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Dec 31, 2025
Biogen Q4 2025 Earnings Report
Biogen reported lower revenue and a GAAP net loss in the fourth quarter while maintaining solid non-GAAP profitability.
Key Takeaways
In the fourth quarter of 2025, Biogen posted a year-over-year decline in revenue and reported a GAAP net loss driven by higher expenses and impairment charges, while non-GAAP earnings remained profitable and growth products continued to partially offset declines in the MS franchise.
Total revenue declined year over year in the fourth quarter.
Biogen reported a GAAP net loss but delivered positive non-GAAP earnings.
Growth products helped offset declines in multiple sclerosis products.
Operating expenses remained elevated due to R&D, SG&A, and impairment charges.
Revenue by Geographic Location
Forward Guidance
For 2026, Biogen expects continued revenue pressure with stable margins and disciplined cost management.
Positive Outlook
- Non-GAAP EPS expected to remain strong in 2026.
- Growth products expected to continue contributing to revenue.
- Gross margin expected to be roughly consistent year over year.
- Combined non-GAAP R&D and SG&A expenses expected to remain stable.
- Strong cash position supports ongoing operations and pipeline investment.
Challenges Ahead
- Total revenue expected to decline by a mid-single digit percentage in 2026.
- Continued declines expected in multiple sclerosis product revenue.
- Ongoing exposure to litigation and restructuring costs.
- Foreign exchange fluctuations may impact results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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