Biogen Inc.
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
What does it do?
Biogen is a biotech company that makes drugs for serious brain and nervous system diseases — things like multiple sclerosis (MS), which damages the nerves, and spinal muscular atrophy, a rare condition that weakens muscles in babies and children. Think of them as specialists in diseases that most other drug companies avoid because they're so hard to treat. Their drugs don't cure these conditions, but they can slow them down significantly or manage symptoms, which makes them life-changing for patients. They sell these treatments to hospitals, clinics, and specialist doctors across the US, Europe, and Asia.
Biogen is at a pivotal moment because its blockbuster MS drugs are slowly losing ground to competition, forcing the company to bet its future on new treatments like Leqembi, an Alzheimer's drug it co-developed with Eisai — a massive market that no drug has ever cracked properly. Alzheimer's affects tens of millions of people worldwide, so even a modest success there could completely reshape the company's value. Investors are essentially making a bet on whether Biogen can pull off one of the most difficult transitions in biotech.
How does it make money?
Biogen made $9.9 billion in revenue last year, up from $9.7 billion the prior year, with most of that coming from its MS drug lineup — TECFIDERA, TYSABRI, AVONEX, and others are all treatments patients take long-term, which means reliable, recurring sales. SPINRAZA, its drug for spinal muscular atrophy, adds another significant revenue stream, with hospitals paying tens of thousands of dollars per patient per year. More recently, Biogen earns royalties and shared revenue from Leqembi (lecanemab), the Alzheimer's drug it co-markets with Japanese pharma company Eisai, though this is still early-stage revenue. Net income came in at $1.3 billion last year, showing the company is solidly profitable despite its heavy research spending.
Why do investors care?
The big growth story at Biogen is Alzheimer's. Leqembi became one of the first drugs ever to get full FDA approval for slowing Alzheimer's progression, and the addressable market is enormous — roughly 6 million Americans alone have the disease. For the bull case to work, Leqembi uptake needs to accelerate as doctors get more comfortable prescribing it and insurance coverage expands. At the same time, Biogen needs its new rare-disease drugs like SKYCLARYS (for Friedreich's Ataxia) and QALSODY (for ALS) to build meaningful revenue before its older MS drugs decline further.
Deep Dive
MemberA full investor briefing on Biogen Inc. — history, leadership, risks, and outlook.