Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

Biogen’s third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory. The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio’s pressures while harnessing new growth avenues primarily through its launch products. The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE. These new products collectively reached nearly $1.2 billion in trailing 12-month revenue, highlighting their emergence as pivotal components of Biogen’s growth strategy. LEQEMBI, in particular, demonstrated strong global demand with $121 million in sales for the quarter, benefiting from increased physician engagement and the introduction of subcutaneous injections for maintenance treatment in Alzheimer’s disease. Despite the promising trajectory of new products, Biogen’s legacy MS business continues to face significant pressure, particularly from the generic erosion of key products like TECFIDERA in Europe.