Biogen's Q1 2025: Unraveling Contradictions on LEQEMBI Launch, Reimbursement, and Market Strategy

LEQEMBI reimbursement and market launch strategy, subcutaneous formulation of LEQEMBI and market impact, business development strategy, LEQEMBI launch strategy and timing, LEQEMBI launch and European reimbursement timeline are the key contradictions discussed in Biogen's latest 2025Q1 earnings call.



Revenue and Product Growth:
- Biogen's total revenue for Q1 2025 was $2.4 billion, up 6% year-over-year.
- The company's four launch products delivered approximately $200 million of revenue, reflecting an increase of 22% quarter-over-quarter and more than doubling year-over-year.
- This growth was driven by strong performance in products like LEQEMBI, SKYCLARYS, and ZURZUVAE.

Pipeline Expansion and Approvals:
- Biogen received the FDA Fast Track designation for its ASO targeting BIIB080 in Alzheimer's disease.
- The company initiated the Phase 3 TRANSCEND study for felzartamab in AMR and expects to start three additional Phase 3 studies for felzartamab in 2025.
- These developments were fueled by Biogen's strategic focus on expanding its pipeline and conducting pivotal trials to advance its Alzheimer's and immunology programs.

Regional Market Performance:
- SKYCLARYS global sales reached $124 million, showing a 59% year-over-year increase and a 21% quarter-over-quarter increase.
- Sales growth was driven by successful patient identification and treatment strategies, particularly in regions like Europe and Brazil.

Financial Guidance and Impact of Tariffs:
- Biogen updated its full-year 2025 non-GAAP diluted earnings per share guidance to between $14.50 and $15.50, reflecting an approximately $0.95 impact from the Stoke transaction.
- The company's guidance does not expect material impacts from potential tariffs due to the exemption for pharmaceuticals and its diversified revenue sources outside the U.S.