Biogen (NASDAQ:BIIB) delivered better-than-expected fourth-quarter earnings, but shares fell more than 4% intra-day after the company issued a lackluster 2025 outlook that signaled ongoing revenue pressures.
For Q4 2024, Biogen reported adjusted earnings per share of $3.44, narrowly beating analyst expectations of $3.41. Revenue reached $2.5 billion, exceeding the forecasted $2.41 billion and reflecting a 3% year-over-year increase.
However, full-year 2025 guidance disappointed investors. Biogen projects adjusted EPS between $15.25 and $16.25, with the high end barely aligning with the consensus estimate of $16.24. The company also expects total revenue to decline by a mid-single-digit percentage, as ongoing weakness in its multiple sclerosis (MS) portfolio continues to weigh on overall performance.
Despite these challenges, Biogen pointed to new product launches as key growth drivers. Its Alzheimer’s treatment LEQEMBI generated $87 million in Q4 sales, with $50 million coming from the U.S. market. Meanwhile, the company’s rare disease portfolio showed strong momentum, with SKYCLARYS contributing $102 million in revenue for the quarter.
While Biogen continues its transition toward a more diversified pipeline, the market remains cautious about near-term headwinds, particularly the impact of MS revenue declines on overall financial performance.