As of September 30, 2025, Biogen said its outstanding long-term debt balance was $6.3 billion, net of discounts and debt offering costs. On May 12, 2025, the company issued 2025 Senior Notes for an aggregate principal amount of $1.75 billion, and used the net proceeds to redeem June 2025 4.050% Senior Notes due September 15, 2025 prior to maturity.

1. 01

   As of September 30, 2025, Biogen said its outstanding long-term debt balance was $6.3 billion, net of discounts and debt offering costs. On May 12, 2025, the company issued 2025 Senior Notes for an aggregate principal amount of $1.75 billion, and used the net proceeds to redeem June 2025 4.050% Senior Notes due September 15, 2025 prior to maturity.

2. 02

   For the 9 months ended September 30, 2025, Biogen said global TECFIDERA revenue decreased 23.2%, from $739.3 million to $567.9 million, citing a decrease in demand resulting from multiple TECFIDERA generic entrants. Over the same period, global VUMERITY revenue increased 25.3%, from $451.4 million to $565.7 million.

3. 03

   During Q3 2025, Biogen recorded a charge of approximately $104.3 million related to a litigation matter, which the company cited as the primary driver of increases in royalty cost of sales for the 3 and 9 months of 2025. It said litigation details are included in Note 21.

4. 04

   Biogen said it could pay development and regulatory milestones of up to $650.0 million related to the HI-Bio acquisition. The company said the first milestone achieved in Q2 2025 of $150.0 million was paid in Q3 2025, and it expects to pay the second milestone of $150.0 million achieved in October 2025 in Q4 2025.

Key figures

Quarter ended September 30, 2025

Revenue

$2.5B

Net income

$467M

EPS

$3.17

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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