Biogen CEO Says New Drugs Offset MS Decline, Eyes 2026 “Transformational Era” at JPMorgan Conference

Biogen (NASDAQ:BIIB) CEO Chris Viehbacher told investors the company has worked to stabilize its business as its multiple sclerosis (MS) portfolio continues to decline, while building new growth drivers and reshaping its cost structure. Speaking in a JPMorgan session moderated by analyst Chris Schott, Viehbacher said newer products are now offsetting MS erosion and positioned 2026 as the start of a “transformational era” as multiple late-stage programs generate key data.

Cost reset and portfolio discipline

Viehbacher described the company’s recent operating changes as more than simple cost cutting, emphasizing an organizational redesign to support launches beyond MS. He said Biogen delivered $1 billion in gross cost savings and $800 million in net savings, along with a headcount reduction of about 15%, which he said improved agility. At the same time, he said the company tightened R&D portfolio discipline, removing projects and increasing productivity.

Viehbacher said Biogen now has 10 Phase III programs and “five potential new products,” while spending 26% less on R&D than three years ago. He credited development head Priya Singhal for what he called a rigorous approach to pipeline decisions.

New medicines offsetting MS decline

Viehbacher said Biogen has launched four new medicines in Alzheimer’s disease, Friedreich’s ataxia, postpartum depression, and ALS, and that revenue from these programs is now offsetting MS declines, helping place “a floor under the company.” He listed current growth drivers as Leqembi, Skyclarys, Zurzuvae, Qalsody, Vumerity, and Spinraza, and highlighted several franchise updates:

• Spinraza: Viehbacher said the company has stabilized market share despite competition and noted the EU approval of a high-dose version “just today.” He also pointed to BIIB115 as a potential successor.
• Vumerity: He said it remains the only branded oral product in MS, has been growing at double digits, and has market exclusivity “into the next decade.”
• Leqembi: He said the product has grown strongly and that simplifying the care pathway is a central focus.
• Zurzuvae: Viehbacher said the launch has exceeded both market and internal expectations.
• Qalsody: While he has previously downplayed its profit potential, he said performance has been better than expected.

Viehbacher said these growth drivers collectively grew 53% and contributed $1.9 billion, which he framed as key to offsetting MS-related revenue pressure.

Pipeline readouts: lupus, tau in Alzheimer’s, and other programs

Viehbacher said Biogen is working to balance its historic focus on “breakthrough science” with programs where there is higher conviction earlier in development. He outlined near- and mid-term readouts including:

• Litifilimab: Expected to read out in systemic lupus erythematosus (SLE) this year, with cutaneous lupus erythematosus (CLE) data expected early next year.
• Zorevunersen: He described Phase II open-label results in children with severe epileptic seizures as showing not only seizure management but impacts on cognition and development; partner Stoke is leading the Phase III program.
• Felzartamab: Viehbacher said the asset is “underestimated,” citing multiple renal and transplant-related indications, the potential for additional indications including microvascular inflammation, and work on subcutaneous formulations and a next-generation anti-CD38 antibody.
• BIIB080 (tau): He said the antisense oligonucleotide (ASO) approach targets intracellular tau, with Phase I showing significant tau reduction and “tantalizing” efficacy signals. He said the key question is whether cognitive benefit can be demonstrated, with a mid-year readout expected.
• BIIB122 (LRRK2 Parkinson’s, with Denali): Viehbacher said LRRK2 is a long-standing target of interest and that results are awaited, with a readout expected earlier than the BIIB080 update.

On lupus more broadly, Viehbacher argued the market is underappreciated, saying there may be as many or more lupus patients as MS patients. He emphasized the disease’s heterogeneity and said Biogen’s experience in MS—along with its patient services capabilities—could be important in matching therapies to patient profiles and disease stages.

Leqembi ramp: subcutaneous dosing and diagnostic changes

Viehbacher said Leqembi has shown consistent quarter-on-quarter growth, but characterized the market as operationally complex for neurologists. He said Biogen is focused on easing bottlenecks through blood-based diagnostics and subcutaneous (SC) administration. He cited approximately 350,000 blood-based diagnostic tests sold last year, noting the imbalance between newly diagnosed patients and the number of neurologists. He also said eligibility rates have improved when comparing PET scan outcomes, and suggested blood-based diagnostics could reduce reliance on PET scans over time.

Viehbacher said SC Leqembi is approved for maintenance, and that patients finishing the 18-month plaque-removal period are opting to continue on maintenance with high adherence. He said Biogen has submitted SC induction for approval and described the planned dosing as one autoinjector per week for maintenance and two autoinjectors given simultaneously for induction. He also noted that SC access is currently handled through formulary exemptions, with plans to pursue full reimbursement this year; he said plan decisions occur in May, are communicated in the fall, and would take effect Jan. 1, 2027.

Viehbacher concluded by saying Biogen is executing a strategy aimed at long-term sustainable growth, with a more efficient cost structure supporting near-term profitability while investing in pipeline opportunities. He highlighted 2026 and beyond as an inflection period, pointing to expected lupus readouts and continued development across programs including AMR, zorevunersen, felzartamab, and litifilimab, as well as a potential pediatric indication for Skyclarys in 2028.

About Biogen (NASDAQ:BIIB)

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.