Every material Form 8-K Biogen filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
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.
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.
Biogen said its preliminary third-quarter 2025 GAAP and non-GAAP results will include about $2 million pre-tax of acquired in-process research and development, upfront and milestone expense. The charge is expected to reduce diluted earnings per share by about $0.01, and the quarter's results have not been finalized.
Estimated pre-tax acquired IPR&D, upfront and milestone expense: about $2 million for Q3 2025
Expected impact on GAAP and non-GAAP diluted EPS: about ($0.01) per share
Quarter ended September 30, 2025 results are unaudited, not finalized, and could differ from these estimates
Biogen does not forecast this expense category due to the uncertain timing and size of such deals
Biogen reported second quarter 2025 revenue of $2.6 billion, up 7% from a year earlier, with GAAP diluted EPS of $4.33, up 8%, and non-GAAP diluted EPS of $5.47, up 4%. The company raised its full-year 2025 non-GAAP diluted EPS guidance to $15.50-$16.00 from $14.50-$15.50, and its revenue outlook to roughly flat at constant currency from a mid-single-digit decline, which points to higher expected earnings for shareholders.
Q2 2025 total revenue was $2,646 million, up 7% year over year; GAAP diluted EPS was $4.33 and non-GAAP diluted EPS was $5.47.
Full-year 2025 non-GAAP diluted EPS guidance was raised to $15.50-$16.00 from $14.50-$15.50, including a $0.87 benefit from a stronger outlook partly offset by a ~$0.12 impact from the City Therapeutics transaction.
Q2 results included about $47 million of acquired IPR&D, upfront and milestone expense, an approximately $0.26 per-share impact.
Biogen expects minimal contract manufacturing revenue in Q4 2025 due to planned plant maintenance and expects increased competitive pressure on ex-U.S. MS sales in the second half.
Biogen said its preliminary second-quarter 2025 GAAP and non-GAAP results will include about $46 million in pre-tax acquired in-process R&D, upfront and milestone expense. That charge is expected to reduce diluted earnings per share by about $0.26. Biogen also said the quarter's results have not been finalized and could differ from these estimates.
Estimated pre-tax acquired in-process R&D, upfront and milestone expense: about $46 million for the quarter ended June 30, 2025
Expected impact on GAAP and non-GAAP diluted EPS: about ($0.26) per share
Biogen does not forecast this expense because the timing and size of such deals are uncertain; Q2 results remain subject to closing procedures
Biogen reported first-quarter 2025 total revenue of $2.4 billion, up 6% from a year earlier, but non-GAAP diluted EPS fell 18% to $3.02 and GAAP diluted EPS fell 39% to $1.64. The company lowered its 2025 non-GAAP EPS guidance to $14.50 to $15.50 from $15.25 to $16.25, mainly due to a $165 million upfront payment to Stoke Therapeutics.
Q1 2025 total revenue was $2,431 million, up 6% year over year; product revenue was $1.7 billion, up 1% at actual currency.
Q1 2025 non-GAAP diluted EPS was $3.02 versus $3.67 a year earlier; GAAP diluted EPS was $1.64 versus $2.70.
Full-year 2025 non-GAAP diluted EPS guidance is $14.50 to $15.50, down from $15.25 to $16.25 in February 2025, reflecting a roughly $0.95 hit from the Stoke payment partly offset by a $0.20 foreign exchange benefit.
Biogen expects 2025 total revenue to decline by a mid-single digit percentage at constant currency versus 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Biogen filing is on SEC EDGAR ↗. 8-K briefs of other companies →