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Biogen Inc. is a biotechnology company dedicated to discovering, developing, and delivering innovative therapies for serious neurological and neurodegenerative diseases, operating as a single segment company . The company offers a range of products, including treatments for multiple sclerosis (MS), rare diseases, and biosimilars . Biogen also engages in collaborations and partnerships to expand its pipeline and market presence, such as with Eisai for LEQEMBI and Sage Therapeutics for ZURZUVAE .
- Multiple Sclerosis (MS) Treatments - Provides a comprehensive suite of therapies for MS, including TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA.
- Rare Disease Treatments - Offers specialized treatments for rare diseases, featuring products like SPINRAZA, QALSODY, and SKYCLARYS.
- Biosimilars - Develops and markets biosimilar products, including BENEPALI, IMRALDI, FLIXABI, and BYOOVIZ.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher A. Viehbacher Executive | President and Chief Executive Officer | Trustee at Northeastern University; Member of the Board of Fellows at Stanford Medical School. | Former CEO of Sanofi and Managing Partner at Gurnet Point Capital. Joined Biogen in 2022 and has led strategic realignment, product launches, and acquisitions. | View Report → |
Ginger Gregory, Ph.D. Executive | Executive Vice President and Chief Human Resources Officer | None. | Joined Biogen in 2017. Leads human resources strategy and organizational development. | |
Michael R. McDonnell Executive | Executive Vice President and Chief Financial Officer (until February 28, 2025) | Board Member at Merit Medical Systems, Inc.. | Joined Biogen in 2020. Played a key role in cost optimization and strategic acquisitions. Retiring effective February 28, 2025. | |
Nicole Murphy Executive | Executive Vice President, Pharmaceutical Operations and Technology | None. | Joined Biogen in 2015. Leads global manufacturing and technical operations, exceeding operational targets and supporting product launches. | |
Priya Singhal, M.D., M.P.H. Executive | Executive Vice President and Head of Development | None. | Rejoined Biogen in 2020. Leads development efforts and previously served as Interim Head of R&D. Extensive experience in drug development and regulatory sciences. | |
Rachid Izzar Executive | Executive Vice President, Head of Global Product Strategy and Commercialization | None. | Joined Biogen in 2019. Oversees global product strategy and commercialization. Previously led the Intercontinental Region. | |
Robin C. Kramer Executive | Chief Financial Officer (effective February 28, 2025) | Chair of the Board of Directors at Armata Pharmaceuticals, Inc.; Board Member at Center for Women and Enterprise. | Joined Biogen in 2018. Currently Senior Vice President and Chief Accounting Officer. Will succeed Michael McDonnell as CFO on February 28, 2025. | |
Sean Godbout Executive | Vice President, Chief Accounting Officer & Global Corporate Controller | None. | Joined Biogen in 2007. Recently appointed as principal accounting officer effective March 1, 2025. | |
Susan H. Alexander Executive | Executive Vice President and Chief Legal Officer | None. | Joined Biogen in 2006. Provides legal and compliance leadership, supports regulatory matters, and contributes to strategic initiatives. | |
Caroline D. Dorsa Board | Chair of the Board of Directors | Board Member at Duke Energy Corporation and Illumina, Inc.. | Joined Biogen's Board in 2010. Former CFO of Public Service Enterprise Group and Gilead Sciences. Elected Chair of the Board in 2023. | |
Eric K. Rowinsky, M.D. Board | Director | President of Inspirna, Inc.; Board Member at Purple Biotech Ltd. and Verastem, Inc.. | Joined Biogen's Board in 2010. Renowned oncologist and drug development expert. | |
Jesus B. Mantas Board | Director | Global Managing Partner at IBM Business Transformation Services; Board Member at HITEC and NACME. | Joined Biogen's Board in 2019. Brings expertise in global business operations, IT, and AI. | |
Lloyd B. Minor Board | Director | None. | Joined Biogen's Board in 2024. Brings expertise in healthcare and academic leadership. | |
Maria C. Freire Board | Director | Board Member at Alexandria Real Estate Equities, Inc. and Exelixis, Inc.; Member of FDA Science Board, WHO Commission, and other organizations. | Joined Biogen's Board in 2021. Renowned for her expertise in intellectual property, innovation, and public health. | |
