Biogen

What Biogen does

Biogen is a Cambridge, Massachusetts-headquartered biotechnology company founded in 1978 that develops and commercializes therapeutics for neurological, autoimmune, and rare diseases (NASDAQ: BIIB, market capitalization approximately $30.3B as of June 2026). Its commercial portfolio spans Leqembi (lecanemab for early Alzheimer's disease, co-developed with Eisai), Spinraza (nusinersen antisense oligonucleotide for spinal muscular atrophy, now including an FDA-approved 28 mg higher-dose formulation), Skyclarys (omaveloxolone for Friedreich's ataxia, acquired via Reata), Qalsody (tofersen for SOD1 ALS), Zurzuvae (postpartum depression), and the complement C3 inhibitors Empaveli and Syfovre acquired through the May 2026 $5.6B Apellis Pharmaceuticals acquisition. The late-stage pipeline includes litifilimab for lupus (Phase 3, FDA Breakthrough Therapy Designation), felzartamab (anti-CD38, three Phase 3 studies via the HI-Bio acquisition), diranersen (tau-targeting ASO for Alzheimer's advancing to registrational development), and salanersen (ASO for SMA, FDA Breakthrough Designation June 2026).

The company generates revenue through direct pharmaceutical product sales, collaboration and royalty arrangements (notably with Eisai, Ionis Pharmaceuticals, and UCB), and milestone payments tied to clinical and regulatory achievements. Distribution relies on direct field sales targeting healthcare providers, hospitals, and specialty pharmacies across 40+ countries, with Eisai co-commercializing Leqembi internationally. Strategic positioning is anchored by an open innovation model under CEO Christopher Viehbacher that has executed approximately $14B in M&A between 2023 and 2026 (Reata, HI-Bio, Apellis, RayThera) to rebuild the pipeline as the legacy multiple sclerosis franchise declines.

Customer base is diversified across distinct patient populations (Alzheimer's, SMA, MS, ALS, Friedreich's ataxia, postpartum depression, PNH, geographic atrophy, and lupus), with the company reporting 45% of revenue from non-MS products by May 2025 and targeting eight Phase 3 readouts through 2029 with potential $14B cumulative peak annual revenue.

Name

Biogen

Legal name

Biogen Inc.

Website

https://www.biogen.com/en_us/home.html

Company type

Public

Founded year

1978

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Biogen is a Cambridge, Massachusetts-based biotechnology company that develops and commercializes therapeutics for neurological, autoimmune, and rare diseases, including Leqembi (Alzheimer's), Spinraza (SMA), and a late-stage pipeline spanning lupus and complement-mediated conditions.

Ownership category

akta.pro rank

Product category

Specialty Biopharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

akta.pro secondary industries

Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB), Endocrinology & Reproductive Health Pharmaceuticals (incl. Women’s Health) (HLAIAAAJ), Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB)

Keywords

• Neurological therapeutics
• Rare disease treatments
• Immunology therapies
• Monoclonal antibody drugs
• Antisense oligonucleotide therapy

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Pharmaceutical Product Sales: Biogen generates revenue through direct sales of prescription pharmaceutical products including Leqembi, Spinraza, Skyclarys, Qalsody, Zurzuvae, and acquired products Empaveli and Syfovre. Products are sold through direct commercial teams and distributed via specialty pharmacies and healthcare providers.
2. Collaboration and Partnership Revenue: Revenue sharing and milestone payments from partnerships including Eisai (Leqembi co-commercialization), Ionis (ASO development), and other collaboration arrangements.
3. Royalty and Milestone Payments: Potential future royalty revenue from out-licensed technologies and milestone payments tied to clinical and regulatory achievements in partnerships.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Biogen develops, manufactures, and commercializes prescription biopharmaceutical products for neurological, autoimmune, and rare diseases. Its marketed portfolio includes LEQEMBI for Alzheimer's, Spinraza for spinal muscular atrophy, Skyclarys for Friedreich's ataxia, Qalsody for SOD1 ALS, Zurzuvae for postpartum depression, and Empaveli and Syfovre for complement-mediated diseases. The company also maintains a late-stage pipeline across neurology and immunology, leveraging antisense oligonucleotide, monoclonal antibody, complement inhibitor, and small molecule platforms developed internally and through partnerships.

