Biogen cuts 2025 EPS guidance to $14.50-$15.00 on deal costs despite Q3 profit gain
Biogen reported third-quarter 2025 total revenue of $2.5 billion, up 3%, and non-GAAP diluted EPS of $4.81, up 18% from a year earlier. It lowered full-year 2025 non-GAAP diluted EPS guidance to $14.50 to $15.00 from $15.50 to $16.00 in July, citing an expected impact of about ($1.25) per share from business development transactions expected to close in the fourth quarter, partly offset by a $0.25 benefit from its outlook. For shareholders, quarterly results rose while expected full-year earnings per share fell.
Key points
- Q3 2025 total revenue was $2,535 million, up 3% year over year; GAAP diluted EPS was $3.17, up 19%; non-GAAP diluted EPS was $4.81, up 18%.
- Full-year 2025 non-GAAP diluted EPS guidance is $14.50 to $15.00, down from $15.50 to $16.00 in July (October 2025 update).
- The EPS guidance cut reflects an approximately ($1.25) impact from business development transactions expected to close in Q4 2025, partly offset by a $0.25 benefit from a stronger business outlook.
- Full-year 2025 total revenue guidance was raised to approximately flat to increasing 1% at constant currency, up from approximately flat.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 30, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.