Monish Patolawala Board | Director | None. | Joined Biogen's Board in 2024. CFO of 3M Company and recognized as an audit committee financial expert. | |
Sir Menelas Pangalos Board | Director | None. | Joined Biogen's Board in 2025. Renowned for his contributions to pharmaceutical R&D. | |
Stephen A. Sherwin, M.D. Board | Director | Clinical Professor at UCSF; Advisory Partner at Third Rock Ventures; Board Member at Neurocrine Biosciences, Inc.. | Joined Biogen's Board in 2010. Brings extensive experience in life sciences and oncology. | |
Susan Langer Board | Director | President & Chief Business Officer at Souffle Therapeutics; Director at Guava Partners. | Rejoined Biogen's Board in 2023. Former Head of Corporate Strategy at Biogen and experienced in biotech and venture capital ecosystems. | |
William A. Hawkins Board | Director | Senior Advisor at EW Healthcare Partners; Chairman at Bioventus Inc.; Director at MiMedx Group, Inc.. | Joined Biogen's Board in 2019. Former Chairman and CEO of Medtronic. Brings extensive leadership and healthcare expertise. |
- Given surveys indicating a less favorable view among neurologists and Alzheimer's specialists regarding LEQEMBI's risk-benefit and cost-benefit ratios, and some questioning the amyloid hypothesis, how is Biogen addressing these concerns, and are you experiencing any pushback from healthcare providers who were initially ready to prescribe LEQEMBI?
- With the EMA's negative opinion on LEQEMBI, what specific steps is Biogen taking to reverse this decision, and what is your confidence level that the decision can be overturned through reexamination, considering the issues raised by the EMA?
- For SKYCLARYS, can you provide more details on patient discontinuation rates and how they compare to clinical trial data, and what strategies are you implementing to ensure patient adherence, especially among those who may not see immediate efficacy?
- After opting out of the Angelman syndrome program with Ionis, how has your approach to evaluating partnerships and collaborations evolved, and what specific aspects of potential programs are you now scrutinizing more closely before committing resources?
- Given competitive pressures on your core products and the need for successful new launches, what gives you confidence that 2023 will be the trough year for earnings, and what are the key factors that need to play out for Biogen to achieve sustainable growth through the end of the decade?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Sanofi Genzyme | Competes with TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and VUMERITY through products like AUBAGIO (teriflunomide) and LEMTRADA (alemtuzumab) in the multiple sclerosis market. |
Banner Life Sciences | Offers BAFIERTAM (monomethyl fumarate), a competing product to TECFIDERA in the multiple sclerosis market. |
Bayer Group | Markets BETASERON/BETAFERON (interferon-beta-1b), which competes with TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and VUMERITY. |
Developed BRIUMVI (ublituximab-xiiy), a competitor in the multiple sclerosis market. | |
Produces COPAXONE (glatiramer acetate), a competing product in the multiple sclerosis market. | |
Competes with multiple sclerosis products through EXTAVIA (interferon-beta-1b), GILENYA (fingolimod), KESIMPTA (ofatumumab), and MAYZENT (siponimod). | |
Markets GLATOPA (glatiramer acetate) and TYRUKO (natalizumab-sztn), competing with TECFIDERA and other multiple sclerosis products. | |
EMD Serono | Competes with MAVENCLAD (cladribine) and REBIF (interferon-beta-1) in the multiple sclerosis market. |
Genentech | Developed OCREVUS (ocrelizumab), a treatment for RMS and PPMS, which competes with TECFIDERA and other multiple sclerosis products. |
Markets PONVORY (ponesimod), a competitor in the multiple sclerosis market. | |
Produces ZEPOSIA (ozanimod), a competing product in the multiple sclerosis market. | |
Eisai | Collaborates with Biogen on LEQEMBI for Alzheimer's disease but also represents competition in the Alzheimer's treatment market. |
Competes with SPINRAZA for spinal muscular atrophy through ZOLGENSMA (onasemnogene abeparvovec-xioi). | |
Roche | Competes with SPINRAZA for spinal muscular atrophy through EVRYSDI (risdiplam). |
Samsung Bioepis | Collaborates with Biogen on biosimilars but also competes in the biosimilar market with products referencing ENBREL, HUMIRA, and REMICADE. |
