Biogen has remained in the spotlight recently, from continuing its efforts in a challenging Alzheimer’s disease program to acquiring a late-stage CD38-targeted antibody and reporting promising lupus data. According to the company, this momentum reflects a deliberate strategy rather than coincidence.
The biopharma is currently transitioning toward what executives describe as “the new Biogen.” This approach emphasizes partnerships, investments and a more entrepreneurial mindset to rebuild the company’s pipeline and position it for long-term growth.
Over the past few years, Biogen has recruited new leadership to oversee its research and development and venture divisions. The objective is to strengthen the company’s long-term pipeline through what Head of Immunology Research Nick Wilson described as a major shift in the way Biogen approaches research and innovation.
Biogen executives have outlined a broader strategic transition – from academic collaborations to licensing agreements and acquisitions – that moves the company away from an internally focused approach toward an open innovation system. This framework emphasizes external investments, partnerships and licensing opportunities.
Nick Wilson, who joined Biogen in January 2025 after leading immunology teams at Bristol Myers Squibb and Gilead, said that the company intends to take advantage of every available opportunity to strengthen its pipeline. He explained that Biogen has deliberately implemented an integrated strategy over the past year to help build the company’s future portfolio.
Biogen’s legacy has been rooted in its multiple sclerosis (MS) franchise, with therapies such asVumerity, Tecfidera and Tysabri helping establish the company as a major player in the space. However, mounting competitive pressure has contributed to several years of dwindling sales.
Last year, CEO Chris Viehbacher contrasted the company’s MS business with areas offering stronger growth potential, characterizing Biogen as resembling a tale of two firms during an earnings call. By May 2025, the company’s transformation was already evident, with 45% of Biogen’s revenue coming from products outside its MS portfolio.
In its 2025 full-year earnings report, Biogen highlighted a return to revenue growth. For the first time since 2019, annual revenue increased year over year, rising 2% to nearly $10 billion. The company reported that its growth-focused products, including the spinal muscular atrophy (SMA) therapy Spinraza, generated approximately $3.3 billion in revenue during the year, reflecting a nearly 20% increase compared to the previous year.
Still, with Spinraza’s patent protection expected to expire in 2030 and Leqembi’s in 2032, Biogen has increasingly focused on external opportunities to replenish its pipeline. In 2024, Viehbacher announced plans to expand the company’s portfolio through partnerships and acquisitions, following Biogen’s $7.3 billion acquisition of Reata, which brought in Skyclarys, the first FDA-approved prescription treatment for Friedreich’s ataxia (FA) in adults and adolescents.
During a discussion, Wilson identified Biogen’s $1.15 billion acquisition of HI-Bio in 2024 – whose immunology products are expected to reach the market in 2027 and 2030 – as a clear example of the company’s evolving strategy. He also pointed to Biogen’s $70 million upfront deal for a Vanqua Bio immunology asset last fall as another move reflecting this strategic shift.
Biogen Focuses on Innovation-Driven Growth
The company is increasingly looking beyond conventional research models to identify new growth opportunities. By exploring emerging technologies, advanced data analytics, and novel therapeutic platforms, it aims to improve the efficiency of drug discovery and reduce the time required to bring innovative treatments to patients.
Encouraging a Culture of Calculated Risk-Taking
A key element of the entrepreneurial approach is the willingness to pursue high-potential opportunities even when outcomes are uncertain. Leadership teams are encouraging researchers and business units to explore bold ideas, test new concepts, and learn from both successes and setbacks. This culture can accelerate innovation while fostering continuous improvement.
Leveraging External Innovation
Rather than relying solely on internal research programs, the organization is actively engaging with startups, venture-backed biotechnology firms, and academic research centers. These relationships provide access to groundbreaking scientific discoveries and allow the company to evaluate promising assets at earlier stages of development.
