Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAdria Cimino, The Motley FoolSat, July 4, 2026 at 10:22 AM GMT+2 5 min readBiogen (NASDAQ: BIIB) built itself into a biotech giant thanks to its portfolio of multiple sclerosis (MS) drugs -- but in biotech and pharma, revenue growth depends on the life of a patent. Once a company loses exclusivity, generics or biosimilars enter the market, and the leader's drug sales decline. This is the challenge Biogen has faced in recent years, as MS blockbusters faced growing competition.But the biotech giant put into place a recovery and growth plan, shifting many costs out of the MS franchise and into areas that represented growth potential. Biogen also made strategic acquisitions, announcing its intention to buy Apellis Pharmaceuticals, an immunology and rare diseases drug company, in March and closing the deal in May.Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »And just recently, Biogen announced another purchase. This time, the biotech is paying $1 billion for a company that won't say what it makes. Here's why this actually is good news for Biogen investors.Image source: Getty Images.Biogen's multiple sclerosis businessLet's start with a quick update on Biogen. As mentioned, the biotech company was once known as an MS giant, and it still sells a number of important MS drugs, such as Tecfidera and Tysabri. But loss of exclusivity made a significant dent in revenue, with Tecfidera's peak sales of $4.4 billion in 2019 dropping to $1.4 billion in 2022. In the latest fiscal year, all of Biogen's MS drugs, together, delivered $4 billion in revenue, further highlighting this decline.In the recent quarter, chief executive officer Christopher Viehbacher said that after four years of declining earnings in 2023, the turnaround began -- and Biogen finally has been able to "stabilize the business." The shift of focus to growth products helped these drugs deliver a 12% increase in sales to $850 million in the first quarter. These are key neurology drugs such as Leqembi for Alzheimer's disease, Skyclarys for Friedreich ataxia, and postpartum depression drug Zurzuvae. They each brought in double- or triple-digit sales growth.And though Biogen hasn't returned to its peak earnings levels, it looks like a rebound is taking shape, and this may lead to fresh growth.BIIB Net Income (Quarterly) data by YChartsAcquisitions to support growthBiogen, of course, has a solid internal pipeline, but the company, aiming to make immunology another key area, has used acquisitions to gain strength here. As mentioned, Biogen bought Apellis, gaining access to two commercialized drugs in this specialty area: Empaveli for three indications, including two rare kidney diseases, and Syfovre for an immune-mediated retinal disease. These drugs together delivered sales of $689 million last year.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info