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.
- LEQEMBI IQLIK, a subcutaneous autoinjector formulation of lecanemab for Alzheimer’s disease, was selected by TIME as one of the “Best Inventions of 2025” in the Medical and Healthcare category.
- Approved in August 2025 and launched October 6, 2025, LEQEMBI IQLIK enables at-home maintenance dosing after an 18-month IV initiation period, with an approximate injection time of 15 seconds.
- The autoinjector aims to reduce healthcare resource use—eliminating infusion-center visits for maintenance, nurse monitoring, and preparation—while expanding capacity for new patients to start treatment.
- Eisai leads global development and submissions, with Biogen co-commercializing and co-promoting LEQEMBI IQLIK alongside Eisai, which retains final decision-making authority.
- LEQEMBI IQLIK, the first at-home subcutaneous maintenance option for early Alzheimer’s disease, received FDA approval in August 2025 and is now available in the U.S. for patients following an 18-month IV initiation regimen.
- Transitioning to the weekly 360 mg subcutaneous autoinjector offers an alternative to IV infusions, potentially reducing infusion center visits and associated healthcare resources.
- The LEQEMBI Companion program includes nurse educator-led injection training, a welcome kit, and a Medisafe-powered app for tracking and educational support throughout treatment.
- Eisai’s Patient Assistance Program provides LEQEMBI and LEQEMBI IQLIK at no cost to eligible uninsured and underinsured patients who meet financial criteria.
- LEQEMBI IQLIK (lecanemab-irmb) is now available in the U.S. as a weekly 360 mg subcutaneous autoinjector maintenance dose for patients with early Alzheimer’s disease after 18 months of IV treatment.
- The LEQEMBI Companion program offers in-home support including Nurse Educators for injection training, an injection tracking tool, and a digital app to support patients and care partners.
- Data from the Phase 3 Clarity AD open-label extension show SC dosing maintains clinical and biomarker benefits comparable to IV, with significantly fewer systemic reactions (< 1% vs ~26%).
- The subcutaneous option aims to reduce infusion-related healthcare resource use, shorten treatment time, and expand infusion capacity for new patients.
- Biogen’s growth products now outpace MS portfolio declines, anchored by LEQEMBI’s launch and recent subcutaneous maintenance approval, with a rolling submission for subcutaneous initiation expected mid next year.
- The R&D portfolio has been reshaped to prioritize late-stage, high-conviction assets, advancing internal and partnered programs equally to target multiple Phase 3 readouts beginning as early as 2026.
- Key Phase 3 programs include litifilimab and dapirolizumab pegol for lupus and felsardimab in rare nephrology, each de-risked by proof-of-concept data and now in pivotal trials.
- In Alzheimer’s, the TAU antisense oligonucleotide BIIB080 is in Phase 2, having achieved a 50–60% TAU reduction in Phase 1b, with a readout due mid next year.
- For SMA, Biogen plans a SPINRAZA high-dose resubmission following a CRL on CMC matters, and its once-a-year ASO Salinursin demonstrated Phase 1b proof-of-concept with notable functional gains.
- FDA approved once-weekly LEQEMBI® IQLIK™ (lecanemab-irmb) subcutaneous injection for maintenance treatment of early Alzheimer’s disease (mild cognitive impairment or mild dementia).
- After 18 months of 10 mg/kg IV infusions every two weeks, patients can switch to a 360 mg weekly subcutaneous autoinjector, maintaining clinical and biomarker benefits comparable to IV dosing.
- In safety studies of over 600 patients, subcutaneous dosing had <1% systemic reactions versus ~26% with IV; ~11% experienced mild-to-moderate local injection-site reactions, and none of the 49 patients on 360 mg reported injection-related adverse events.
- LEQEMBI IQLIK is slated to launch in the U.S. on October 6, 2025.
- The FDA now requires an MRI before the third infusion of Leqembi (vs. previously before the 5th, 7th, and 14th) to detect ARIA-E earlier.
- This follows an FDA review of 101 serious ARIA-E cases, including six deaths early in treatment.
- U.S. in-market sales for Leqembi are approximately $63 million, a 20% sequential increase.
- Leqembi carries a boxed warning for ARIA-E and ARIA with hemosiderin deposition (ARIA-H).
- Biogen’s anti-amyloid beta therapy LEQEMBI® received EC approval in April 2025 and was launched in Austria on August 25, 2025, with a Germany launch set for September 1, 2025.
- The treatment is indicated for adults with mild cognitive impairment or mild dementia due to Alzheimer’s disease who are ApoE ε4 non-carriers or heterozygotes with confirmed amyloid pathology.
- In the Phase 3 Clarity AD trial, lecanemab reduced clinical decline on the CDR-SB scale by 31% at 18 months versus placebo in the EU indicated population.
- Common adverse reactions in the EU population included infusion-related reactions (26%), ARIA-H (13%), headache (11%) and ARIA-E (9%).
- Leqembi slowed cognitive decline by 34% over four years versus untreated patients.
- No new safety concerns emerged over the extended period; most amyloid-related imaging abnormalities occurred within the first six months.
- Real-world U.S. data report 87.4% treatment continuation and 83.6% clinical stability or improvement, with low ARIA incidence.
- An injectable version of Leqembi is under FDA review, with a decision expected by August 31, 2025.
- Biogen’s ZURZUVAE® (zuranolone) received a positive opinion from the CHMP recommending EU marketing authorization for postpartum depression in adults; if approved by the EC, it would be the first treatment in the EU specifically indicated for PPD.
- ZURZUVAE is a once-daily, oral, 14-day treatment that demonstrated significant reductions in HAMD-17 scores by Day 15 and symptom improvement as early as Day 3 in the SKYLARK study.
- The EC’s final decision is expected in Q3 2025; ZURZUVAE was approved by the U.S. FDA in August 2023 and classified as a DEA Schedule IV controlled substance on October 31, 2023.
- Biogen will invest an additional $2 billion in its North Carolina RTP manufacturing footprint, building on investments since 1995 to support its late-stage clinical pipeline.
- To date, Biogen has invested approximately $10 billion in its RTP manufacturing facilities, including over $3 billion in recent years.
- The funding will expand antisense oligonucleotide (ASO) capabilities, establish clinical/commercial fill-finish platforms, and modernize operations with advanced automation and AI.
- Biogen’s RTP site comprises seven factories with an eighth facility due online in H2 2025, and employs over 1,500 manufacturing and technical staff plus 400 contractors.