Biogen Shares Slip After $46M Research Charge Hits Quarterly Profit

Biogen shares slipped on Monday after the company said it expects to take a $46 million charge in the second quarter related to R&D deals and milestone payments. 

The expense is set to shave off about $0.26 off its per-share earnings, both on a GAAP and adjusted basis.

The update adds to investor caution following the FDA’s recent signal report published on June 30, which named Biogen’s Alzheimer’s treatment Leqembi as one of several drugs flagged for potential post-marketing safety concerns. 

The report, compiled from the FDA’s FAERS database, represents a push for increased transparency around adverse event reporting.

Analysts at RBC Capital said they do not anticipate major regulatory fallout, noting that the data was already publicly available and the risks broadly acknowledged. 

However, they said the FDA’s move could still create some sentiment overhang for Biogen and other named firms, including Sarepta, Alkermes, Biohaven, Xenon, and Argenx.

Biogen’s newly itemized R&D charges follow its Q1 decision to present such costs as a separate line item on its income statement. 

The company stated that these typically include expenses from licensing deals and asset acquisitions, which are accounted for as in-process research and development.

Meanwhile, Biogen is advancing its drug pipeline, beginning a Phase 3 study with felzartamab, which can treat a kidney condition known as primary membranous nephropathy.

The trial, dubbed Prominent, began dosing patients late last month and will enroll about 180 adults.

On Stocktwits, retail sentiment for Biogen was ‘bullish’ amid ‘low’ message volume.

Biogen’s stock has declined 13.3% so far in 2025.

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