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.
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| 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?
Research analysts who have asked questions during BIOGEN earnings calls.
Brian Abrahams
RBC Capital Markets
5 questions for BIIB
Michael Yee
Jefferies
5 questions for BIIB
Salveen Richter
Goldman Sachs
5 questions for BIIB
Paul Matteis
Stifel
4 questions for BIIB
Philip Nadeau
TD Cowen
4 questions for BIIB
Umer Raffat
Evercore ISI
4 questions for BIIB
Evan Seigerman
BMO Capital Markets
3 questions for BIIB
Jay Olson
Oppenheimer & Co. Inc.
3 questions for BIIB
Christopher Schott
JPMorgan Chase & Co.
2 questions for BIIB
David Amsellem
Piper Sandler Companies
2 questions for BIIB
Eric Schmidt
Cantor Fitzgerald & Co.
2 questions for BIIB
Marc Goodman
Leerink Partners
2 questions for BIIB
Terence Flynn
Morgan Stanley
2 questions for BIIB
Geoffrey Meacham
Citi
1 question for BIIB
Michael DiFiore
Evercore ISI
1 question for BIIB
Miles Minter
William Blair
1 question for BIIB
Myles Minter
William Blair & Company
1 question for BIIB
Tim Anderson
Bank of America
1 question for BIIB
Timothy Anderson
BofA Securities
1 question for BIIB
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.
- Biogen is leveraging its neuroimmunology expertise to build a multi-indication immunology & inflammation and kidney portfolio, emphasizing efficient early development and robust biomarker strategies.
- The anti-CD38 antibody felzartamab demonstrated proof-of-concept in antibody-mediated rejection and IgA nephropathy, with ongoing phase III trials in transplant rejection and primary membranous nephropathy, and plans to expand into microvascular injury (MVI).
- Late-stage lupus assets litifilimab and dapirolizumab pegol are in pivotal development: Topaz 1 & 2 are global SLE studies (540 pts each) and the Amethyst trial is a ~400-pt cutaneous lupus study, all expected readouts by end-2026.
- The positive PHOENIX GO phase III in SLE showed reductions in flares, steroid use and fatigue; the replicate PHOENIX FLY trial is underway with data anticipated in 2H 2026.
- A novel oral IRAK4 degrader (BIIB142) is in phase I healthy-volunteer studies, and Biogen continues to bolster its I&I pipeline through collaborations and acquisitions, including a C5a asset via the Ventyx deal.
- Biogen’s I&I strategy leverages neuroimmunology expertise to pursue a multi-indication pipeline, using early biomarker-driven trials to expand from CNS immunology into broader immunology and kidney diseases.
- The anti-CD38 antibody felzartamab achieved proof-of-concept in antibody-mediated rejection and IgAN, prompting phase 3 studies in transplant rejection and exploration of microvascular injury indications.
- In lupus, Biogen’s homegrown litifilimab and partnered dapirolizumab pegol advanced on the strength of detailed phase 1/2 data—enrolling replicate phase 3 SLE trials (Topaz 1 & 2) and a >300-patient CLE study (Amethyst).
- A novel oral IRAK4 degrader (BIIB142) has entered phase 1 healthy-volunteer testing, positioning Biogen to explore multiple autoimmune indications with a new modality.
- Biogen is leveraging its deep CNS neuroimmunology expertise to execute a multi-indication I&I strategy, advancing the anti-CD38 antibody felzartamab in phase III studies for antibody-mediated rejection, IgA nephropathy and membranous nephropathy with robust biopsy and urine-protein:creatinine biomarker endpoints.
- Two late-stage lupus candidates: dapirolizumab pegol (anti-CD40L) showed positive PHOENYCS GO phase III results with significant BICLA/SRI4 responses, steroid tapering and 50% flare reduction; PHOENYCS Fly readout is expected H1 2026. Litifilimab (anti-BDCA2) is enrolling ~540 pts each in TOPAZ-1/2 SLE trials (SRI4 primary; data due end-2026) and ~350–400 pts in the AMETHYST CLE trial (50–70% skin-improvement endpoints).
- An oral IRAK4 degrader (BIIB142) has entered phase I to characterize safety, PK/PD and explore multi-autoimmune applications.
- Biogen continues to expand its pipeline via external collaborations (e.g., Ventyx C5 deal) and is evaluating follow-on anti-CD38 assets to broaden its I&I and kidney programs.
- Origin of Felzartamab: licensed from MorphoSys/HiBio as an anti-CD38 mAb targeting autoantibody-producing plasma cells in severe immune diseases.
- Phase II data in primary membranous nephropathy, IgA nephropathy, and AMR showed durable proteinuria reduction and 80% microvascular inflammation resolution in AMR patients.
