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Sentiment · FY2026 Q1
What companies say about each other on 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.
“Biogen's 355,000 square foot lease in the urban edge portfolio of Boston expired in May 2025 this quarter.”
Biogen's 355,000 square foot Boston Urban Edge office lease expired this quarter; BXP has re-let only 45,000 square feet of the space so far, consistent with a footprint reduction by Biogen.
“Matimco secured a 580,000 square foot 15-year laboratory office lease with Biogen at their large-scale Volpe site in East Cambridge.”
Biogen signed a large 15-year, 580,000-square-foot lab/office lease at above-market rent ($136 triple net) in East Cambridge, cited as evidence of high-quality tenant demand for premium locations.
“So I think, look, Biogen is a company that has gone through many fits and starts over the decades that it has been in Kendall Square. We have one building with them, which is a lab building, that least expires in the middle of 2028”
An analyst flags Biogen's recent research-department layoffs (Biogen is BXP's third-largest tenant); BXP says its single Kendall Square lab lease with Biogen (expiring mid-2028) is manageable given persistent lab-space scarcity regardless of whether Biogen downsizes or grows.
“the acquisition of Alcion Therapeutics”
Biogen acquired Alcion Therapeutics to enable a more convenient subcutaneous delivery mechanism (replacing intrathecal administration).
“end market sales booked by Eisai of approximately $134 million”
Eisai books end-market Leqembi sales (~$134M in Q4) under its co-commercialization partnership with Biogen; indicates Leqembi commercial momentum for partner Eisai.
“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.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brian Abrahams | RBC Capital Markets | 6 (0%) |
| Salveen Richter | Goldman Sachs | 6 (17%) |
| Evan Seigerman | BMO Capital Markets | 5 (0%) |
| Mike Yee | UBS | 5 (0%) |
| Umer Raffat | Evercore ISI | 4 (0%) |
| Chris Schott | JPMorgan | 3 (0%) |
| Jay Olson | Oppenheimer | 3 (0%) |
| Terence Flynn | Morgan Stanley | 3 (0%) |
| Dave Amsellem | Piper Sandler | 3 (33%) |
| Phil Nadeau | TD Cowen | 3 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 6 (17%) |
| RBC Capital Markets | 1 | 6 (0%) |
| UBS | 1 | 5 (0%) |
| Evercore ISI | 2 |
| 5 (0%) |
| BMO Capital Markets | 1 | 5 (0%) |
| Stifel | 2 | 4 (25%) |
| Morgan Stanley | 1 | 3 (0%) |
| Oppenheimer | 1 | 3 (0%) |
Biogen's Q4 2025 saw revenue decline 7.2% as TECFIDERA erosion and a contract manufacturing pause hit the top line hard, earning a base score of 3. Growth products generated $3.3 billion for full-year 2025, up 19%, and LEQEMBI iClick initiation received priority review. GAAP results were hit by $402 million in combined BD and litigation charges. Management introduced FY2026 guidance of $15.25-$16.25 non-GAAP EPS with mid-single-digit revenue decline, and the pipeline had 10 Phase 3 programs.
Innovation & R&D | Competitive Dynamics | Product Launch | 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 | 5 | 2 | 5 | 1 | 1 | 1 | |
| 2025Q3 | 5 | 2 | 4 | 2 | 2 | 2 | 1 | |
| 2025Q4 | 5 | 3 | 4 | 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 |
| Competitive Dynamics | 3 | 3 | 5 | 2 | 3 | 4 |
| Product Launch | 3 | 3 | 2 | 4 | 4 | 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 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BIIB Biogen | 4 | +1.9% | |
| ABBV AbbVie | 9 | +12.4% | |
| AMGN Amgen Inc. | 8 | +5.8% | |
| BMY Bristol Myers Squibb | 4 | +2.6% | |
| GILD Gilead Sciences | 8 | +4.4% | |
| JNJ Johnson & Johnson | 7 | +10.1% | |
| LLY Lilly (Eli) | 10 | +55.5% | |
| MRK Merck & Co., Inc. | 7 | +4.3% | |
| PFE Pfizer | 5 | +5.4% |