Biogen (NASDAQ: BIIB) expects $222M Q4 2025 R&D-related charge to cut EPS

Rhea-AI Filing Summary

Biogen Inc. is signaling a sizeable one-time expense in its upcoming fourth-quarter 2025 results. The company expects to record approximately $222 million of acquired in-process research and development, upfront and milestone expense on a pre-tax basis, which it estimates will reduce GAAP and non-GAAP net income per diluted share for the quarter by about $1.26.

This line item reflects costs tied to collaboration and license agreements, including upfront and milestone payments and, when applicable, premiums on equity securities and asset acquisitions. Biogen began presenting this expense as a separate line item in its income statement in the first quarter of 2025 and notes that it does not forecast such costs because their timing and size are inherently uncertain. The company also emphasizes that its results for the quarter ended December 31, 2025 are preliminary and may change as normal closing procedures are completed.

Insights

Biopharma earnings and accounting analyst

Biogen flags a large one-time R&D-related charge that will weigh on Q4 EPS.

Biogen expects about $222 million in acquired in-process research and development, upfront and milestone expense to hit its Q4 2025 results. Management estimates this will reduce GAAP and non-GAAP net income per diluted share by roughly $1.26 for the quarter, indicating a meaningful but non-recurring accounting impact tied to business development activity rather than core product sales.

This expense category covers collaboration and license payments, equity premiums and asset acquisitions related to in-process R&D. Biogen highlights that it does not forecast these items due to uncertainty in timing and magnitude, so future quarters could look different depending on deal flow. Reported figures for the period ended December 31, 2025 remain preliminary and subject to closing procedures, so final results could vary from these estimates.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 13, 2026

Biogen Inc.

(Exact name of registrant as specified in its charter)

Delaware			0-19311			33-0112644
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

225 Binney Street, Cambridge, Massachusetts 02142

(Address of principal executive offices; Zip Code)

Registrant’s telephone number, including area code: (617) 679-2000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0005 par value

BIIB

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition

Biogen Inc. (Biogen) expects that its GAAP and non-GAAP results for the fourth quarter of 2025 will include acquired in-process research and development, upfront and milestone expense of approximately $222 million on a pre-tax basis. The estimated charge is expected to impact GAAP and non-GAAP net income per diluted share for the fourth quarter 2025 by approximately $1.26 per share.

During the first quarter of 2025 we began presenting acquired in-process research and development, upfront and milestone expense as a separate line item in our condensed consolidated statements of income. Acquired in-process research and development, upfront and milestone expense includes costs incurred in connection with collaboration and license agreements such as upfront and milestone payments and, when applicable, premiums on equity securities and asset acquisitions of acquired in-process research and development. Biogen does not forecast such acquired in-process research and development, upfront and milestone expense due to the uncertainty of the future occurrence, magnitude and timing of these transactions in any given period.

Results for the quarter ended December 31, 2025, have not been finalized and are subject to our financial statement closing procedures. There can be no assurance that our final results will not differ from the preliminary unaudited estimates described herein.

Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements relating to our financial and operating results and financial guidance, that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the PSLRA) with the intention of obtaining the benefits of the “Safe Harbor” provisions of the PSLRA. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” "assume," “believe,” “contemplate,” “continue," "could," “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” "outlook," “plan,” “possible,” "potential," “predict,” “project,” “should,” “target,” “will,” “would” or the negative of these words or other words and terms of similar meaning.

Given their forward-looking nature, these statements involve substantial risks and uncertainties and may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements. The information above includes, among others, forward-looking statements reflecting management’s current intentions and expectations for the future with respect to Biogen’s estimated acquired in-process research and development, upfront and milestone expense for the quarter ended December 31, 2025, and the related impact to Biogen’s GAAP and non-GAAP earnings per share for such period. These forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part.

These statements speak only as of the date of this Current Report on Form 8-K and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our subsequent reports on Form 10-Q and Form 10-K, in each case including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Biogen Inc.

By: /s/ Wendell Taylor                 

Wendell Taylor

Secretary

Date: January 13, 2026

FAQ

What one-time expense did Biogen (BIIB) highlight for Q4 2025?

Biogen expects its fourth quarter 2025 results to include approximately $222 million of acquired in-process research and development, upfront and milestone expense on a pre-tax basis.

How will the Q4 2025 acquired in-process R&D expense affect Biogens earnings per share?

Biogen estimates that the acquired in-process research and development, upfront and milestone expense will reduce its GAAP and non-GAAP net income per diluted share for the fourth quarter 2025 by about $1.26.

What does Biogen include in acquired in-process research and development, upfront and milestone expense?

This line item includes costs from collaboration and license agreements such as upfront and milestone payments and, when applicable, premiums on equity securities and asset acquisitions of acquired in-process research and development.

Since when has Biogen presented acquired in-process R&D as a separate line item?

Biogen began presenting acquired in-process research and development, upfront and milestone expense as a separate line item in its condensed consolidated statements of income during the first quarter of 2025.

Does Biogen (BIIB) forecast future acquired in-process R&D and milestone expenses?

Biogen states that it does not forecast acquired in-process research and development, upfront and milestone expense because the future occurrence, magnitude and timing of these transactions are uncertain for any given period.

Are Biogens Q4 2025 financial results final?

No. Biogen notes that results for the quarter ended December 31, 2025 have not been finalized and remain subject to financial statement closing procedures, so final figures may differ from the current estimates.