Biogen Boston Consulting Group Matrix
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Biogen BCG Matrix
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Download Your Competitive Advantage
Biogen's product portfolio is a mix of innovative therapies and established treatments. This brief glimpse only scratches the surface of its BCG Matrix. Understanding each product's position—Star, Cash Cow, Dog, or Question Mark—is vital for strategic decision-making. Get the full BCG Matrix report to uncover detailed quadrant placements, data-backed recommendations, and a roadmap to smart investment and product decisions.
Stars
LEQEMBI (Alzheimer's Disease)
LEQEMBI, a collaboration between Biogen and Eisai, aims to slow Alzheimer's progression. It's FDA-approved, with a subcutaneous filing accepted. Global sales hit $87 million in Q4 2024, U.S. sales reaching $50 million. Launched in South Korea, approved in Mexico.
SKYCLARYS (Friedreich's Ataxia)
SKYCLARYS, used for Friedreich's Ataxia, saw its patient base nearly double by the end of 2024. It generated $102 million in Q4 2024. U.S. revenue was about $71 million, affected by inventory and Medicare discounts.
New Immunology Assets (Felzartamab)
Biogen's acquisition of HI-Bio and felzartamab strengthens its immunology assets. Felzartamab, now in Biogen's portfolio, is heading into Phase III trials. Royalty Pharma funds litifilimab's R&D with up to $250 million. This strategic move aligns with Biogen's focus on innovative therapies. It potentially impacts Biogen's financial performance in 2024 and beyond.
Biosimilars Portfolio
Biogen's biosimilars are a growing segment, contributing significantly to its portfolio. In Q4 2024, biosimilars brought in $202 million, a 7% year-over-year increase. For the full year 2024, revenue reached $793 million, reflecting a 3% rise compared to the previous year. The biosimilars market is substantial and expanding rapidly.
- Q4 2024 revenue: $202 million, 7% YoY growth.
- 2024 full-year revenue: $793 million, 3% YoY growth.
- 2024 market value: US$34.8 billion.
- Projected 2030 market value: US$93.1 billion, CAGR of 17.8%.
SPINRAZA (Spinal Muscular Atrophy)
SPINRAZA, used to treat spinal muscular atrophy, is a "Star" in Biogen's BCG matrix. Sales showed a slight increase in Q4 2024. Biogen is pursuing approval for a higher dose regimen, with a PDUFA date of September 22, 2025. The company reported $1.15 billion in Spinraza sales for the first nine months of 2024.
- Q4 2024 sales showed a slight increase
- Seeking approval for a higher dose regimen
- PDUFA date: September 22, 2025
- $1.15 billion in Spinraza sales (first nine months of 2024)
SPINRAZA's Sales Climb, Biogen Eyes Future
SPINRAZA, a key "Star" for Biogen, treats spinal muscular atrophy. Sales slightly rose in Q4 2024, with $1.15B sales in the first nine months. Biogen aims for a higher dose regimen approval by September 22, 2025.
| Metric | Details |
|---|---|
| Q4 2024 Sales | Slight Increase |
| First Nine Months of 2024 Sales | $1.15 Billion |
| PDUFA Date | September 22, 2025 |
Cash Cows
TYSABRI (Multiple Sclerosis)
TYSABRI is a key revenue source for Biogen, but competition is growing in the multiple sclerosis (MS) market. In Q1 2024, TYSABRI sales decreased to $415.4 million from $464.7 million. Competition is increasing, even without a U.S. biosimilar launch yet. This puts pressure on TYSABRI's market share.
Anti-CD20 Therapeutic Programs
In 2024, Biogen's anti-CD20 therapeutic programs showed promise, with revenues increasing by 7% to $465.0 million. This growth includes royalties from Roche's Ocrevus and Biogen's share of drugs like Rituxan, Gazyva, and Lunsumio. Despite biosimilars of trastuzumab and bevacizumab holding significant market shares, anti-CD20 therapies remain a substantial revenue source.
VUMERITY (Multiple Sclerosis)
VUMERITY, a multiple sclerosis (MS) treatment, generated $176.6 million in sales, reflecting a 13% year-over-year increase. Despite VUMERITY's growth, Biogen's total MS revenues decreased by 8%, reaching $1.07 billion. This decline is primarily due to competition for Tecfidera and increased market pressure.
AVONEX (Multiple Sclerosis)
AVONEX is part of Biogen's MS franchise, yet sales are declining. In 2024, Biogen's MS revenues were $1.07 billion, an 8% decrease. This decline stems from generic competition and rising market pressure.
- MS franchise experiencing sales decline
- 2024 MS revenues: $1.07 billion
- 8% decrease in revenue
- Generic competition and market pressure
PLEGRIDY (Multiple Sclerosis)
PLEGRIDY, an established part of Biogen's MS portfolio, is experiencing revenue declines due to competition. Biogen's MS revenues in 2024 reached $1.07 billion, marking an 8% decrease. This decline is primarily attributed to generic competition and market pressures.
- MS revenues in 2024: $1.07 billion
- Revenue decrease: 8% reported, 9% constant currency
- Key issue: Generic competition for Tecfidera
Revenue Drivers and Challenges
Cash Cows for Biogen include established revenue streams like TYSABRI and anti-CD20 therapies, generating consistent income. TYSABRI sales were $415.4 million in Q1 2024. Anti-CD20 programs brought in $465.0 million in 2024.
| Product | 2024 Revenue (USD Millions) | Key Issue |
|---|---|---|
| TYSABRI | $415.4 (Q1) | Growing Competition |
| Anti-CD20 Therapies | $465.0 | Market Share |
| VUMERITY | $176.6 | MS Market Decline |
Dogs
BIIB113 (Early Alzheimer's Disease)
Biogen's BIIB113, aimed at early Alzheimer's, has been discontinued. The firm now prioritizes LEQEMBI for treatment. In Q3 2023, LEQEMBI sales hit $147.5 million. This strategic shift aligns with resource allocation. Biogen's focus is on maximizing LEQEMBI's market potential.
