BIOGEN INC. (BIIB)

Biogen is a global biopharmaceutical company dedicated to discovering, developing, and delivering therapies for serious and complex diseases, with a core focus on neurology, specialized immunology, and rare diseases. The company maintains a broad multiple sclerosis (MS) portfolio including TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA, alongside SPINRAZA for spinal muscular atrophy, QALSODY for SOD1-ALS, and SKYCLARYS for Friedreich's Ataxia—the latter acquired through the September 2023 acquisition of Reata Pharmaceuticals for approximately $6.6 billion plus roughly $983.9 million in equity award payments. Biogen collaborates with Eisai on LEQEMBI, an Alzheimer's disease treatment that received FDA traditional approval in July 2023 and subsequent approvals in Japan and China, with regulatory reviews ongoing in the E.U., U.K., Canada, and South Korea.

The company also partners with Sage Therapeutics on ZURZUVAE, the first oral treatment for postpartum depression approved by the FDA in August 2023, though a related MDD application received a Complete Response Letter. Through its collaboration with Genentech/Roche, Biogen holds financial and commercialization rights to anti-CD20 therapies including RITUXAN, GAZYVA, OCREVUS, and LUNSUMIO. The biosimilars business includes BENEPALI, IMRALDI, FLIXABI, BYOOVIZ, and the newly approved TOFIDENCE, though Biogen announced in February 2023 that it is exploring strategic alternatives for this segment.

During 2023, Biogen discontinued several pipeline programs, including ADUHELM (terminating its Neurimmune collaboration), BIIB093, BIIB131, and BIIB132, while advancing other candidates like BIIB080 for tau-targeted Alzheimer's treatment. The company implemented its "Fit for Growth" cost-reduction program, targeting approximately $1.0 billion in gross operating expense savings by 2025 through workforce reductions of about 1,000 employees and estimated restructuring charges of $260–280 million. Additional developments included favorable E.U. court rulings extending TECFIDERA's market protection, notification to terminate the Acorda collaboration for FAMPYRA effective January 2025, and several board and executive leadership changes, including Caroline Dorsa succeeding Stelios Papadopoulos as Board Chair.

TECFIDERA, TYSABRI, and SPINRAZA each represented more than 10% of total revenue in 2023, 2022, and 2021.