Product overview

Biogen is an integrated biopharmaceutical company with a diversified portfolio spanning commercialized medicines and a late-stage pipeline targeting neurology, immunology, and rare diseases. The commercial portfolio includes LEQEMBI (Alzheimer's, with Eisai), Spinraza (SMA), Skyclarys (Friedreich's ataxia, from Reata), Qalsody (ALS), Zurzuvae (postpartum depression), and recently acquired Empaveli and Syfovre (complement-mediated diseases, from Apellis). The pipeline includes litifilimab (lupus, Phase 3), felzartamab (rare diseases, Phase 3), diranersen (Alzheimer's tau), salanersen (SMA), dapirolizumab pegol (SLE), and RayThera anti-inflammatory assets (preclinical). The strategic shift targets growth products to offset declining MS franchise revenues, with recent M&A activity including Reata ($7.3B), HI-Bio ($1.15B), Apellis ($5.6B), and RayThera ($1B).

Differentiator

Problem solved

Functional benefit

Brands

• BiogenLinc: Healthcare professional connection platform providing product information, disease education, peer connections, and on-demand support
• Biogen Foundation
• Fit for Growth
• New Ventures

Products and services

• LEQEMBI (lecanemab) FDA-approved amyloid-targeting antibody therapy for early Alzheimer's disease, co-developed and co-commercialized with Eisai. Delivered $168 million in Q1 2026 sales with 74% year-over-year growth, holding 65-70% market share over competing Kisunla.
• Spinraza (nusinersen) Antisense oligonucleotide therapy for spinal muscular atrophy (SMA), originally approved in 2016. A higher-dose 28 mg formulation was approved by FDA in March 2026, providing improved efficacy for SMA patients including infants and adults.
• Skyclarys (omaveloxolone) First and only FDA-approved treatment for Friedreich's ataxia in adults and adolescents aged 16 and older, acquired through the $7.3 billion Reata Pharmaceuticals acquisition. Generated $151 million in Q1 2026 with 22% year-over-year growth.
• Qalsody (tofersen) FDA-approved antisense oligonucleotide therapy for ALS in patients with SOD1 genetic variant, representing the first clinical proof that ALS can be slowed in this narrow patient population of fewer than 700 Americans.
• Zurzuvae FDA-approved treatment for postpartum depression, co-commercialized with Supernus. Generated $55 million in Q1 2026, doubling year-over-year.
• Empaveli (pegcetacoplan) Complement C3 inhibitor approved for paroxysmal nocturnal hemoglobinuria (PNH) and other complement-mediated diseases, acquired through the Apellis Pharmaceuticals acquisition. Generated approximately $325 million in 2025 net product revenue.
• Syfovre (pegcetacoplan intravitreal) Complement C3 inhibitor for geographic atrophy (GA), a form of dry age-related macular degeneration, acquired through the Apellis Pharmaceuticals acquisition. Generated approximately $364 million in 2025 net product revenue.

Quantifiable outcome

• Leqembi sales grew 74% year-over-year to $168 million in Q1 2026, holding 65-70% market share over Eli Lilly's Kisunla
• +5 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• RayThera Inc.coreStrategic or Co-development Partner · 17 June 2026Biogen agreed to acquire RayThera for up to $1 billion, consisting of upfront and milestone payments tied to clinical and regulatory outcomes. RayThera's portfolio includes multiple anti-inflammatory small molecule assets targeting immune-mediated conditions, with lead candidate expected to enter Phase 1 in early Q3 2026.
• Apellis PharmaceuticalscoreStrategic or Co-development Partner · 31 March 2026Biogen completed $5.6 billion acquisition of Apellis Pharmaceuticals in May 2026, gaining immediate access to two commercial products (Empaveli and Syfovre) and an experienced nephrology sales force. The deal primarily focuses on felzartamab's potential in treating complement-mediated rare diseases, which could generate over $800 million in peak sales.
• AlteogenminorStrategic or Co-development Partner · 1 March 2026$579 million agreement signed in March 2026 for two additional therapies utilizing Alteogen's ALT-B4 technology for subcutaneous formulations.
• Human Immunology Biosciences (HI-Bio)coreStrategic or Co-development Partner · 1 May 2024Biogen acquired HI-Bio for $1.15 billion in May 2024, transforming the biotech into a West Coast immunology hub in South San Francisco, California. The hub focuses on expanding immunology research and conducting phase 3 trials on the anti-CD38 antibody felzartamab.
• EisaicoreStrategic or Co-development PartnerCo-development and co-commercialization partnership for Leqembi (lecanemab) for Alzheimer's disease. Eisai leads global development and regulatory submissions; both companies co-commercialize the product. Leqembi generated over $550M in global sales during fiscal 2025.
• Ionis PharmaceuticalscoreStrategic or Co-development PartnerCollaboration for antisense oligonucleotide development including diranersen (BIIB080) for Alzheimer's disease and salanersen (BIIB115) for spinal muscular atrophy. Ionis licensed salanersen to Biogen for global development and commercialization.
• UCBcoreStrategic or Co-development PartnerCollaboration on dapirolizumab pegol (DZP) for systemic lupus erythematosus (SLE). PHOENYCS GO Phase 3 study showed sustained disease control while enabling glucocorticoid tapering. Both companies discussing potential regulatory path forward and commercial prospects.
• Denali TherapeuticsminorStrategic or Co-development PartnerPartnership on BIIB122 (DNL151), an LRRK2-targeting drug candidate for Parkinson's disease. Phase 2b LUMA study failed to meet endpoints and development in idiopathic Parkinson's was discontinued. Denali continues Phase 2a BEACON study independently for LRRK2 variant carriers.
• City TherapeuticsminorStrategic or Co-development PartnerStrategic collaboration in RNAi therapeutics. City Therapeutics maintains strategic collaborations with Bausch + Lomb and Biogen, with over $230 million total raised.
• NeomorphminorStrategic or Co-development PartnerPartnership agreement with combined potential value approaching $5 billion for molecular glue therapies targeting cancer, immunology, and other diseases. Neomorph's lead candidate NEO-811 is in Phase 1/2 first-in-human clinical trial.

