Biogen Q1 2025 Earnings Report
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
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