BIIB (Biogen Inc.) stock: $220.74, $32.62B market cap, $1.28B cash, $37.62B EV, $32.87B fully diluted market cap. Next expected readout: Sep-26. Lead program: Litifilimab (Lupus Erythematosus, Systemic), Phase 3. Data from Fully Diluted's biotech stocks database.
Pipeline assets
LEQEMBI (lecanemab)
Approved · Active Modality: monoclonal antibody (IV and subcutaneous autoinjector)
Target amyloid protofibrils
Partnerships Eisai Co., Ltd.: collaboration (Biogen recognizes 50% share of product revenue/cost; contract manufactures LEQEMBI)
Indications- Early Alzheimer's disease (Approved)
- Early Alzheimer's disease (LEQEMBI IQLIK subcutaneous autoinjector weekly maintenance dosing) (Approved)
Status note Subcutaneous autoinjector IQLIK approved August 2025 for weekly maintenance dosing; monthly IV maintenance dosing approved January 2025. EC approved April 2025 (ApoE ε4 non-carriers/heterozygotes with confirmed amyloid pathology); approvals followed in Japan, China, Australia and UK in 2025.
ZURZUVAE
Approved · Active
Partnerships Supernus: collaboration on commercialization of ZURZUVAE for PPD
Indications- Postpartum depression (PPD) (Approved)
Status note EC approved September 2025 and UK authorized August 2025 for postpartum depression.
SKYCLARYS (omaveloxolone)
Approved · Active
Target Nrf2
Partnerships Acquired via Reata acquisition
Indications- Friedreich ataxia (FA), adults and adolescents 16+ (Approved)
- Friedreich ataxia, children ages 2-16 (BRAVE study) (Phase 3)
Status note Approved for FA in US/EU. Dosing initiated June 2025 in global Phase 3 BRAVE study in children ages 2-16. UK and Brazil approved April 2025.
SPINRAZA (nusinersen)
Approved · Active Modality: antisense oligonucleotide (ASO)
Target SMN2
Indications- Spinal muscular atrophy (SMA) (Approved)
Status note FDA issued CRL September 2025 for supplemental NDA for higher-dose regimen (CMC module only, no clinical deficiencies); resubmitted and accepted for review. High-dose regimen approved in Japan September 2025.
QALSODY (tofersen)
Approved · Active Modality: antisense oligonucleotide (ASO)
Target SOD1
Status note UK approved July 2025 for SOD1 ALS. Final Phase 3 VALOR + OLE results (3.5+ years follow-up) published December 2025.
EMPAVELI
Approved · Active
Partnerships Apellis (acquired May 14, 2026; all outstanding shares at $41.00/share; Apellis now a wholly-owned subsidiary)
Indications- PNH (Approved)
- C3G (Approved)
- Primary IC-MPGN (Approved)
Status note Acquired via Apellis acquisition completed May 14, 2026 ($41.00/share; $5,065.1M net of cash acquired; $5,410.1M total consideration per Q2 2026 10-Q). EMPAVELI (pegcetacoplan) for PNH, C3G and primary IC-MPGN. Target stays not disclosed (filing names pegcetacoplan, not C3).
SYFOVRE
Approved · Active
Partnerships Apellis (acquired May 14, 2026; all outstanding shares at $41.00/share; Apellis now a wholly-owned subsidiary)
Indications- Geographic atrophy (GA) (Approved)
Status note Acquired via Apellis acquisition completed May 14, 2026 ($41.00/share; $5,065.1M net of cash acquired; $5,410.1M total consideration per Q2 2026 10-Q). SYFOVRE (pegcetacoplan injection) for GA, an immune-mediated retinal disease. Target stays not disclosed (filing names pegcetacoplan, not C3).
BENEPALI
Approved · Active Modality: biosimilar (etanercept biosimilar)
Target TNF
Partnerships Samsung Bioepis: license/royalty arrangements on biosimilar products
Indications- Rheumatoid arthritis (Approved)
- Psoriatic arthritis (Approved)
- Plaque psoriasis (Approved)
- Ankylosing spondylitis (Approved)
Status note Biosimilar referencing ENBREL, commercialized by Biogen.
IMRALDI
Approved · Active Modality: biosimilar (adalimumab biosimilar)
Target TNF
Partnerships Samsung Bioepis: license/royalty arrangements on biosimilar products
Indications- Rheumatoid arthritis (Approved)
- Plaque psoriasis (Approved)
- Psoriatic arthritis (Approved)
- Crohn's disease (Approved)
- Ulcerative colitis (Approved)
Status note Biosimilar referencing HUMIRA, commercialized by Biogen.
