Biogen Inc. (BIIB)

Biogen's stock price has experienced a significant decline over the past six months, falling by 15.23%, and by 43.57% over the last year as of June 27, 2025. This is due to Leqembi launch challenges, increased competition from generic and biosimilar versions of MS drugs and Eli Lilly's Alzheimer's drug Kisunla, and analyst downgrades from Argus Research and Piper Sandler. Despite these challenges, Biogen's Q1 2025 revenues surpassed estimates, driven by strong sales of newer rare disease assets like Skyclarys and Zurzuvae. In March 2025, Biogen announced plans for a new global headquarters in Cambridge, Massachusetts.

Demand seasonality for Biogen's products is most notable in its Multiple Sclerosis (MS) business, with the first quarter typically being a weaker period due to higher discounts and allowances in the United States. This seasonality, along with foreign exchange headwinds and the Medicare Part D redesign, affected Biogen's Q1 2025 revenues. Newer products like Skyclarys and Zurzuvae are showing strong growth, suggesting their demand may not follow the same seasonal patterns as the older MS drugs. The launch of Leqembi has been more impacted by the adaptation of healthcare systems rather than inherent seasonal demand shifts.

Biogen Inc. (BIIB) is an American multinational biotechnology company headquartered in Cambridge, Massachusetts, specializing in the discovery, development, and delivery of treatments for neurological diseases. The company's major product portfolio includes therapies for Multiple Sclerosis (MS), Spinal Muscular Atrophy (SMA), Friedreich's Ataxia, Amyotrophic Lateral Sclerosis (ALS), Plaque Psoriasis, Oncology and other conditions, Biosimilars, Alzheimer's Disease, and Postpartum Depression. Biogen also maintains a robust pipeline with ongoing developments in Alzheimer's disease, Parkinson's disease, neuromuscular disorders, neuropsychiatry, and additional biosimilars.

Biogen has a significant global presence, with its headquarters in Cambridge, Massachusetts, U.S., and operations in numerous countries across multiple continents. The company promotes its products worldwide through its own sales forces and marketing groups, and in some regions, it partners with third parties. In March 2025, Biogen announced plans for a new global headquarters at Kendall Common in Cambridge, Massachusetts, aiming to centralize its research and development, technical operations, and commercial organizations into a co-located innovation hub by 2028.

Biogen's brand reputation has faced challenges due to the controversy surrounding its Alzheimer's drug, Aduhelm, leading to a significant decline in brand value. Accusations of inappropriate collaboration with the FDA and an unjustifiably high price for Aduhelm, along with a House investigation, have negatively impacted the company's reputation. A class-action securities lawsuit alleges overstated efforts to enhance transparency and inadequate compliance procedures, increasing the risk of governmental scrutiny and legal harm. The discontinuation of Aduhelm's development further reflects negatively on the company.

Biogen Inc. (BIIB) is predominantly owned by institutional shareholders, who collectively hold between 86.49% and 89% of the company's shares. Major institutional owners include Vanguard Group Inc., Primecap Management Co, Blackrock Inc., State Street Corp, and Wellington Management Group LLP. Individual insiders own less than 1% of the company, while retail investors hold approximately 10% to 11.37%.