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Guidance history, every release

Biogen (BIIB) · 8 releases, Oct 30, 2024 to Jul 29, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 30, 2024 FY24 Q3	Feb 12, 2025 FY24 Q4	May 1, 2025 FY25 Q1	Jul 31, 2025 FY25 Q2	Oct 30, 2025 FY25 Q3	Feb 6, 2026 FY25 Q4	Apr 29, 2026 FY26 Q1	Jul 29, 2026 FY26 Q2
For FY2027
Transaction to be accretive to Non-GAAP diluted EPS (Apellis)	—	—	—	—	—	—	—	New“accretive to Non-GAAP diluted EPS”
Apellis transaction	—	—	—	—	—	—	New“expected to be accretive”	—
Apellis transaction accretion	—	—	—	—	—	—	New“expected to be accretive in 2027”	—
Transaction run rate synergies exiting 2027	—	—	—	—	—	—	—	New“at least $250 million”
For FY2026
Total revenue	—	—	—	—	—	New“decline by a mid-single digit percentage for 2026 as compared to 2025”	Reiterated“decline by a mid-single digit percentage for 2026 as compared to 2025”	—
Total revenue	—	—	—	—	—	—	New“expected to decline by a mid-single digit percentage”	—
Total revenue growth	—	—	—	—	—	—	—	New“mid-single digit percentage”
Acquired IPR&D charges impact on Non-GAAP diluted EPS	—	—	—	—	—	—	New“approximately $1.00”	—
Gross margin percentage	—	—	—	—	—	New“roughly consistent year-over-year”	—	—
Gross margin percentage vs 2025	—	—	—	—	—	—	New“roughly consistent year-over-year”	—
Non-GAAP diluted EPS	—	—	—	—	—	New“$15.25 to $16.25”	—	—
Non-GAAP Diluted EPS - Approximate impact from acquired IPR&D and milestone charges	—	—	—	—	—	—	—	New“~($3.00)”
Non-GAAP Diluted EPS - Expected dilution from the Apellis acquisition	—	—	—	—	—	—	—	New“~($0.85)”
Non-GAAP Diluted EPS - Reported	—	—	—	—	—	—	—	New“$12.00 to $13.00”
Non-GAAP Diluted EPS - Underlying	—	—	—	—	—	—	—	New“$15.85 to $16.85”
Non-GAAP diluted EPS impact from TJ Biopharma felzartamab Greater China deal	—	—	—	—	—	—	New“approximately $0.55”	—
Non-GAAP Diluted EPS Updated	—	—	—	—	—	—	New“$14.25 to $15.25”	—
Combined Non-GAAP R&D expense and Non-GAAP SG&A expense	—	—	—	—	—	—	—	New“between $2.65 billion and $2.70 billion”
Combined Non-GAAP R&D expense and Non-GAAP SG&A expense vs 2025	—	—	—	—	—	—	New“roughly consistent year-over-year”	—
Impact from acquired IPR&D charges expected in second quarter 2026	—	—	—	—	—	—	New“approximately $0.80”	—
Non-GAAP effective tax rate	—	—	—	—	—	—	New“between approximately 17% and 18%”	—
Non-GAAP effective tax rate	—	—	—	—	—	New“between approximately 17% and 18%”	—	—
For FY2025
Contract manufacturing revenue	—	—	—	New“minimal”	—	—	—	—
Manufacturing revenue	—	—	—	—	New“between $10 million and $20 million”	—	—	—
Total revenue	—	New“expected to decline by a mid-single digit percentage for 2025 compared to 2024”	Revised“decline by a mid-single digit percentage”	—	Revised“approximately flat to increasing 1%, at constant currency”	—	—	—
Total revenue vs full year 2024 (constant currency)	—	—	—	New“approximately flat, at constant currency, versus full year 2024”	—	—	—	—
Total revenue, at constant currency, versus full year 2024	—	—	—	—	New“approximately flat to increasing 1%”	—	—	—
Foreign exchange headwind on Non-GAAP diluted EPS	—	New“approximately $0.35”	—	—	—	—	—	—
Non-GAAP diluted EPS	—	New“$15.25 to $16.25”	—	—	—	—	—	—
Non-GAAP Diluted EPS - Approx. impact from BD transactions expected to close in Q4'25	—	—	—	—	New“~($1.25)”	—	—	—
Non-GAAP Diluted EPS - Benefit from stronger business outlook	—	—	—	—	New“+$0.25”	—	—	—
Non-GAAP Diluted EPS - Prior (July 2025)	—	—	—	—	New“$15.50 to $16.00”	—	—	—
Non-GAAP Diluted EPS - Revised business outlook (October 2025)	—	—	—	—	New“$15.75 to $16.25”	—	—	—
Non-GAAP Diluted EPS - Updated	—	—	New“$14.50 to $15.50”	Raised“$15.50 to $16.00”	Lowered“$14.50 to $15.00”	—	—	—
Operating margin percentage	—	New“remain relatively flat”	—	—	—	—	—	—
Combined Non-GAAP R&D expense and Non-GAAP SG&A expense	—	—	—	—	New“approximately $1.1 billion”	—	—	—
Combined Non-GAAP R&D expense and Non-GAAP SG&A expense	—	New“approximately $3.9 billion”	Reiterated“approximately $3.9 billion”	Raised“approximately $4.0 billion”	—	—	—	—
Fit for Growth program gross savings	—	New“approximately $1 billion”	Reiterated“approximately $1 billion”	Reiterated“approximately $1 billion”	Reiterated“approximately $1 billion”	—	—	—
Fit for Growth program net savings	—	—	—	New“$800 million net of reinvestment”	—	—	—	—
Fit for Growth program net savings (net of reinvestment)	—	New“$800 million”	Reiterated“$800 million net of reinvestment”	—	Reiterated“$800 million”	—	—	—
Fit for Growth program savings	—	—	—	New“approximately $1 billion of gross savings and $800 million net of reinvestment”	—	—	—	—
For FY2024
Core pharmaceutical revenue	New“relatively flat for 2024 compared to 2023”	—	—	—	—	—	—	—
Cost of sales as a percentage of total revenue	New“an improvement in the cost of sales as a percentage of total revenue for 2024 compared to 2023 driven by product mix and significantly lower idle capacity charges”	—	—	—	—	—	—	—
Total revenue	New“full year 2024 total revenue decline of a low-single digit percentage versus full year 2023”	—	—	—	—	—	—	—
Non-GAAP diluted EPS	New“now expected to be between $16.10 and $16.60, representing Non-GAAP diluted EPS growth of approximately 11% at the mid-point versus full year 2023”	—	—	—	—	—	—	—
Operating income	New“operating income to grow at a high-teen percentage versus full year 2023”	—	—	—	—	—	—	—
Operating margin improvement	New“mid-single digit percentage operating margin improvement”	—	—	—	—	—	—	—
No period stated
Non-GAAP Diluted EPS	—	—	—	—	—	—	New“$14.25 to $15.25”	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.