Biotech company Biogen (NASDAQ:BIIB) will be announcing earnings results tomorrow before the bell. Here’s what you need to know.

Biogen beat analysts’ revenue expectations by 1.8% last quarter, reporting revenues of $2.45 billion, up 2.9% year on year. It was a slower quarter for the company, with a significant miss of analysts’ full-year EPS guidance estimates.

Is Biogen a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Biogen’s revenue to decline 2.3% year on year to $2.24 billion, improving from the 7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.99 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Biogen has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Biogen’s peers in the biotechnology segment, some have already reported their Q1 results, giving us a hint as to what we can expect. AbbVie delivered year-on-year revenue growth of 8.4%, beating analysts’ expectations by 3.3%, and Gilead Sciences reported flat revenue, falling short of estimates by 2.1%. AbbVie traded up 6.6% following the results while Gilead Sciences was down 2.7%.

Read our full analysis of AbbVie’s results here and Gilead Sciences’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the biotechnology stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.6% on average over the last month. Biogen is down 8.6% during the same time and is heading into earnings with an average analyst price target of $182.55 (compared to the current share price of $120.65).

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