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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Salveen Richter | Goldman Sachs | 7 questions · 14% challenging |
| Brian Abrahams | RBC Capital Markets | 7 questions · 0% challenging |
| Umer Raffat | Evercore ISI | 6 questions · 50% challenging |
| Evan Seigerman | BMO Capital Markets | 6 questions · 17% challenging |
| Mike Yee | UBS | 6 questions · 50% challenging |
| Chris Schott | JPMorgan | 4 questions · 0% challenging |
| Terence Flynn | Morgan Stanley | 4 questions · 0% challenging |
| David Amsellem | Piper Sandler | 4 questions · 50% challenging |
| Paul Matteis | Stifel | 4 questions · 75% challenging |
| Jay Olson | Oppenheimer | 3 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 analyst | 7 questions · 14% challenging |
| Evercore ISI | 2 analysts | 7 questions · 57% challenging |
| RBC Capital Markets | 1 analyst | 7 questions · 0% challenging |
| BMO Capital Markets | 1 analyst | 6 questions · 17% challenging |
| UBS | 1 analyst | 6 questions · 50% challenging |
| Stifel | 2 analysts | 5 questions · 60% challenging |
| Morgan Stanley | 1 analyst | 4 questions · 0% challenging |
| JPMorgan | 1 analyst | 4 questions · 0% challenging |
Calendar quarter Q3 2025Earnings call Oct 30, 2025
FY2025 Q3 in brief
Biogen's Q3 2025 saw revenue dip 0.5% while launch products delivered 67% year-over-year growth, as LEQEMBI SubCu maintenance launched and ZURZUVAE continued outperforming with 150% growth.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Biogen (BIIB), FY2025 Q3: 4/10. Scores: Biogen’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: BIIB daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.45B | +2.9% | $1.83 | +7.0% | 76.2% | 20.7% | 10.9% | $695M |
| FY2025 Q1 | $2.43B | +6.1% | $1.64 | -39.3% | 76.2% | 30.1% | 9.9% | $212M |
| FY2025 Q2 | $2.65B | +7.3% | $4.35 | +8.7% | 64.2% | 22.2% | 24.0% | $144M |
| FY2025 Q3Selected | $2.45B | -0.4% | $3.17 | +19.2% | 64.3% | 25.0% | 19.0% | $1.23B |
| FY2025 Q4 | $2.28B | -7.1% | $-0.33 | -118.0% | 78.2% | -2.5% | -2.1% | $556M |
| FY2026 Q1 | $2.48B | +1.9% | $2.15 | +31.1% | 73.3% | 16.0% | 12.9% | $697M |
| FY2026 Q2 | $2.74B | +3.4% | $0.66 | -84.8% | 56.9% | 11.6% | 3.6% | $490M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY -0.45% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Biogen's Q3 2025 saw revenue dip 0.5% while launch products delivered 67% year-over-year growth, as LEQEMBI SubCu maintenance launched and ZURZUVAE continued outperforming with 150% growth. However, EPS guidance was lowered by business development charges despite a stronger business outlook, with the midpoint dropping from $15.75 to $14.75. Litifilimab Phase 3s were fully enrolled with a binary H2 2026 readout risk, and TECFIDERA European erosion accelerated.
Innovation & R&D | Product Launch | Competitive Dynamics | Demand | M&A | Capital Allocation | Revenue Growth | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | |
| 2025Q1 | 3 | 3 | 3 | 2 | 1 | 1 | 1 | 1 |
| 2025Q2 | 5 | 2 | 5 | 5 | 1 | 1 | 1 | |
| 2025Q3 | 5 | 4 | 2 | 2 | 2 | 2 | 1 | |
| 2025Q4 | 5 | 4 | 3 | 2 | 2 | 2 | 2 | 1 |
| 2026Q1 | 4 | 4 | 4 | 5 | 3 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 2 | 3 | 5 | 5 | 5 | 4 |
| Product Launch | 3 | 3 | 2 | 4 | 4 | 4 |
| Competitive Dynamics | 3 | 3 | 5 | 2 | 3 | 4 |
| Demand | 2 | 2 | 5 | 2 | 2 | 5 |
| M&A | 2 | 1 | 1 | 2 | 2 | 3 |
| Capital Allocation | 2 | 1 | 1 | 2 | 2 | 2 |
| Revenue Growth | 2 | 1 | 1 | 2 | ||
| Geographic Expansion | 1 | 1 | 1 | 1 |
What BIIB and other companies said about each other on FY2025 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think that Biogen has estimated only 36,000 patients in the U.S., which seems a bit more conservative than your combined U.S. and EU number would imply?”
Analyst cites Biogen's smaller (~36,000 US patient) sizing of the primary membranous nephropathy market, where Biogen is a competitor to Vertex's pove program.
“we're not going into indications where we have to go up against typically an AbbVie or a Sanofi or people like that.”
Biogen positions its immunology pipeline to avoid head-to-head competition with large players like Sanofi.
“we're not going into indications where we have to go up against typically an AbbVie or a Sanofi or people like that.”
Biogen positions its immunology pipeline to avoid head-to-head competition with large players like AbbVie.
“based on what I understand from the J&J program, this is posdinemab. And it's a tau monoclonal antibody it targets the mid-domain of tau.”
Biogen discusses J&J's competing anti-tau monoclonal antibody posdinemab, noting monoclonal approaches to tau have not been promising in its view.
“whether it is going to be Eli Lilly's trial or it will be Eisai/Biogen's trial.”
Biogen references Eli Lilly's competing Alzheimer's prevention trial alongside its own Eisai/Biogen trial as potential market-shaping readouts.
“we are very happy with the partnership with Supernus, I mean that is going extremely well.”
Supernus is Biogen's commercialization partner (holding the other 50%) on ZURZUVAE; Biogen says the partnership is going extremely well.
“Also just recently, Roche had a BBM that was approved called Elecsys.”
Roche's newly approved Elecsys blood-based biomarker (a primary-care rule-out test) is cited as helping expand Alzheimer's triage, complementary to Biogen's LEQEMBI market.
“an approximately $100 million pretax charge accrued in Q3 that related to a judgment on Genentech's claim for past royalties and interest related to TYSABRI.”
Biogen accrued a ~$100M charge tied to a judgment on Genentech's claim for past TYSABRI royalties and interest.
“In the U.S., our team is working collaboratively with Eisai driving strong execution and customer engagement, which we believe supported our prescriber base growing another 14% quarter-over-quarter.”
Eisai is Biogen's LEQEMBI collaboration partner; joint U.S. execution supported prescriber base growth of 14% QoQ.
“we have just added the C5aR1 antagonist through our licensing agreement with Vanqua Bio”
Biogen licensed a preclinical C5aR1 antagonist from Vanqua Bio to build out its early-stage immunology pipeline.
“We announced the agreement to acquire Alcyone Therapeutics. This is a very strategic acquisition for us.”
Biogen is acquiring Alcyone Therapeutics to strengthen its ASO intrathecal delivery capabilities, framed as a breakthrough for patients.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BIIB Biogen | 4 | -0.5% | |
| ABBV AbbVie | 8 | +9.1% | |
| AMGN Amgen Inc. | 8 | +12.4% | |
| BMY Bristol Myers Squibb | 7 | +2.8% | |
| GILD Gilead Sciences | 7 | +3.0% | |
| JNJ Johnson & Johnson | 8 | +6.8% | |
| LLY Lilly (Eli) | 9 | +53.9% | |
| MRK Merck & Co., Inc. | 8 | +3.2% | |
| PFE Pfizer | 4 | -5.9% |