The company said global TECFIDERA revenue fell from $967.1 million in 2025 to $679.7 million, a 29.7% decline, which it attributed to lower global demand from multiple TECFIDERA generic entrants. Over the same period, VUMERITY revenue rose from $628.0 million to $746.8 million, an increase of 18.9%.

1. 01

   The company said global TECFIDERA revenue fell from $967.1 million in 2025 to $679.7 million, a 29.7% decline, which it attributed to lower global demand from multiple TECFIDERA generic entrants. Over the same period, VUMERITY revenue rose from $628.0 million to $746.8 million, an increase of 18.9%.

2. 02

   Biogen said global SKYCLARYS revenue rose 36.1% from $382.5 million in 2025 to $520.5 million, and QALSODY revenue rose 168.2% from $32.4 million to $86.9 million. U.S. ZURZUVAE revenue also increased 170.2%, from $72.2 million to $195.1 million.

3. 03

   Biogen said it recognized Alzheimer's collaboration revenue of about $177.7 million in 2025 and about $59.9 million in 2024. This revenue consists of the company's 50.0% share of LEQEMBI product revenue, net and cost of sales, including royalties. The company cited higher sales volumes from the continued launch of LEQEMBI in the U.S. and international markets, and the timing of shipments to China in Q2 2025, as the reasons for the increase.

4. 04

   The company said it issued Senior Notes with an aggregate principal amount of $1.75 billion on May 12, 2025, due in 2025. It used the net proceeds to redeem its 4.050% Senior Notes due September 15, 2025, before maturity in June 2025. As of December 31, 2025, its outstanding long-term debt was $6.3 billion, net of discounts and debt offering costs. Remaining capacity under its 2020 Share Repurchase Program was approximately $2.1 billion.

Key figures

Fiscal year ended December 31, 2025

Revenue

$9.9B

Net income

$1.3B

EPS

$8.79

Operating cash flow

$2.2B

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.