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Mar 31
Biogen Q1 2025 Earnings Report
Biogen reported solid performance in Q1 2025 with revenue growth and expansion in key therapeutic areas.
Key Takeaways
Biogen delivered a strong Q1 2025 performance driven by revenue growth from Alzheimer's, rare disease, and postpartum depression products, despite a decline in multiple sclerosis revenue and increased R&D investment.
Total revenue reached $2.43 billion, up from $2.29 billion in Q1 2024.
Net income was $240.5 million, with GAAP EPS of $1.64 and Non-GAAP EPS of $3.02.
Significant product revenue growth in rare diseases, particularly from SPINRAZA and SKYCLARYS.
Biogen made a $165 million upfront payment for a new rare disease collaboration, affecting EPS by ~$0.95.
Biogen
Biogen
Biogen Revenue by Segment
Biogen Revenue by Geographic Location
Revenue by Segment
Multiple Sclerosis Revenue
CapyFin.comRare Disease Revenue
CapyFin.comBiosimilars Revenue
CapyFin.comSPINRAZA Revenue
CapyFin.comSKYCLARYS Revenue
CapyFin.comTECFIDERA Revenue
CapyFin.comVUMERITY Revenue
CapyFin.comAVONEX Revenue
CapyFin.comPLEGRIDY Revenue
CapyFin.comTYSABRI Revenue
CapyFin.comFAMPYRA Revenue
CapyFin.comBENEPALI Revenue
CapyFin.comIMRALDI Revenue
CapyFin.comFLIXABI Revenue
CapyFin.comFUMADERM Revenue
CapyFin.comOCREVUS Royalties Revenue
CapyFin.comRITUXAN/GAZYVA Rev Revenue
CapyFin.comOther Revenues Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Biogen maintained its business outlook for 2025 but revised EPS guidance due to a $165 million upfront payment and favorable FX impact.
Positive Outlook
- Non-GAAP EPS guidance revised upward due to FX benefit
- Revenue growth expected from new product launches
- No material impact expected from potential U.S. tariffs
- Continued growth anticipated in Alzheimer's and rare disease segments
- Fit for Growth program expected to deliver $800 million net savings by 2025
Challenges Ahead
- Full year revenue expected to decline mid-single digits vs. 2024
- MS revenue anticipated to decline further in 2025
- Upfront $165 million payment to Stoke lowered EPS by ~$0.95
- Increased product competition in core therapeutic areas
- Uncertainty from potential global tariffs not fully modeled
Revenue & Expenses
Visualization of income flow from segment revenue to net income