Biogen's earnings call highlighted successful new product launches and operational efficiency, offsetting declines in its multiple sclerosis franchise. However, challenges persist in identifying patients for SKYCLARYS and pressure on MS revenues is expected to continue.

Company Guidance

During Biogen's fourth quarter and full year 2024 earnings call, the company emphasized its strategic priorities and financial performance. They reported a total revenue decline of $160 million, attributed mainly to a $247 million reduction in contract manufacturing, while their core pharmaceutical business demonstrated growth. The decline in multiple sclerosis (MS) product revenue was offset by new product launches, and the overall revenue was $9.7 billion for the year. The company highlighted the importance of its new products in Alzheimer's, Friedreich’s ataxia, depression, and ALS, with LEQEMBI showing promising signs of growth. Biogen also announced a reduction in operating expenses and a commitment to reinvest in growth, resulting in $722 million of free cash flow in the fourth quarter. The company projected a mid-single-digit percentage decline in total revenue for 2025, primarily due to increased competition in the MS space, but expected continued strong growth from new product launches. Non-GAAP diluted earnings per share for 2025 are expected to be between $15.25 and $16.25, with $180 million to $220 million in net expense from non-GAAP other income and expense.

New Product Launch Success

Revenue from new launches in Alzheimer's, Friedreich’s ataxia, depression, and ALS offset declines in multiple sclerosis products. Core pharma business grew for the first time in four years, despite a $160 million decline in total revenue.

LEQEMBI Growth

LEQEMBI global in-market sales increased approximately 30% sequentially to $87 million in Q4 2024, driven by strong growth in Asia and facilitated by a single-payer system ex-US.

SKYCLARYS Expansion

SKYCLARYS revenue grew 83% year-over-year to $102 million in Q4 2024. Patient numbers have doubled, with expectations for continued growth in Latin America and the Middle East.

Operational Efficiency

Fit for Growth initiative contributed to a 17% increase in non-GAAP diluted EPS in Q4 2024. Free cash flow improved by $1.4 billion year-over-year, reaching $2.7 billion.

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Biogen (BIIB) Earnings, Revenues Date & History

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BIIB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2025	2025 (Q1)	3.58 / -	3.67	―	―	―
Feb 12, 2025	2024 (Q4)	3.33 / 3.44	2.95	16.61% (+0.49)
Oct 30, 2024	2024 (Q3)	3.77 / 4.08	4.36	-6.42% (-0.28)
Aug 01, 2024	2024 (Q2)	4.07 / 5.28	4.02	31.34% (+1.26)
Apr 24, 2024	2024 (Q1)	3.47 / 3.67	3.4	7.94% (+0.27)
Feb 13, 2024	2023 (Q4)	3.18 / 2.95	4.05	-27.16% (-1.10)
Nov 08, 2023	2023 (Q3)	3.97 / 4.36	4.77	-8.60% (-0.41)
Jul 25, 2023	2023 (Q2)	3.78 / 4.02	5.25	-23.43% (-1.23)
Apr 25, 2023	2023 (Q1)	3.28 / 3.40	3.62	-6.08% (-0.22)
Feb 15, 2023	2022 (Q4)	3.49 / 4.05	3.39	19.47% (+0.66)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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BIIB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 12, 2025	$139.39	$133.43	-4.28%
Oct 30, 2024	$183.47	$181.18	-1.25%
Aug 01, 2024	$213.20	$210.70	-1.17%
Apr 24, 2024	$193.18	$201.99	+4.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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