By Mackenzie Tatananni
Biogen stock was rising Friday as investors looked past declining sales and the dismal performance of most of its drug portfolio in the fourth quarter.
The Cambridge, Mass.-based biotechnology company posted adjusted earnings of $1.99 a share, topping analysts' calls for $1.63. Revenue declined 7% in the quarter to just under $2.3 billion, edging past forecasts of $2.2 billion.
Multiple sclerosis revenue slid 14% to $917 million in the fourth quarter. Revenue for Biogen's rare disease treatments sank 16%, while biosimilar revenue fell 4%.
The biotech cautioned that it expects revenue to fall by a "mid-single digit percentage" in 2026 as revenue for its multiple sclerosis therapies continues to decline, partially offset by strength in growth products. It's a similar story to Bristol Myers Squibb, which has seen revenue broadly fall across its legacy portfolio, balanced out by newer drugs.
For the full year, Biogen sees adjusted earnings in the range of $15.25 to $16.25 a share. Analysts polled by FactSet are looking for $15.56 a share, below the midpoint of the range.
Shares rose 1% in premarket trading. Futures tracking the benchmark S&P 500 were up 0.6%. U.S.-listed shares of peers Novartis and Sanofi were down 0.3% and 0.2%, respectively.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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February 06, 2026 07:35 ET (12:35 GMT)
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