2024 Revenues ($USD) : $9.68B

Biogen beat analyst expectations in the fourth quarter of 2024, putting up revenue of $2.46 billion (a 3% bump year-over-year) and adjusted earnings of $3.44 per share. For the full year, revenue landed at $9.68 billion.

However, the glow from Q4 faded a bit when looking at the 2025 outlook, which came in softer than Wall Street was hoping for. Biogen is forecasting adjusted earnings between $15.25 and $16.25 per share and expects revenue to slip by a mid-single-digit percentage compared to 2024. The main culprit here is the expected continued slide in sales for its older multiple sclerosis (MS) drugs as they face generic heat.

The plan, naturally, is for newer products to pick up some of that slack in 2025. Eyes are on Leqembi, the closely watched Alzheimer’s treatment developed with Eisai, which generated $87 million in Q4 revenue ($50 million from the U.S.). Skyclarys, the first treatment for Friedreich's ataxia that came with the Reata acquisition, booked $102 million in Q4 sales. And Zurzuvae, the first pill for postpartum depression, brought in $22.9 million in the quarter.

Meanwhile, Biogen is still tightening its belt with the cost-cutting program it kicked off in 2023, aiming to shave off $1 billion in gross savings ($800 million net) by the end of 2025. To keep the pipeline fed, it also struck a $250 million R&D funding deal with Royalty Pharma focused on litifilimab, its investigational shot at lupus.

From an analyst perspective, Biogen clearly faces a tough transition away from its long-dominant MS franchise. While the cost cuts help protect margins for now, the real story is about how quickly and effectively those new growth drivers—Leqembi, Skyclarys, and Zurzuvae—can ramp up. The uptake, particularly for Leqembi which has faced diagnostic and logistical hurdles, hasn’t been as fast as some might have liked, and that skepticism seems baked into the 2025 guidance. Successfully navigating this strategic pivot toward neuroscience and rare diseases is critical if Biogen wants to get back on a solid growth track long-term.