Biogen Q4 results beat; forecasts 2026 adj EPS $15.25-$16.25

Overview

• Biotechnology firm's Q4 2025 revenue beat analyst expectations

• Adjusted EPS for Q4 2025 beat analyst expectations

• Company expects 2026 revenue to decline by mid-single digit percentage

Outlook

• Biogen expects full-year 2026 revenue to decline by mid-single digits compared to 2025

• Biogen projects 2026 Non-GAAP diluted EPS between $15.25 and $16.25

• Company anticipates 2026 Non-GAAP effective tax rate of 17% to 18%

Result Drivers

• GROWTH PRODUCTS - LEQEMBI, SKYCLARYS, and ZURZUVAE showed significant sales growth, contributing to overall revenue increase

• PIPELINE PROGRESS - FDA Priority Review for LEQEMBI IQLIK and Breakthrough Therapy Designation for litifilimab highlight pipeline momentum

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 20 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Biogen Inc is $187.00, about 0.9% above its February 5 closing price of $185.36

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 10 three months ago

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