Biogen Reports Third Quarter 2026 Results
BIOGEN INC. (BIIB) filed an SEC Form 8-K — Results of Operations and Financial Condition. Press Release Cambridge, Mass. – October 28, 2026 Biogen Reports Third Quarter 2026 Results • Third quarter 2026 total revenue of $2.8 billion increased 11% year-over-year; Growth Portfolio 1 revenue of $1.26 billion, increased 49% year-over-year, representing 63% of Core Pharmac
How this was made
The 30-second read
Why it matters
The guidance raise suggests issued earnings outlook, potentially boosting BIIB price ahead of the next earnings release.
Market read
First‑report earnings release with guidance update; material for traders focused on biotech equities.
What to watch
Integration costs from the Apellis acquisition could pressure margins in upcoming quarters.
Biogen Reports Third Quarter 2026 Results
Total revenue increased 11% year-over-year and Growth Portfolio revenue increased 49%, while GAAP diluted EPS was $(0.14) and Non-GAAP diluted EPS declined to $2.62 amid $284 million of acquired IPR&D, upfront and milestone expense.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenueGAAP | $2.80B | – | 10.6 % |
| Q3 2026 total product revenue, netGAAP | $2.09B | – | 13.1 % |
| Q3 2026 revenue from anti-CD20 therapeutic programsGAAP | $497.3M | – | 0.7 % |
| Q3 2026 Alzheimer's collaboration revenueGAAP | $68.4M | – | 60.2 % |
| Q3 2026 contract manufacturing, royalty and other revenueGAAP | $149.7M | – | (1.0) % |
| Q3 2026 cost of sales, excluding amortization and impairment of acquired intangible assetsGAAP | $748.4M | – | (11)% |
| Q3 2026 cost of salesnon-GAAP | $552.5M | – | (8)% |
| Q3 2026 research and development expenseGAAP | $574M | – | (32)% |
| Q3 2026 research and development expensenon-GAAP | $567.1M | – | (31)% |
| Q3 2026 selling, general and administrative expenseGAAP | $752M | – | (26)% |
| Q3 2026 selling, general and administrative expensenon-GAAP | $729.7M | – | (23)% |
| Q3 2026 acquired in-process research and development, upfront and milestone expenseGAAP | $283.8M | – | NMF |
| Q3 2026 net loss attributable to Biogen Inc.GAAP | −$20.6M | – | – |
| Q3 2026 net income attributable to Biogen Inc.non-GAAP | $391.4M | – | – |
| Q3 2026 diluted earnings per shareGAAP | $ (0.14) | – | (104)% |
| Q3 2026 diluted earnings per sharenon-GAAP | $2.62 | – | (46)% |
| Q3 2026 effective tax rateGAAP | (128.5) % | – | – |
| Q3 2026 effective tax ratenon-GAAP | 20.0 % | – | – |
| Nine months ended September 30, 2026 total revenueGAAP | $8.02B | – | 5.3 % |
| Nine months ended September 30, 2026 total product revenue, netGAAP | $5.76B | – | 5.6 % |
| Nine months ended September 30, 2026 net income attributable to Biogen Inc.GAAP | $396.4M | – | – |
| Nine months ended September 30, 2026 net income attributable to Biogen Inc.non-GAAP | $1.46B | – | – |
| Nine months ended September 30, 2026 diluted earnings per shareGAAP | $2.66 | – | – |
| Nine months ended September 30, 2026 diluted earnings per sharenon-GAAP | $9.79 | – | – |
| Q3 2026 net cash provided by operating activitiesGAAP | $640.8M | – | – |
| Q3 2026 purchases of property, plant and equipmentGAAP | $40.4M | – | – |
| Q3 2026 free cash flownon-GAAP | $600.4M | – | – |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | $1.74B | – | – |
| Nine months ended September 30, 2026 free cash flownon-GAAP | $1.60B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Multiple sclerosis (MS) product revenueIncludes TECFIDERA, VUMERITY, AVONEX, PLEGRIDY and TYSABRI. | $919M | – | (13)% |
| Rare disease revenueIncludes SPINRAZA, SKYCLARYS and QALSODY. | $676M | – | 27% |
| Specialized immunology revenueIncludes EMPAVELI and SYFOVRE, acquired as part of the Apellis acquisition, which closed in May 2026. | $243M | – | —% |
| Biosimilars revenue | $166M | – | (16)% |
| Other product revenueIncludes ZURZUVAE. | $84M | – | 53% |
| SPINRAZAAccelerated conversion to high-dose regimen continues to exceed Company expectations across all launched markets. | $461M | – | 23% |
| LEQEMBIContinued sequential growth; U.S. in-market sales of $107M. | $202M | – | 67% |
| VUMERITYImpacted primarily by U.S. formulary dynamics. | $192M | – | (11)% |
| SYFOVREContinued volume growth, up 18% year-over-year, with commercial injections reaching their highest quarterly level since launch. | $191M | – | 27% |
| SKYCLARYSIncreased U.S. and international demand and favorable U.S. inventory dynamics. | $178M | – | 34% |
| ZURZUVAEStrong continued demand growth. | $84M | – | 53% |
| EMPAVELIStrong demand growth in nephrology indications. | $52M | – | 92% |
| QALSODYStrong U.S. and international demand growth. | $38M | – | 42% |
Full year 2026 outlook
- RevenueFull year total revenue is expected to increase by a mid-single digit percentage for 2026 as compared to 2025
- Operating expensesBiogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be approximately $4.95 billion for the full year 2026.
