Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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<ul><li>2025 financial outperformance. Biogen ended 2025 with a strong quarter, with better-than-expected total revenue of $9.9 billion, up 2% Y/Y in reported and constant currency (CC) terms versus CC guidance of flat to increasing 1%.</li><li>2025 non-GAAP diluted EPS of $15.28 was above the guidance range of $14.50-15.00.</li><li>This outcome was despite the impact of 4Q25 IPR&amp;D charges of $222 million or $1.26/share compared with guidance of $1.25/share, reflecting the company’s aggressive growth in investment.</li></ul>

2025 financial outperformance. Biogen ended 2025 with a strong quarter, with better-than-expected total revenue of $9.9 billion, up 2% Y/Y in reported and constant currency (CC) terms versus CC guidance of flat to increasing 1%.2025 non-GAAP diluted EPS of $15.28 was above the guidance range of $14.50-15.00.This outcome was despite the impact of 4Q25 IPR&amp;D charges of $222 million or $1.26/share compared with guidance of $1.25/share, reflecting the company’s aggressive growth in investment.

BIIB: Strong 2026 EPS Guidance Surprise and a Catalyst-Rich Year Ahead

Biogen Inc

BIIB: Strong 2026 EPS Guidance Surprise and a Catalyst-Rich Year Ahead