2025Q4| Vumerity逆势增长，Biogen销售额下滑好于分析师预期

Minhua笔记02-07

2月6日，渤健（Biogen）公布2025年第四季度及全年业绩，整体销售额下滑7%至23亿美元，下滑主要因多发性硬化症 (MS) Tecfidera（富马酸二甲酯）面临仿制药竞争后销售额暴跌51%。虽然大部分MS产品持续面临压力，Vumerity（diroximel fumarate）有望成为未来增长线。阿尔茨海默病药物Leqembi皮下注射制剂Q4销售额增长了 54%，达到 1.34 亿美元。...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020715590995403dde&s=b><strong>Minhua笔记</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2月6日，渤健（Biogen）公布2025年第四季度及全年业绩，整体销售额下滑7%至23亿美元，下滑主要因多发性硬化症 (MS) Tecfidera（富马酸二甲酯）面临仿制药竞争后销售额暴跌51%。虽然大部分MS产品持续面临压力，Vumerity（diroximel fumarate）有望成为未来增长线。阿尔茨海默病药物Leqembi皮下注射制剂Q4销售额增长了 54%，达到 1.34 亿美元。...</p>\n\n<a 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至 40 亿美元，Biogen 预计 2026 年的降幅将加速至 15% 左右。然而，Vumerity有望成为例外。“我们过去往往把MS作为一个整体来看待。但实际上，如果你只看口服药物，Vumerity 几乎是目前唯一剩下的品牌药了，”CEO Christopher Viehbacher 表示。“我们发现，通过明智的投资，我们能够很好地发展这个品牌。因此，我们将把 Vumerity 纳入我们未来的增长产品线。”Biogen 还预计，生物类似药的销售额将继续下滑——去年下降 8% 至 7.29 亿美元——预计到 2026 年将出现两位数百分比的下降。去年，Biogen 的整体销售额增长 2% 至 99 亿美元，其中 Vumerity 和其他增长产品——包括 Skyclarys（omaveloxolone）、Qalsody（托夫生）、Zurzuvae（zuranolone）、Spinraza（诺西那生） 以及 50%权益的Leqembi （仑卡奈单抗），销售额增长 19% 至 33 亿美元。 2025 年净利润为 13 亿美元，低于上年的 16 亿美元。Viehbacher 表示：“我们 2025 年的业绩反映了我们持续专注于强有力的执行和财务纪律，这得益于 Leqembi、Skyclarys、Zurzuvae 和 Qalsody 带来的近 10 亿美元的收入、我们研发管线的进展以及我们多发性硬化症业务的韧性。”Leqembi 的关键决策Biogen 公布，与 卫材（Eisai ）合作开发的阿尔茨海默病药物 Leqembi 在 2025 年最后三个月的销售额增长了 54%，达到 1.34 亿美元，略高于分析师预期的 1.29 亿美元。去年8月，FDA批准了抗β-淀粉样蛋白单抗的皮下注射剂-用于维持治疗，并计划于5月24日前决定是否批准其作为起始剂量。Viehbacher认为，Leqembi IQLIK获准用于诱导治疗可能“改变游戏规则”。他指出，礼来类似的产品Kisunla需要每月一次静脉注射，而Leqembi只需每两周一次。“一旦改用皮下注射，我们就完全不需要静脉注射了。”2025年第四季度，Biogen整体销售额下滑7%至23亿美元，但高于分析师预测的22亿美元。此次下滑主要由Tecfidera引起，这款多发性硬化症药物的销售额暴跌51%，至1.12亿美元，主要原因是仿制药的竞争，而这种竞争预计将持续到2026年。Biogen寄希望于其在研产品线能够重回销售增长轨道。Viehbacher指出：“进入2026年，我们期待litifilimab在狼疮治疗领域的两项III期临床试验的数据，此外，我们研发管线中还有10项潜在的注册性研究预计将在未来四年内陆续公布结果。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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