Biogen Inc (NASDAQ: BIIB) is a biotechnology company that discovers, develops, and commercializes therapies for neurological and neurodegenerative diseases. Revenue comes primarily from product sales of branded medicines, supplemented by collaboration revenue from anti-CD20 therapeutic programs with Genentech, Alzheimer's collaboration revenue from LEQEMBI, and contract manufacturing, royalty, and other revenue. Total revenue was $9,890.6 million in FY2025, up 2.2% from $9,675.9 million in FY2024. Product revenue, net, was $7,119.4 million in FY2025, split between the United States ($3,547.9 million) and rest of world ($3,571.5 million). Multiple Sclerosis therapies generated $4,038.9 million in FY2025, down from $4,349.8 million in FY2024. Revenue from anti-CD20 therapeutic programs was $1,860.6 million in FY2025. Alzheimer's collaboration revenue, reflecting Biogen's 50% share of LEQEMBI net revenue and costs, grew to $177.7 million in FY2025 from $59.9 million in FY2024.

Revenue model

Biogen earns revenue through four streams: net product sales of branded medicines (72% of FY2025 total revenue at $7,119.4 million); collaboration revenue from anti-CD20 programs with Genentech including profit-sharing and royalties ($1,860.6 million, FY2025); Alzheimer's collaboration revenue representing a 50% share of LEQEMBI net revenue and costs ($177.7 million, FY2025); and contract manufacturing, royalty, and other revenue ($732.9 million, FY2025). Product sales are subject to Medicaid and managed care rebate reserves, which totaled $1,000.4 million as of December 31, 2025.

Products and services

Named products include TECFIDERA, VUMERITY, and SKYCLARYS for small molecule indications; RITUXAN, RITUXAN HYCELA, GAZYVA, LUNSUMIO, and COLUMVI under the anti-CD20 collaboration with Genentech; LEQEMBI for Alzheimer's disease (co-commercialized with Eisai); and ZURZUVAE. Multiple Sclerosis therapies collectively represented $4,038.9 million of FY2025 revenue.

Customers and end markets

End markets are neurological and neurodegenerative disease, with Multiple Sclerosis as the largest segment ($4,038.9 million, FY2025) and Alzheimer's disease as a growing area. U.S. product revenue was $3,547.9 million in FY2025; rest-of-world product revenue was $3,571.5 million. Managed care rebates in the U.S. are paid primarily to pharmacy benefit managers; Medicaid rebates are paid to state governments.

Value-chain role

Biogen is a drug developer and marketer that outsources most manufacturing. Active pharmaceutical ingredients and final drug products for small molecule therapies are produced by third-party contract manufacturers. Fill-finish, final product assembly, storage, labeling, and packaging are sourced to a concentrated group of contract manufacturing organizations. Genentech is responsible for worldwide manufacturing of bulk RITUXAN, RITUXAN HYCELA, and GAZYVA under the collaboration agreement.

Geographic exposure

Biogen operates globally across numerous tax jurisdictions, with key operations in the U.S. and Switzerland. FY2025 U.S. product revenue was $3,547.9 million; rest-of-world product revenue was $3,571.5 million. LEQEMBI is commercialized in U.S. and international markets, with shipments to China noted in FY2025.

Source: SEC 10-K, filed 2026-02-06

Industry: Biological Products, (No Diagnostic Substances) Peers: Alnylam Pharmaceuticals Inc BioMarin Pharmaceutical Inc Gilead Sciences, Inc Incyte Corp Moderna Inc Regeneron Pharmaceuticals Inc Seagen Inc. Vertex Pharmaceuticals Inc