Biogen (NASDAQ:BIIB) Releases Quarterly Earnings Results, Beats Estimates By $0.38 EPS

Biogen (NASDAQ:BIIB) released its quarterly earnings results on Friday. The biotechnology company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.38, FiscalAI reports. The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.21 billion. Biogen had a return on equity of 14.13% and a net margin of 15.98%.Biogen’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.44 EPS. Biogen updated its FY 2026 guidance to 15.250-16.250 EPS.

Here are the key takeaways from Biogen’s conference call:

• Biogen reported stronger-than-expected results, with full-year non-GAAP diluted EPS of $15.28, total 2025 revenue of ~$9.9 billion, $2.1 billion in free cash flow, and $4.2 billion in cash and marketable securities, giving the company financial flexibility.
• Leqembi remains the anti-amyloid market leader (>60% share) and the subcutaneous iClick pen is under priority review (PDUFA May 24), which could reduce treatment burden and expand uptake if approved and reimbursed.
• Biogen has materially expanded its late?stage pipeline with multiple near?term catalysts — notably litifilimab (SLE readout by year?end), felzartamab (AMR readouts next year), BIIB080 and BIIB122 mid?year signals, and Spinraza high?dose regulatory activity — creating potential upside if data are positive.
• Despite EPS guidance of $15.25–$16.25 for 2026, management expects total revenue to decline mid?single digits and legacy MS revenues (ex?Vumerity) to fall by mid?teens % in 2026 due to generic and biosimilar pressure.
• Management is actively deploying capital into BD and strategic investments (Alcyone acquisition, deals with Vanqua and Deira), recorded $222 million of IPR&D charges in Q4, and says opportunistic M&A and other uses of the strengthened balance sheet remain possible.

Biogen Stock Up 8.5%

Shares of NASDAQ BIIB opened at $201.18 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.04 and a current ratio of 2.72. The firm has a market capitalization of $29.51 billion, a price-to-earnings ratio of 22.84, a PEG ratio of 1.70 and a beta of 0.16. The stock has a 50 day moving average price of $176.94 and a 200 day moving average price of $156.87. Biogen has a 52-week low of $110.04 and a 52-week high of $202.41.

Key Headlines Impacting Biogen

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Q4 beat on both EPS ($1.99 vs. consensus ~1.72) and revenue ($2.28B vs. ~$2.21B); investors reacted favorably to the upside. BIIB Beats on Q4 Earnings & Sales, Stock Gains on Upbeat ’26 EPS View
• Positive Sentiment: Biogen raised FY?2026 adjusted EPS guidance to $15.25–$16.25, above consensus — a major driver of the rally as it signals stronger full?year profitability expectations. Biogen forecasts annual profit above estimates as Leqembi sales pick up
• Positive Sentiment: Sales of Leqembi and newer launches (Skyclarys, Zurzuvae) showed meaningful growth and helped offset MS declines, supporting upside to future revenue mix and margins. Biogen Hits 52-Week High, Alzheimer’s Drug Sales Jump
• Positive Sentiment: Recent analyst support (RBC buy) and favorable coverage helped sentiment alongside the earnings/guidance beat. Biogen (BIIB) Receives a Buy from RBC Capital
• Neutral Sentiment: Management released the full earnings slide deck and call transcript — useful for modeling guidance assumptions and product-level trends but not market-moving on its own. Biogen Inc. (BIIB) Q4 2025 Earnings Call Transcript
• Negative Sentiment: Core MS franchise continued to decline, driving overall revenue down ~7.2% YoY; management said MS revenue pressures will persist, which limits near?term top?line growth. Biogen 4Q Revenue Down as Multiple Sclerosis Sales Slide
• Negative Sentiment: Some outlets note Biogen “swung to a loss” on certain GAAP measures and expect continued portfolio declines, underlining execution and pricing risks in legacy products. Biogen Stock Rises Even as Multiple Sclerosis Revenue Tumbles

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 748 shares of Biogen stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $179.30, for a total transaction of $134,116.40. Following the completion of the sale, the insider directly owned 6,271 shares of the company’s stock, valued at $1,124,390.30. The trade was a 10.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Orion Porfolio Solutions LLC raised its holdings in shares of Biogen by 6,828.4% in the second quarter. Orion Porfolio Solutions LLC now owns 517,275 shares of the biotechnology company’s stock valued at $64,965,000 after acquiring an additional 509,809 shares in the last quarter. Caisse de depot et placement du Quebec increased its position in Biogen by 718.2% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 569,253 shares of the biotechnology company’s stock valued at $79,741,000 after purchasing an additional 499,676 shares during the period. AQR Capital Management LLC raised its holdings in shares of Biogen by 30.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,783,581 shares of the biotechnology company’s stock valued at $248,809,000 after purchasing an additional 418,776 shares in the last quarter. Alyeska Investment Group L.P. raised its holdings in shares of Biogen by 66.1% in the 3rd quarter. Alyeska Investment Group L.P. now owns 845,277 shares of the biotechnology company’s stock valued at $118,406,000 after purchasing an additional 336,504 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Biogen by 425.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 348,404 shares of the biotechnology company’s stock worth $48,804,000 after purchasing an additional 282,084 shares during the period. Institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on BIIB. Tudor Pickering set a $157.00 target price on shares of Biogen in a report on Monday, November 3rd. Wedbush increased their price objective on shares of Biogen from $143.00 to $178.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Mizuho raised their price objective on shares of Biogen from $177.00 to $207.00 and gave the stock an “outperform” rating in a research note on Thursday, January 8th. Sanford C. Bernstein set a $191.00 target price on Biogen in a research report on Tuesday. Finally, Jefferies Financial Group increased their price target on Biogen from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 28th. Eleven analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat.com, Biogen presently has a consensus rating of “Hold” and a consensus price target of $194.23.

Biogen Company Profile

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.