Biogen

Company at a glance

Biogen is a global biopharmaceutical company focused on discovering, developing and delivering therapies for serious and complex diseases. Its core areas are neurology, specialized immunology and rare diseases. The company advances its pipeline and product portfolio through internal R&D, external collaborations and acquisitions.

Marketed products and major markets

Key products and indications include:

• Multiple Sclerosis (MS)

  • TECFIDERA (dimethyl fumarate)
  • VUMERITY (diroximel fumarate)
  • AVONEX (interferon beta-1a)
  • PLEGRIDY (pegylated interferon beta-1a)
  • TYSABRI (natalizumab)

• Spinal Muscular Atrophy (SMA)

  • SPINRAZA (nusinersen)

• Friedreich’s Ataxia (FA)

  • SKYCLARYS (omaveloxolone)

• Amyotrophic Lateral Sclerosis (ALS)

  • QALSODY (tofersen)

• Other rare diseases

  • ZURZUVAE (zuranolone) for postpartum depression (PPD)

• Alzheimer’s disease (collaboration)

  • LEQEMBI (lecanemab), co-developed and co-commercialized with Eisai

Product revenue concentration:

• TYSABRI and SPINRAZA each accounted for more than 10% of Biogen’s total revenue for the years ended December 31, 2025, 2024 and 2023.
• Two wholesale distributors each accounted for more than 10% of total revenue for those years; combined they represented approximately 43.9% of gross product revenue in 2025, 39.3% in 2024, and 36.9% in 2023.

Key partnerships and collaborations

• Eisai

  • Collaboration to co-develop and co-commercialize LEQEMBI for Alzheimer’s disease.
  • Shared costs, profits and decision-making; supply agreement for LEQEMBI substance and drug product through 2031.

• Supernus (formerly Sage)

  • Collaboration on ZURZUVAE for postpartum depression.
  • Equal cost sharing and profit sharing in the U.S.; Biogen manages development and commercialization outside the U.S. (excluding Japan, Taiwan and South Korea).

• Genentech

  • Rights to RITUXAN, RITUXAN HYCELA, GAZYVA, OCREVUS, LUNSUMIO and COLUMVI, with an option to add other anti-CD20 therapies.

• Ionis

  • Exclusive worldwide options and collaboration for antisense programs, including SPINRAZA and QALSODY; licenses for BIIB115 (salanersen) and BIIB080 (tau ASO).

• Denali

  • Collaboration to co-develop and co-commercialize BIIB122 (LRRK2 inhibitor) for Parkinson’s disease.

• Stoke

  • Zorevunersen collaboration for Dravet syndrome; Biogen holds global exclusive rights outside the U.S., Canada and Mexico; Stoke leads development in the U.S./Canada/Mexico regions.

• Samsung Bioepis

  • Commercialization collaboration for BENEPALI, IMRALDI and FLIXABI in certain European markets; Biogen licenses technology to Samsung Bioepis for these products.

• Dayra, Vanqua, City Therapeutics

  • Research and licensing arrangements with upfront payments (e.g., $50.0 million to Dayra; $70.0 million to Vanqua; City Therapeutics convertible note) and potential milestones.

• Royalty Pharma

  • Funding arrangement to co-fund development of litifilimab, with upfront funding recognized as a reduction to R&D expense and potential milestone and royalty arrangements tied to approval and net sales.

Acquisitions and corporate developments (2025)

• Alcyone Therapeutics, Inc. (November 2025)

  • Acquired all issued and outstanding shares to access ThecaFlex DRx for intrathecal delivery of antisense oligonucleotides (ASOs), including use with SPINRAZA.
  • Total consideration around $85.0 million, with potential additional milestone payments up to $75.0 million if certain approvals are achieved.
  • Classified as an asset acquisition; Biogen will manage development, manufacturing and commercialization of ThecaFlex DRx.

• Other 2025 corporate actions

  • Issued $1.75 billion of senior unsecured notes (May 12, 2025) and redeemed $1.75 billion in existing 4.050% notes (June 2025).
  • New corporate headquarters lease in Cambridge, MA (75 Broadway) to consolidate real estate; initial term of approximately 15.5 years beginning May 31, 2028.

• Research collaborations and early-stage licenses

  • Dayra collaboration (upfront $50.0 million) on oral macrocyclic peptides.
  • Vanqua collaboration (upfront $70.0 million) for exclusive worldwide rights to a C5aR1 antagonist program.
  • City Therapeutics arrangement (upfront $16.0 million) including a convertible note representing a minority stake.

Manufacturing and operations

• Manufacturing footprint includes:

  • Solothurn, Switzerland: large-scale biologics manufacturing facility
  • RTP, North Carolina: parenteral fill/finish capacity and oligonucleotide synthesis facility
  • Athlone, Ireland: sterile fill-finish facility acquired in 2025
  • Cambridge, MA: R&D and corporate facilities
  • RTP, North Carolina: new clinical packaging and manufacturing facility completed in 2025

• Global supply and contract manufacturing:

  • Biogen uses third-party manufacturers for many products and ingredients; Genentech handles bulk manufacturing for several anti-CD20 therapies.

People and governance

• Employees: approximately 7,500 as of December 31, 2025

  • U.S. employees: ~4,200
  • International employees: ~3,300

• Leadership (as of February 6, 2026)

  • Christopher A. Viehbacher — President & CEO
  • Robin C. Kramer — CFO (appointed March 2025)
  • Susan H. Alexander — CLO
  • Nicole Murphy — EVP, Pharmaceutical Operations & Technology
  • Ginger Gregory, Ph.D. — EVP, CHRO
  • Rachid Izzar — EVP, Head of Global Product Strategy and Commercialization
  • Priya Singhal, M.D., M.P.H. — EVP, Head of Development
  • Jane Grogan, Ph.D. — EVP, Head of Research
  • Adam Keeney, Ph.D. — EVP, Head of Corporate Development
  • Sean Godbout — VP, CAO & Global Corporate Controller

• Governance and responsibility:

  • The Board provides enterprise risk management and climate risk oversight. The company emphasizes governance, ethics, inclusion and workforce development.

Intellectual property and regulatory landscape

• Biogen maintains a broad patent portfolio and regulatory exclusivities across the U.S. and Europe.
• Patents and exclusivities cover MS, SMA, FA, ALS, Alzheimer’s (LEQEMBI), QALSODY, SKYCLARYS, ZURZUVAE and other programs, with extensions and SPC protections into the 2030s and 2040s.
• The company also relies on regulatory exclusivities such as Orphan Drug Designations.
• The regulatory environment includes complex pricing and reimbursement dynamics across jurisdictions, with ongoing implications from reforms and negotiations (for example, IRA, Part D changes and MFN discussions).

Financial and revenue context

Selected data points from the period covered:

• TYSABRI and SPINRAZA each accounted for more than 10% of total revenue in 2023, 2024 and 2025.
• Two wholesale distributors each accounted for more than 10% of total revenue; combined they represented approximately 43.9% of gross product revenue in 2025, 39.3% in 2024, and 36.9% in 2023.
• 2025 financing activity included issuance of $1.75 billion in senior unsecured notes and redemption of prior debt in June 2025.