Scale indicators10 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Eli Lilly: Eli Lilly directly competes with Biogen in Alzheimer's disease through Kisunla (donanemab), the main rival to Biogen's Leqembi. Both companies have significant neuroscience pipelines and global commercial infrastructure, and Lilly's growing neuroscience footprint makes it the most direct CNS competitor.
• Eisai: Eisai is Biogen's co-development and co-commercialization partner on Leqembi and operates a focused neuroscience business. The deep operational partnership makes it the closest strategic peer in CNS commercial execution and Alzheimer's R&D, and they jointly drive the Leqembi franchise.
• Ionis Pharmaceuticals: Ionis is the antisense oligonucleotide platform partner behind Biogen's diranersen and salanersen programs. Ionis's own pipeline and platform technology overlap directly with Biogen's ASO-based CNS franchise, making it a peer on technology and product basis.
• UCB: UCB is Biogen's development partner on dapirolizumab pegol for SLE and operates a focused neurology and immunology business (e.g., Briviact, Keppra). Comparable peer as a smaller specialty biopharma with neuroscience and immunology overlap, including active lupus collaboration.

Broad incumbents

• Roche: Roche is a large incumbent biopharma with a major multiple sclerosis franchise (Ocrevus), neuroscience pipeline, and global commercial reach. It competes with Biogen's MS franchise and overlaps in neurology R&D priorities including neurodegenerative disease.
• Novartis: Novartis is a large biopharma with a meaningful neuroscience and rare disease business, including MS therapies (Kesimpta) that directly compete with Biogen's MS franchise. It serves as a broad incumbent with similar therapeutic-area breadth and commercial scale.
• Sanofi: Sanofi operates a large neurology, rare disease, and immunology business (e.g., its MS franchise and Dupixent immunology) with overlapping therapeutic-area breadth to Biogen's diversified portfolio. It is a broad incumbent comparable on commercial scale and disease-area mix.
• Bristol-Myers Squibb: BMS entered MS with Zeposia and competes in immunology and rare disease areas overlapping with Biogen's litifilimab (lupus) program. As a large incumbent with growing neuroscience and immunology franchises, BMS is a comparable peer on commercial scale and therapeutic-area diversification.
• Pfizer: Pfizer is a broad biopharma incumbent with a neuroscience and rare disease franchise that overlaps several Biogen disease areas. Comparable on therapeutic-area breadth, R&D scale, and global commercial infrastructure.

Emerging players

• Vertex Pharmaceuticals: Vertex is a high-growth specialty biopharma with growing CNS exposure (e.g., pain programs and Casgevy) and a strong rare disease franchise. Comparable to Biogen's growth trajectory on rare/specialty therapeutics and disciplined commercial execution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/biogen
• Facebookfacebook.com/Biogen
• LinkedInlinkedin.com/company/biogen-

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A14 records

Investments32 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Biogen