Biogen Inc. said its portfolio of newer drugs overtook legacy multiple sclerosis revenue in the second quarter of 2025, marking the latest signal that the Alzheimer’s and rare-disease maker is moving past its dependence on older products.
Growth portfolio revenue — excluding sales tied to the Apellis Pharmaceuticals deal — surpassed revenue from the company’s established MS franchise for the first time, chief financial officer Robyn Kramer told analysts at the Wells Fargo 21st Annual Healthcare Conference on Wednesday.
The shift underscores the scale of Biogen’s bet on a broader set of therapies. The company cited an approximate $8 billion product revenue base referenced by CEO Chris Lynch in January 2024, and pointed to a pipeline that it described as reaching a pivotal phase.
"The pipeline is at a pivotal point for us from a growth perspective," Kramer said. "We have the right. We have our royalty associated with OCREVUS, which they recently launched the subcutaneous version of and have had quite good traction on."
Biogen’s commercial momentum extends beyond its own pipeline. The company holds a royalty stake in Roche Genentech’s OCREVUS, and leadership highlighted the subcutaneous version’s strong early uptake as a meaningful tailwind.
The Apellis acquisition continues to shape Biogen’s near-term financial profile. Chief executive Chris Lynch noted that the deal is expected to be dilutive in 2026, primarily through interest expenses, but would generate roughly $250 million in annualized cost synergies by the end of 2027. By that date, Biogen also expects to have fully retired the debt taken on to finance the transaction. The synergies are driven largely by research and development and general-and-administrative optimizations, Adam Keeney, head of corporate development, said.
On the TYSABRI front, the MS drug showed stronger-than-expected resilience after biosimilar entry in the first quarter of 2026, bolstered by a JCV assay patent, FDA backing for its PML risk-management framework, and a subcutaneous formulation option in Europe.
Looking ahead, Biogen said ten Phase III programs will begin delivering readouts in the fourth quarter of 2025, spanning indications including antibody-mediated rejection of kidney transplants, IgA nephropathy, membranous nephropathy, lupus nephritis, geographic atrophy, and Dravet syndrome.
Regarding antibody-mediated rejection — an area with no approved therapeutics and an estimated 11,000 affected patients in the U.S., according to Keeney — Biogen advanced several programs after acquiring HI-Bio, keeping the team in place and establishing a West Coast hub. The company also pointed to the Alcyone indwelling catheter port device, acquired last year, as a potential way to reduce the need for quarterly spinal taps in SPINRAZA administration and to enable delivery of other intrathecal therapies.
Biogen shares traded around $211 on Wednesday, with a market capitalization of roughly $31.3 billion and a one-year total return of about 48%. The stock was priced at a trailing P/E of roughly 37.6, with gross profit margins near 78% and a free-cash-flow yield around 9%.
Product launches across the 2027-to-2030 horizon are expected to include felzartamab, litifilimab, selinexor, and saquinavir, among other assets from the company’s expanded pipeline.