BIIB094 (Early Parkinson's Disease)
BIIB094, once a focus for Biogen in early Parkinson's, is no longer in development. This decision reflects Biogen's shift in priorities. The company is now concentrating on other promising assets. In 2024, Biogen's R&D expenses were around $2.5 billion. This strategic move impacts the BCG Matrix.
BIIB101 (Multiple System Atrophy)
Biogen's BIIB101 program for multiple system atrophy has been discontinued. This decision aligns with Biogen's strategic shift towards other neurological areas. In 2024, Biogen's R&D spending was approximately $2.5 billion. The company is reallocating resources, focusing on programs with higher potential. This move reflects a portfolio optimization strategy.
BIIB143 (Diabetic Peripheral Neuropathic Pain)
BIIB143 (cemdomespib) for diabetic peripheral neuropathic pain is a "Dog" in Biogen's BCG Matrix. Biogen has ceased its development, choosing to focus on other areas. This decision likely reflects factors like clinical trial outcomes and resource allocation. In 2024, Biogen's R&D spending was approximately $4.2 billion.
- Discontinuation of BIIB143 reflects strategic reprioritization.
- Focus shifted towards areas with higher potential returns.
- R&D budget allocation influences project decisions.
- Clinical trial results play a key role in pipeline management.
ADUHELM (Alzheimer's Disease)
Aduhelm, once Biogen's Alzheimer's hopeful, is now a dog in their BCG matrix. Biogen halted its sales and development, shifting focus to Leqembi. This strategic pivot involved reverting Aduhelm's rights to Neurimmune. The market's response reflects this change.
- Aduhelm's 2023 sales were minimal, reflecting its discontinuation.
- Leqembi is now the primary focus, aiming for significant market share.
- Biogen's market cap reflects this shift, with investor confidence tied to Leqembi's success.
- The move allows Biogen to reallocate resources more efficiently.
Biogen's Dogs: Aduhelm, BIIB143, and $4.2B R&D Shift
Dogs in Biogen's BCG Matrix include discontinued projects like BIIB143 and Aduhelm. These are projects with low market share in a low-growth market. Biogen cut these programs to concentrate resources. R&D spending in 2024 was about $4.2 billion.
| Drug | Status | Reason |
|---|---|---|
| BIIB143 | Discontinued | Focus shift |
| Aduhelm | Discontinued | Low Sales |
| R&D 2024 | ~$4.2B | Resource shift |
Question Marks
ZURZUVAE (Postpartum Depression)
ZURZUVAE, a treatment for postpartum depression, generated approximately $23 million in revenue during Q4 2024. Biogen is actively pursuing global expansion of ZURZUVAE. Regulatory filings are under review in Europe, the UK, and Canada. This strategic move could significantly broaden the drug's market reach in 2025 and beyond.
Litifilimab (Systemic Lupus Erythematosus)
Litifilimab, in Phase 3 trials for systemic lupus erythematosus (SLE), is a question mark in Biogen's portfolio. Results are anticipated between 2026-2027, indicating high uncertainty. Royalty Pharma's $250 million R&D funding supports its development. This investment shows potential but faces market approval risks.
Dapirolizumab Pegol (Systemic Lupus Erythematosus)
Biogen's BCG Matrix includes Dapirolizumab pegol. A second Phase 3 study has started for systemic lupus erythematosus. Positive results from the first Phase 3 study were shared at the American College of Rheumatology. Clinical trials are ongoing to assess its efficacy. The market potential for this drug is significant.
Tofidence (Biosimilar to RoActemra)
Tofidence, a biosimilar of RoActemra, gained European Commission approval in June 2024. This strategic move by Biogen aimed to leverage the market for rheumatoid arthritis treatment. Organon acquired U.S. rights to Tofidence from Biogen in April 2025, indicating a shift in market focus. This acquisition is part of a broader strategy to enhance their biosimilar portfolio.
- June 2024: Tofidence approved in Europe.
- April 2025: Organon acquires U.S. rights.
- Biosimilar of RoActemra.
- Rheumatoid arthritis treatment focus.
BIIB080 (Tau ASO - Alzheimer's Disease)
BIIB080, an antisense oligonucleotide (ASO), targets the tau protein, a key player in Alzheimer's disease. This drug aims to slow disease progression by reducing tau accumulation in the brain. Biogen is currently conducting the CELIA clinical trial to evaluate its efficacy. The Alzheimer's Association estimates that in 2024, 6.7 million Americans aged 65 and older are living with Alzheimer's.
- Mechanism: ASO targeting tau protein production.
- Goal: Slowing Alzheimer's disease progression.
- Clinical Trial: CELIA trial underway.
- Relevance: Addresses a significant unmet medical need.
Biogen's Future: Litifilimab & Dapirolizumab Pegol
Litifilimab and Dapirolizumab pegol represent high-potential, high-risk assets.
Their Phase 3 trials are pivotal for Biogen's future.
Market approval and financial returns hinge on successful clinical outcomes.
| Drug | Status | Notes |
|---|---|---|
| Litifilimab | Phase 3 SLE trials | Results expected 2026-2027. Royalty Pharma invested $250M |
| Dapirolizumab pegol | Phase 3 SLE studies | Positive results from first Phase 3 reported |
| BIIB080 | CELIA clinical trial | Targets tau protein for Alzheimer's |
BCG Matrix Data Sources
The BCG Matrix utilizes public financial statements, market research, and competitor analysis for insightful market positioning.
