Biogen Inc.
BIIB · NASDAQ-GS
Next quarter
Expected to report Feb 5, 2027 — estimated from last year’s reporting date.
Consensus is $2.85 EPS for Dec 2026 across 9 estimates, ranging $2.45 to $3.21.
BIIB Sep 2026
- 27.18%
- $2.06
- $2.62
- —
- $2.80B
Reported results
- $2.80B
- 73.31%
- -$20.60M
- -$0.14
Highlights
- Revenue growth: Q3 revenue was $2.80 billion, up 11% year over year and 2% from Q2; growth was 10% at constant currency.
- EPS beat: Non-GAAP diluted EPS of $2.62 exceeded the $2.06 consensus by 27%, although it was down from $4.81 a year earlier.
- GAAP loss: GAAP diluted EPS was $(0.14) and net loss was $20.6 million, versus EPS of $3.17 and net income of $466.5 million in Q3 2025; transaction-related and other costs weighed on results.
- Growth Portfolio: Revenue reached $1.26 billion, up 49% year over year and equal to 63% of Core Pharmaceutical revenue, with the first full quarter of SYFOVRE and EMPAVELI after the Apellis acquisition.
- Product momentum: SPINRAZA revenue rose 23% to $461 million; SYFOVRE increased 27% to $191 million and EMPAVELI 92% to $52 million. LEQEMBI global in-market sales were $202 million, up 67%.
- Portfolio pressure: Multiple sclerosis revenue fell 13% to $919 million, including an 11% decline in VUMERITY to $192 million; biosimilars declined 16% to $166 million.
- Outlook raised: Biogen lifted the lower end of 2026 reported non-GAAP EPS guidance to $12.20 from $12.00, maintaining the $13.00 upper end; revenue is still expected to grow at a mid-single-digit rate.
- Pipeline and balance sheet: Phase 3 litifilimab SLE results are expected in the first half of December 2026; cash was $1.3 billion and debt $7.7 billion at quarter-end, or about $6.4 billion net debt.
Analysis
Biogen posted a revenue-growth quarter, with Q3 sales of $2.80 billion up 11% year over year and 2% from Q2, while non-GAAP diluted EPS of $2.62 beat the $2.06 consensus by 27%. The comparison with last year is less favorable on earnings: adjusted EPS fell 46% from $4.81, and GAAP results swung from $466.5 million of net income to a $20.6 million loss, or $(0.14) per diluted share. The loss reflects acquired IPR&D, restructuring and other transaction-related expenses, including $284 million of acquired IPR&D, upfront and milestone expense.
The main operating story was the 49% increase in Growth Portfolio revenue to $1.26 billion, aided by a first full quarter of Apellis products and continued gains in SPINRAZA and LEQEMBI. This was partly offset by a 13% decline in MS revenue and a 16% reduction in biosimilars. Biogen raised the bottom of its 2026 reported non-GAAP EPS range by $0.20 to $12.20, keeping the $13.00 ceiling, citing business strength and lower expected Apellis dilution; it expects mid-single-digit full-year revenue growth. The next major potential catalyst is litifilimab Phase 3 SLE data expected in December.
Growth portfolio
- Portfolio scale: Growth Portfolio revenue was $1.26 billion, up 49% year over year and representing 63% of Core Pharmaceutical revenue. The first full quarter of Apellis products contributed to the growth.
- SPINRAZA: Revenue increased 23% to $461 million as conversion to the high-dose regimen continued to exceed company expectations across launched markets.
- Apellis products: SYFOVRE revenue was $191 million, up 27%, with volume up 18% and commercial injections at their highest quarterly level since launch. EMPAVELI rose 92% to $52 million, supported by demand in nephrology indications.
- Other growth products: SKYCLARYS grew 34% to $178 million; ZURZUVAE rose 53% to $84 million; and QALSODY increased 42% to $38 million.
- LEQEMBI: Global in-market sales reported by Eisai reached $202 million, up 67%, including $107 million in U.S. sales. Biogen’s collaboration revenue was $68 million, up 60% year over year.
Legacy portfolio trends
- Multiple sclerosis: Revenue fell 13% to $919 million. VUMERITY declined 11% to $192 million, primarily reflecting U.S. formulary dynamics; TECFIDERA fell to $82 million from $168 million.
- Anti-CD20 programs: Revenue increased 1% to $497 million. OCREVUS royalties were $370 million, down from $386 million, while Biogen’s share of U.S. RITUXAN, GAZYVA and LUNSUMIO profits rose to $118 million from $101 million.
- Biosimilars: Revenue declined 16% to $166 million, or 19% at constant currency, continuing to offset growth elsewhere.
Earnings and expenses
Non-GAAP diluted EPS of $2.62 was above expectations but down from $4.81 a year ago. GAAP diluted EPS was $(0.14), with a $20.6 million net loss compared with $466.5 million of net income in Q3 2025. The $284 million acquired IPR&D, upfront and milestone charge was primarily related to RayThera; the filing says Biogen paid $225 million upfront for its lead immunology program. Other expense was $137 million on a GAAP basis, including net interest expense, investment losses and higher litigation expense. Non-GAAP R&D rose to $567 million from $432 million, and non-GAAP SG&A rose to $730 million from $592 million, reflecting clinical-trial spending, Apellis operations and launch support.
Guidance and pipeline
- 2026 outlook: Reported non-GAAP diluted EPS guidance is now $12.20–$13.00, versus $12.00–$13.00 previously. Underlying EPS guidance is $15.95–$16.75, with approximately $3.20 per share of expected acquired IPR&D, upfront and milestone charges and approximately $0.55 of Apellis dilution.
- Revenue and costs: Full-year revenue is expected to increase at a mid-single-digit rate. Combined non-GAAP R&D and SG&A expense is expected to be approximately $4.95 billion.
- Upcoming readouts: Top-line results from both Phase 3 TOPAZ studies of litifilimab in SLE are expected in the first half of December 2026. Further Phase 3 results are expected for litifilimab in CLE and felzartamab in antibody-mediated rejection in the first half of 2027, and zorevunersen in Dravet syndrome in Q3 2027.
Cash and debt
- Cash generation: Operating cash flow was $641 million and free cash flow was $600 million, after $40 million of capital expenditures.
- Net debt: At September 30, cash and equivalents were $1.3 billion against total debt of approximately $7.7 billion, leaving net debt of about $6.4 billion. Debt increased alongside the Apellis acquisition, which was funded in part with a $2.0 billion term loan.
