning next year, including data now expected in 2026 from both SLE studies for litifilimab which are fully enrolled. We believe this execution on our strategic objectives, combined with our resilient business model and footprint, positions Biogen to deliver long-term sustainable growth."
About Biogen
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patient’s lives and to create value for shareholders and our communities.
We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.