Shares of Biogen Inc. tumbled more than 5% on Wednesday morning, hitting their lowest levels since January 2013, as the biotech company's 2025 profit forecast fell short of expectations.

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The stock was on track for its worst day in over six months after Biogen projected adjusted earnings of $15.25 to $16.25 per share for the year, compared to the $16.33 analysts had anticipated.

The company also expects total revenue to decline by a mid-single-digit percentage, a sharper drop than the sub-3% decline analysts had reportedly forecast.

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Despite growth in newer product launches, Biogen cited ongoing pressure on its multiple sclerosis business.

The company said its profit outlook also reflects a foreign exchange headwind of $0.35 per share.

Despite the weak forecast, the company's fourth-quarter results showed some resilience.

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Quarterly profit came in at $3.44 per share, surpassing the $3.35 analyst estimate, while revenue of $2.5 billion topped the $2.42 billion consensus.

Cost-cutting measures and growth in newer therapies drove the results.

Biogen's breakthrough Alzheimer's drug, Leqembi, generated $87 million in Q4 sales, well ahead of the $67 million analysts expected.

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Skyclarys, Biogen's treatment for the rare neurological disorder Friedreich's ataxia, saw sales nearly double year-over-year to $102 million.

BIIB sentiment and message volume on Feb 12.png — BIIB sentiment and message volume on Feb 12 as of 11:20 am ET | source: Stocktwits

On Stocktwits, retail traders remained 'extremely bullish,' with an uptick in message volume.

One user noted that Biogen "still generates a lot of money" and planned to hold and add shares.

Biogen has struggled for several quarters as its multiple sclerosis business faces generic competition, leading to annual revenue declines for five consecutive years.

The stock has lost more than 44% over the past 12 months. It now trades at 8.5 times estimated 2025 earnings, significantly below peers such as Regeneron Pharmaceuticals, which trades at 15.4 times, and Vertex Pharmaceuticals, which trades at 24.9 times.

Analysts, on average, see a 68% upside to Biogen's stock, according to Koyfin data.

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