FLIXABI
Approved · Active Modality: biosimilar (infliximab biosimilar)
Target TNF
Partnerships Samsung Bioepis: license/royalty arrangements on biosimilar products
Indications- Rheumatoid arthritis (Approved)
- Crohn's disease (Approved)
- Ulcerative colitis (Approved)
- Ankylosing spondylitis (Approved)
- Psoriatic arthritis (Approved)
- Plaque psoriasis (Approved)
Status note Biosimilar referencing REMICADE, commercialized by Biogen.
zorevunersen
Phase 3 · Active Modality: antisense oligonucleotide (ASO)
Target SCN1A
Partnerships Stoke Therapeutics: co-develop and commercialize (Feb 2025); Biogen has exclusive option to license follow-on SCN1A ASOs ex-US/Canada/Mexico
Indications- Dravet syndrome (Phase 3)
Status note Collaboration and license agreement with Stoke Therapeutics (February 2025) to co-develop and commercialize zorevunersen, an ASO targeting the SCN1A gene for Dravet syndrome. First patient dosed August 2025, advancing to the global Phase 3 EMPEROR trial. Stoke retains U.S., Canada and Mexico rights; Biogen has rest-of-world commercialization rights.
litifilimab
Phase 3 · Active
Target BDCA2
Partnerships Royalty Pharma: development funding agreement ($200M received 2025, up to $50M 2026); approval-based milestone payments up to $250M and mid-single-digit royalties if approved in US/certain major markets
Indications- Lupus Erythematosus, Systemic (Phase 3)
- Subacute Cutaneous Lupus Erythematosus (Phase 3)
- Chronic Cutaneous Lupus Erythematosus (Phase 3)
Status note Named as a significant investment area; Royalty Pharma co-funds development costs with approval-based economics.
felzartamab
Phase 3 · Active
Target CD38
Partnerships TJ Bio: greater China rights ($100M upfront; up to $20M commercial and $730M sales milestones; tiered royalties mid-single to low-double digit on greater China net sales); pre-existing TJ Bio-MorphoSys (Novartis) milestone/royalty obligations assumed ($30M and $35M milestone payments to MorphoSys in July and April 2025 on Phase 3 dosing initiations)
Indications- Antibody-mediated rejection (AMR) (Phase 3)
- IgA nephropathy (IgAN) (Phase 3)
- Lupus nephritis (Phase 1)
Status note Acquired via HI-Bio (July 2024). Open-label Phase 1b in lupus nephritis discontinued November 2025.
salanersen
Phase 1 · Active Modality: antisense oligonucleotide (ASO)
Target SMN
Indications- Spinal muscular atrophy (SMA) (Phase 1)
Status note ASO being developed for the treatment of SMA. Interim Phase 1b data reported June 2025. Phase 3 registrational study expected to begin in 2026.
BIIB080
Stage not disclosed · Active Modality: antisense oligonucleotide (ASO)
Target tau
Indications- Alzheimer's disease (Stage not disclosed)
Status note Investigational tau-targeting ASO; FDA granted Fast Track designation in April 2025.
oral C5aR1 antagonist (Vanqua)
Preclinical · Active Modality: small molecule (oral)
Target C5aR1
Partnerships Vanqua: exclusive worldwide license ($70M upfront; up to $135M development, $295M regulatory and $560M commercial/sales milestones; tiered royalties mid-single to low-double digit on net sales)
Indications- not disclosed (Preclinical)
Status note Preclinical compound licensed October 2025.
ThecaFlex DRx
Stage not disclosed · Active Modality: device (implantable subcutaneous port and catheter)
Partnerships Acquired via Alcyone Therapeutics (November 2025, ~$85M; up to $75M additional milestones to former shareholders if approved for ThecaFlex DRx administration of SPINRAZA or other pipeline products)
Indications- not disclosed (Stage not disclosed)
Status note Implantable delivery device being investigated for intrathecal delivery of ASOs including SPINRAZA, as an alternative to repeat lumbar punctures. $35M payment made upon FDA approval of a supplemental application in January 2026.
BIIB143
Stage not disclosed · Terminated
Aliases cemdomespib
Indications- DPN (Stage not disclosed)
Status note Development discontinued in early 2025 as part of pipeline prioritization.
Per-asset detail extracted from the 10-Q filed 2026-07-29. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.