Biogen

Biogen makes medicines for people with serious brain and nerve diseases. These drugs help patients manage conditions like multiple sclerosis and Alzheimer's. The company sells these treatments to doctors and hospitals around the world.

Fighting Brain and Nerve Diseases

• Multiple Sclerosis: Provides therapies including TECFIDERA, TYSABRI, and VUMERITY to treat this chronic disease where the body attacks its own nerves.
• Rare Diseases: Offers SPINRAZA for spinal muscular atrophy, SKYCLARYS for Friedreich ataxia, and QALSODY for certain types of ALS.
• Alzheimer's Disease: Partners with other companies to sell LEQEMBI, a treatment designed to target plaques in the brain.
• Biosimilars: Produces lower-cost versions of expensive biologic drugs, such as BENEPALI and IMRALDI, for various inflammatory conditions.
• Anti-CD20 Therapies: Maintains financial rights to cancer and immunology drugs like RITUXAN and OCREVUS through a partnership with Genentech.

New Assets and Partnerships

• Acquired Alcyone Therapeutics in November 2025 to develop a new device for delivering medicines into the spinal fluid.
• Entered a research agreement with Dayra Therapeutics in October 2025 to find new oral treatments for immune system problems.
• Started a license deal with Vanqua Bio in October 2025 for a preclinical compound focused on kidney and immune health.
• Partnered with Stoke Therapeutics in February 2025 to work on a treatment for Dravet syndrome, a rare form of epilepsy.
• Secured a funding arrangement with Royalty Pharma in February 2025 to help pay for the development of a lupus treatment.

What Makes Biogen Different

The company maintains a specialized focus on the central nervous system and rare genetic disorders that have few other treatment options. By combining internal research with a heavy reliance on global partnerships, Biogen distributes its therapies across major markets in the U.S., Europe, and Asia.

A Look at the Numbers

• Revenue was $2.3 billion in Q4 2025, down 7.1% from Q4 2024.
• Net income fell to a loss of $48.4 million in Q4 2025, down 118.2% from the previous year.
• Free cash flow reached $555.9 million in Q4 2025, which was 20% lower than in Q4 2024.
• Operating income dropped to a loss of $57 million in Q4 2025, down 111.2% year-over-year.
• The company employed 7,605 full-time workers at the end of its 2025 fiscal year.

The Evolution of Biogen

Biogen has shifted from a focus on multiple sclerosis toward a broader portfolio of rare disease and Alzheimer's treatments. This transition involves aggressive cost-reduction programs and a strategy of acquiring new biotechnology platforms to offset revenue declines in older products.