Biogen lifts Q3 revenue, trims full-year outlook on deal costs

US biotech Biogen (Nasdaq: BIIB) reported third-quarter 2025 revenue of $2.5 billion, up 3%, with GAAP diluted EPS of $3.17, up 19%, and non-GAAP diluted EPS of $4.81, up 18%. Management revised 2025 non-GAAP EPS guidance to $14.50–$15.00, citing expected fourth-quarter charges from business development transactions.

Growth was driven by launch products in Alzheimer’s disease, rare disease and postpartum depression, up 67% year on year. The multiple sclerosis franchise rose 1%, with strong US demand and shipment timing helping Vumerity (diroximel fumarate), partly offset by continued Tecfidera (dimethyl fumarate) erosion in Europe. Anti-CD20 program revenue increased 11%, while contract manufacturing, royalty and other revenue fell 35%.

Biogen highlighted regulatory and pipeline milestones. Leqembi Iqlik (lecanemab), the first US Food and Drug Administration-approved anti-amyloid treatment offering at-home subcutaneous maintenance dosing, launched in October, and a rolling submission for treatment initiation has begun.