Biogen Inc disclosed in a regulatory filing that its fourth-quarter 2025 results will include a significant charge related to acquired in-process research and development, upfront, and milestone expenses. The company said it expects a pre-tax expense of approximately $222 million, which is estimated to reduce both GAAP and non-GAAP earnings by about $1.26 per diluted share for the quarter.

Biogen noted that these costs stem from collaboration and licensing agreements, including upfront and milestone payments and, where applicable, premiums on equity securities or asset acquisitions. The company does not forecast such expenses due to uncertainty around their timing and size. Biogen cautioned that its fourth-quarter 2025 financial results have not yet been finalized and remain subject to closing procedures, meaning final figures could differ from these preliminary estimates.