Biogen Reports $9.89 Billion Revenue with Decrease in Net Income for Fiscal Year 2025

Biogen Inc. reported a total revenue of $9.89 billion for the fiscal year ending December 31, 2025, reflecting a 2.2% increase from $9.68 billion in 2024. However, the company's net income decreased by 21.4% to $8.79 per diluted share, down from $11.18 in the previous year. The decline in profitability was primarily attributed to a $564.2 million increase in total costs and expenses, which rose to $8.33 billion, driven by higher costs associated with acquired in-process research and development, litigation expenses, and increased cost of sales.

In terms of product performance, Biogen's multiple sclerosis (MS) revenue decreased by 7.1% to $4.04 billion, largely due to increased competition from generic and biosimilar products, particularly affecting TECFIDERA and TYSABRI. Conversely, revenue from rare disease treatments increased by 8.4% to $2.15 billion, bolstered by the successful launch of SKYCLARYS, which generated $520.5 million in sales, and QALSODY, which contributed $86.9 million. The company also reported a significant increase in revenue from its Alzheimer's collaboration, which rose to $177.7 million, driven by the continued rollout of LEQEMBI.

Strategically, Biogen made several key acquisitions and collaborations in 2025, including the purchase of Alcyone Therapeutics for approximately $85 million, aimed at enhancing its capabilities in pediatric care through precision CNS therapeutics. The company also entered into collaborations with Dayra Therapeutics and Vanqua Bio, investing a total of $136 million in upfront payments to advance their respective research and development programs. Additionally, Biogen's Fit for Growth program, initiated in 2023, has generated approximately $1 billion in gross operating expense savings by the end of 2025, although it involved a reduction of around 1,400 employees.

Operationally, Biogen's workforce stood at approximately 7,500 employees as of December 31, 2025, with a notable focus on diversity, as 50% of director-level positions were held by women. The company also expanded its manufacturing capabilities, including a new biologics facility in Solothurn, Switzerland, which is expected to support future growth. Looking ahead, Biogen anticipates continued challenges in its MS product line due to competitive pressures but expects growth in its rare disease segment, particularly from SKYCLARYS and QALSODY, as well as ongoing investments in its pipeline to address unmet medical needs.