Biogen forecast 2025 profit below last year's levels and Wall Street expectations on Wednesday, hurt by a strong dollar and fierce competition for its drugs to treat multiple sclerosis. Its shares fell 3.

While the continued erosion of Biogen’s multiple sclerosis franchise and weaker-than-expected 2025 guidance doesn’t seem to be sitting well with investors, company leadership remains confident that a crop of new drugs can pick up the slack in the months and years to come.

American biotechnology company Biogen (BIIB) expects lower profits in 2025, impacted by a stronger dollar (DX=F, DX-Y.NYB) and competition for its multiple sclerosis (MS) drugs. Despite this, the company beat fourth quarter expectations — driven by cost-cutting and new product launches,