Biogen Inc
biogen.comBiogen 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.
Products & 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.
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.
Customers & 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.
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.
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