Research · Sep 3, 2026
[BIIB] Biogen Thesis 2026: New Growth Portfolio Offsets Accelerating Multiple Sclerosis Decline
Biogen FY25 revenue $9.81B (+1%); op income $1.88B (-25%); NI $1.29B (-21%); EPS $8.83. Growth products $3.3B (+19% YoY) — flagship inflection: LEQEMBI + SKYCLARYS + ZURZUVAE + QALSODY each >$1B cumulative since launch. LEQEMBI 60% anti-amyloid market share. SKYCLARYS Q4 $133M (+30%); 34 markets globally. ZURZUVAE doubled FY25 sales. SPINRAZA Q4 $356M. VUMERITY Q4 $181M. MS franchise $3B but declining (TECFIDERA generic erosion EU; TYSABRI biosimilar pressure). FY26 guide: revenue mid-single-digit decline; non-GAAP EPS $15.25-$16.25; gross margin consistent; OpEx consistent.