Biogen Cuts Four Pipelines and Secures an $1.8 Billion Deal

On February 12, Biogen released its 2024 financial report, reporting a total revenue of $9.7 billion, a 2% year-over-year decline. GAAP diluted earnings per share were $11.18, a 40% increase, while Non-GAAP diluted earnings per share were $16.47, up 12%. The company invested $2.042 billion in R&D, with cash and cash equivalents totaling $2.7 billion.

From a product perspective, multiple sclerosis (MS) remains Biogen’s primary revenue driver, generating $4.35 billion in total revenue for 2024, a 7% decrease year-over-year. Specifically, Tysabri (natalizumab) revenue reached $1.715 billion, down 8.6%, while Vumerity (diroximel fumarate) sales reached $628 million, up 9%.

Notably, Biogen’s flagship Alzheimer’s treatment, Leqembi (lecanemab), achieved global sales of approximately $87 million in Q4, with around $50 million coming from the U.S. market. For the full year of 2024, global sales totaled $281 million.

Developed by Biogen and Eisai, lecanemab is the first Alzheimer’s disease (AD) treatment in 20 years to receive full FDA approval and was listed as one of Science’s Top 10 Breakthroughs of 2023. As the second FDA-approved anti-Aβ monoclonal antibody after Aduhelm (aducanumab), its promising clinical trial results have reinvigorated the anti-Aβ drug development landscape.

Since receiving FDA approval in July 2023, lecanemab has also been approved by regulatory agencies in Japan, China, South Korea, and the UK. Notably, around the time of its approval in China, Biogen announced the discontinuation of aducanumab’s development to reallocate resources toward lecanemab.

Additionally, Biogen announced the termination of four pipeline programs:

• BIIB113 – for early-stage Alzheimer’s disease
• BIIB094 – for early-stage Parkinson’s disease
• BIIB101 – for multiple system atrophy
• BIIB143 (cemdomespib) – for diabetic peripheral neuropathic pain

At the same time, Biogen has entered into an agreement with Royalty Pharma regarding litfilimab, an anti-BDCA2 drug currently in Phase 3 trials for two types of lupus. Under the deal, Biogen will receive $250 million (1.8 billion RMB) in cash to continue developing the drug, while Royalty Pharma may receive undisclosed milestone payments and mid-single-digit royalties based on regulatory approvals.