Biogen forecast 2025 profit below Wall Street expectations on Wednesday, hurt by a strong dollar and fierce competition for its drugs to treat multiple sclerosis.

Biogen stock fell 1% in pre-market trading on Wednesday.

Investors sold Biogen shares in 2024 as a slow US launch of Leqembi, the Alzheimer's disease drug it sells with Japan's Eisai 4523.T, exacerbated worries of slowing sales growth.

The company in 2022 hired as its top boss former Sanofi CEO Christopher Viehbacher, who launched a $1 billion cost-savings plan and entered deals such as its $6.5 billion acquisition of Reata Pharmaceuticals in 2023.

Biogen expects 2025 revenue to decline by a mid-single digit percentage, excluding the impact of currency fluctuations, from 2024 levels.

"Our financial discipline has enabled a restructuring of our operating expenses with a reallocation of resources toward potential future growth drivers," CEO Viehbacher said.

On an adjusted basis, Biogen expects 2025 profit between $15.25 and $16.25 per share. It earned $16.47 in 2024 and analysts had forecast 2025 profit of $16.34 per share.

The outlook does not include any impact from either potential acquisitions or tax and healthcare reforms, as all are hard to predict, the company said.

Excluding certain items, Biogen earned $3.44 per share in the fourth quarter ended December 31, compared with estimates of $3.35.