With Biogen’s multiple sclerosis portfolio facing more generic pressure than ever, the company is eyeing a busy late-stage pipeline and hunting for deals to build its return to growth.
Biogen is not growing right now, but the company has established a “bridge to growth,” with an emphasis on a slew of Phase 3 readouts to come in the next few years and a careful hunt for acquisitions.
“To really return to growth, I think there’s two things that really need to happen. One is we do need to start seeing the positive Phase 3 results come out and the launch of products,” CEO Chris Viehbacher said on the company’s fourth quarter earnings call on Friday. “The other of course, is [business development], and we continue to look for potential acquisition opportunities.”
On the first point, Biogen is currently running 10 Phase III trials, which could one day turn into approved products. Viehbacher in particular pointed to litifilimab, which is due for mid- and late-stage readouts in two types of lupus this year. The first, a Phase 2 test for cutaneous lupus erythematosus, is expected around the end of the first quarter and the second, the late-phase systemic lupus erythematosus trial, will arrive in the fourth quarter. That product could launch in 2028, the CEO predicted.
On business development, Biogen is conducting a careful search for companies in the $5 billion to $6 billion range in the post-Phase 3 results stage—a goal that has not changed in recent quarters.
“The reality is that it’s hard to find things that actually generate value for our shareholders,” Viehbacher explained. “There are certainly companies out there, but we haven’t found one that we can acquire for a price that we think makes sense for our shareholders. But we continue to look. We are looking every day out there in the marketplace.”
So, for now, the existing late-stage pipeline is Biogen’s future.
“We have some pretty high conviction in our late-stage pipeline. Now, nothing is ever given in research and development, as we all know,” Viehbacher said. “But you know, 10 Phase 3 programs, that’s a real achievement from over the past year.”
At the end of 2024, the company only had litifilimab in that advanced a stage. Since then, they have added zorevunersen for Dravet syndrome, with a Phase III read out expected in mid-year 2027, and felzartamab for antibody-mediated rejection, which will also offer late-stage data in mid-2027.
“I think we’ve been able to really, again, create that bridge to growth. We’re generating cash, we’re generating profits, and we’re investing significantly in our growth brands,” Viehbacher said.
Under Pressure
The decline of growth comes as Biogen’s multiple sclerosis portfolio faces generic pressure around the world. This segment showed some “resilience,” according to CFO Robin Kramer, with $9.9 billion in revenue generated in 2025—a 2% increase over the year prior.
Generic erosion began for Tecfidera in 2025, and in 2026 the product will face the full weight of that pressure in Europe. A biosimilar of Tysabri entered the market at the end of the year as well, Viehbacher noted. The CEO is confident that Biogen can maintain the brand for a little while longer despite this new entrant.
“There’s a limited number of physicians who are very strong believers in the importance of Tysabri so that’s what we’re going to rely on,” Viehbacher said.
The growth products, including Alzheimer’s disease therapy Leqembi and post-partum depression drug Zurzuvae, did bring in $3.3 billion for 2025, a 19% increase over the previous year. This helped offset the declining MS portfolio.
Leqembi, which has been a slow and steady launch for Biogen, showed some strength in the fourth quarter with sales of $134 million, a 54% increase year-over-year.