- Phase III plan focuses on late AMR first (data due in 2027, filing in 2028), using a nine-dose regimen with continuous dosing and placebo crossover at six months to maintain histological remission.
- Broader development includes an open-label lupus nephritis signal-seeking study , a subcutaneous formulation in progress , and a long-term extension trial to evaluate durability and retreatment needs.
- Biogen’s Felzartamab, an anti-CD38 antibody licensed from MorphoSys, is advancing in pivotal trials for primary membranous nephropathy, late antibody-mediated rejection (AMR) and IgA nephropathy following positive phase II results.
- In a phase II trial for IgA nephropathy, Felzartamab delivered a durable proteinuria reduction after nine monthly doses, with effects sustained up to two years post-dosing.
- Phase II in late AMR demonstrated 80% histologic resolution and normalization of graft injury markers by six months, though some patients relapsed by 12 months post-treatment, informing the phase III Transcend trial’s continuous dosing and six-month biopsy-driven primary endpoint.
- Biogen plans to develop a subcutaneous formulation of Felzartamab and will conduct long-term extension studies to assess retreatment needs and durability of responses.
- Biogen delivered 3% revenue growth, with its four launch products generating $257 million in Q3 (+67% YoY), driving 18% non-GAAP EPS growth and $1.2 billion of free cash flow.
- Updated full-year non-GAAP EPS guidance was raised by $0.25, offset by an expected $1.25 per share impact from Q4 business-development transactions, including the Banquet Bio license and Alcion Therapeutics acquisition.
- The U.S. MS franchise remained resilient, benefiting from $38 million in favorable gross-to-net adjustments; VUMERITY sales reached ~$500 million in the first nine months, while TECFIDERA faced ex-U.S. generic erosion.
- Leqembi global revenues grew 82% YoY, U.S. prescriber base expanded 14% QoQ, and the new iClick subcutaneous maintenance option has received positive early feedback; full Medicare Part D formulary access is expected by 2027.
- The late-stage pipeline comprises 10 Phase III/III-ready programs (including 5 NMEs); early-stage expansion includes a Phase I BIIB142 study, acquisition of Alcion, and a C5a R1 antagonist collaboration with Banquet Bio.
- Biogen reported Q3 2025 total revenue of $2.535 billion, up 3% YoY, with launch product revenue of $257 million, up 67% YoY.
- GAAP diluted EPS was $3.17, a 19% YoY increase; Non-GAAP diluted EPS was $4.81, up 18% YoY.
- Generated $1.23 billion in free cash flow year-to-date; ended the quarter with $4 billion in cash & marketable securities and $2.3 billion of net debt.
- Updated full-year 2025 guidance: Non-GAAP diluted EPS of $14.50 to $15.00; total revenue expected to be flat to +1% at constant currency versus 2024.
- Continued strong product momentum with LEQEMBI in-market sales of $121 million (+82% YoY) and SKYCLARYS revenue up 30% YoY.
- Q3 2025 total revenue of $2.535 B, up 3% y/y; GAAP diluted EPS of $3.17 (+19% y/y) and non-GAAP EPS of $4.81 (+18% y/y)
- Launch products drove 67% y/y growth: LEQEMBI sales of $121 M (+82%), SKYCLARYS $133 M (+30%) and ZURZUVAE $55 M
- MS franchise revenue up 1% y/y, led by U.S. VUMERITY demand and favorable gross-to-net, partially offset by European TECFIDERA generic erosion
- Updated full-year 2025 guidance: non-GAAP EPS now $14.50–$15.00 (vs. $15.50–$16.00 prior) and revenue expected flat to +1% at constant currency
- Samsung Bioepis will assume full commercial responsibility for BYOOVIZ® in Europe following the transfer of marketing rights from Biogen, effective January 2026.
- BYOOVIZ® was approved by the European Commission in August 2021 as the first ophthalmic biosimilar and has been marketed in multiple European countries since March 2023.
- OPUVIZ™ (aflibercept) received CE approval in November 2024 and MHRA approval in April 2025, but will not be commercialized in Europe until relevant patents expire.
- Biogen and Samsung Bioepis entered an Asset Purchase Agreement to transfer commercial rights for BYOOVIZ® (Ranibizumab) in Europe effective January 2026.
- Samsung Bioepis will assume full commercial responsibility for BYOOVIZ® upon transfer, expanding its reach in European ophthalmology markets.
- BYOOVIZ® was approved by the European Commission in August 2021 and has been marketed across multiple European countries since March 2023.
- The agreement also includes OPUVIZ™ (Aflibercept), approved by the EC in November 2024 and the MHRA in April 2025, with launch contingent on patent expiries for the reference biologic Eylea®.