Genentech | Competes in oncology with RITUXAN, RITUXAN HYCELA, GAZYVA, and LUNSUMIO against therapies like TREANDA, ARZERRA, IMBRUVICA, and ZYDELIG. |
Competes in the rheumatoid arthritis market with HUMIRA and other therapies. | |
UCB | Collaborates with Biogen on dapirolizumab pegol for systemic lupus erythematosus but also represents competition in immunology. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Major Wholesaler #1 | Wholesale Distribution | All | In 2024, accounted for 25.9% of gross product revenue and 27.2% of net accounts receivable. In 2023, accounted for 27.0% of gross product revenue and 24.6% of net accounts receivable. In 2022, accounted for 26.8% of gross product revenue. |
Major Wholesaler #2 | Wholesale Distribution | All | In 2024, accounted for 13.4% of gross product revenue and 11.7% of net accounts receivable. In 2023, accounted for 9.9% of gross product revenue and 11.6% of net accounts receivable. In 2022, accounted for 11.1% of gross product revenue. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Human Immunology Biosciences, Inc. | 2024 | Completed on July 2, 2024, Biogen paid approximately $1.15 billion at closing, with potential milestone payments up to $650 million and a $43.7 million working capital adjustment, funded entirely by available cash. This deal strategically augments Biogen's immunology portfolio by acquiring key assets such as the anti-CD38 antibody felzartamab (with Breakthrough and Orphan Drug Designations for PMN and AMR) and an innovative pipeline including izastobart/HIB210. |
Reata Pharmaceuticals, Inc. | 2023 | Completed in 2023, Biogen acquired all Reata shares for approximately $6.6 billion (totaling around $7.19 billion including equity awards and related costs) using a combination of cash, cash equivalents, and a $1.0 billion term loan. This acquisition enriches Biogen's rare disease portfolio by adding SKYCLARYS®, the first FDA-approved treatment for Friedreich's Ataxia, with the integration expected to be accretive from 2025 onward. |
Recent press releases and 8-K filings for BIIB.
- Total revenue reached $2.4 billion (up 6% YoY) with GAAP diluted EPS of $1.64 and Non‐GAAP diluted EPS of $3.02
- Q1 launch product revenue hit $200M, growing 22% QoQ and 105% YoY, driven by key approvals including LEQEMBI and SKYCLARYS
- Updated full-year 2025 Non‐GAAP EPS guidance is $14.50–15.50, reflecting a $0.95 impact from Stoke Therapeutics and a $0.20 FX benefit
- Pipeline highlights include European approval of LEQEMBI, progress on subcutaneous formulations for at-home use, FDA Fast Track for BIIB080, and Phase III initiation for felzartamab in AMR
- The quarter’s performance was impacted by a $165M upfront payment to Stoke Therapeutics
- Demonstrating financial strength with $222M free cash flow (supported by $259M in cash flow) and a robust cash balance of $2.6B, underpinned by effective cost management
- Alzheimer’s focus: Biogen highlighted progress with lecanemab, noting its recent intravenous approval, an anticipated PDUFA decision for subcutaneous maintenance in August, and plans to file for subcutaneous initiation with a regulatory outcome expected in early 2026.
- Pipeline diversification: The company is strengthening its portfolio beyond CNS, with robust Phase III programs in lupus (dapi and litifilimab) and promising data in rare diseases such as IgAN through felzartamab, underscoring a diversified, evidence-driven strategy.
- Strategic developments: Biogen is moving forward with its SPINRAZA high-dose submission for spinal muscular atrophy and exploring diagnostic advancements with blood-based biomarkers to enhance clinical decision-making.
- LEQEMBI is expanding into new markets, notably in Europe with recent approval in Chile and an expected launch in Brazil later this year, with an emphasis on clinical champion engagement and overcoming infrastructure challenges.
- SPINRAZA has shown robust U.S. growth over the last three years, including significant patient switchbacks and plans to introduce a high-dose version in Q4 to address waning effects and expand the adult patient market.
- ZURZUVAE’s launch for postpartum depression is being refined by shifting focus from psychiatrists to OB/GYN group practices, with enhanced direct-to-consumer efforts to capture a time-sensitive diagnostic window.
- The discussion also covered pipeline reprioritization toward therapies in lupus, Alzheimer's, and rare diseases, aiming to meet substantial unmet needs and drive future growth.