- NoteReported Non-GAAP diluted EPS guidance: $12.20 to $13.00
- NoteUnderlying guidance: $15.95 to $16.75
- NoteExpected approximate impact from acquired IPR&D, upfront and milestone charges: ~($3.20)
- NoteExpected dilution from the Apellis acquisition: ~($0.55)
- NoteGuidance assumes that foreign exchange rates as of October 23, 2026, will remain in effect for the remainder of the year, net of hedging activities.
What drove it
- Growth Portfolio revenue was $1.26 billion, increased 49% year-over-year, and represented 63% of Core Pharmaceutical revenue.
- Third quarter results included the first full quarter contribution from acquired Apellis products.
- Higher GAAP and Non-GAAP R&D expense reflected clinical-trial spending, including felzartamab, salanersen and litifilimab, Apellis operating expenses, and reduced R&D funding received from Royalty Pharma.
- Higher GAAP and Non-GAAP SG&A reflected Apellis commercial and management operations and sales and marketing support for U.S. and international product launches.
- The reported Non-GAAP diluted EPS range was raised to $12.20 to $13.00 from $12.00 to $13.00, reflecting ongoing business strength and Apellis dilution favorability.
Concerns
- GAAP diluted EPS was $(0.14), driven primarily by transaction-related charges.
- GAAP and Non-GAAP diluted EPS included $284 million of acquired IPR&D, upfront and milestone expense, primarily related to the acquisition of RayThera Inc.
- Multiple sclerosis product revenue was $919 million, down (13)% year-over-year.
- Biosimilars revenue was $166 million, down (16)% year-over-year.
- VUMERITY revenue was $192 million, down (11)% year-over-year, impacted primarily by U.S. formulary dynamics.
- Q3 2026 GAAP other expense was approximately $137 million, driven by net interest expense, losses on equity investments, and higher litigation expenses.
What to watch
- Top line data from the TOPAZ-1 and TOPAZ-2 Phase 3 studies evaluating litifilimab in SLE are expected in the first half of December 2026.
- Additional Phase 3 readouts are expected for litifilimab in CLE and felzartamab in antibody mediated rejection in the first half of 2027.
- A Phase 3 readout for zorevunersen in Dravet syndrome is expected in the third quarter of 2027.
- Continued Growth Portfolio performance, including demand for SPINRAZA, LEQEMBI, SYFOVRE, SKYCLARYS, ZURZUVAE, EMPAVELI and QALSODY.
- Execution of Apellis integration and the expected dilution from the Apellis acquisition of ~($0.55).
Balance sheet and cash flow
- As of September 30, 2026, cash and cash equivalents were $1,303.9 million.
- As of September 30, 2026, notes payable were $7,292.0 million and the current portion of notes payable was $400.0 million.
- As of September 30, 2026, Biogen had approximately $7.7 billion in total debt, resulting in net debt of approximately $6.4 billion.
- Q3 2026 net cash provided by investing activities was $(222.1) million.
- Q3 2026 net cash provided by financing activities was $(393.8) million.
- Q3 2026 net increase in cash and cash equivalents was $24.9 million.
Analysis
Biogen reported Q3 2026 total revenue of $2,804.1 million, compared with $2,534.7 million in Q3 2025. Total product revenue, net was $2,088.7 million versus $1,846.9 million. The company identified its Growth Portfolio as the central source of growth, with revenue of $1.26 billion, up 49% year-over-year and representing 63% of Core Pharmaceutical revenue. Rare disease revenue increased 27% to $676 million, specialized immunology revenue was $243 million following the May 2026 Apellis acquisition, and Alzheimer's collaboration revenue increased 60.2 % to $68.4 million.
Growth was uneven across the underlying portfolio. SPINRAZA revenue was $461 million, LEQEMBI in-market revenue was $202 million, SYFOVRE revenue was $191 million, and SKYCLARYS revenue was $178 million. In contrast, multiple sclerosis product revenue was $919 million, down (13)%, and biosimilars revenue was $166 million, down (16)%. VUMERITY revenue declined (11)% to $192 million, which Biogen attributed primarily to U.S. formulary dynamics. The release also cited favorable U.S. inventory dynamics for SKYCLARYS.
Profitability was affected by acquisition-related and pipeline costs. GAAP net loss attributable to Biogen Inc. was $ (20.6) million and GAAP diluted EPS was $ (0.14), compared with net income of $466.5 million and diluted EPS of $3.17 in Q3 2025. Non-GAAP net income attributable to Biogen Inc. was $391.4 million and Non-GAAP diluted EPS was $2.62, compared with $707.5 million and $4.81. The quarter included $283.8 million of acquired in-process research and development, upfront and milestone expense, primarily related to the RayThera Inc. acquisition. R&D expense and SG&A expense also increased with clinical-trial activity, Apellis operating costs, commercial operations, and launch spending.
Cash generation remained positive but was lower than the prior-year quarter. Net cash provided by operating activities was $640.8 million and free cash flow was $600.4 million, compared with $1,272.5 million and $1,226.3 million, respectively. At September 30, 2026, cash and cash equivalents were $1,303.9 million. Notes payable were $7,292.0 million, with a $400.0 million current portion; the company described total debt as approximately $7.7 billion and net debt as approximately $6.4 billion.
For full-year 2026, Biogen raised the lower end of reported Non-GAAP diluted EPS guidance to $12.20 to $13.00 from $12.00 to $13.00. It retained an expectation for total revenue to increase by a mid-single digit percentage versus 2025 and expects combined Non-GAAP R&D and SG&A expense of approximately $4.95 billion. The main reported upcoming catalysts are TOPAZ-1 and TOPAZ-2 SLE data in the first half of December 2026, followed by additional Phase 3 readouts in 2027.
Management, verbatim
Our third quarter results demonstrate that Biogen has returned to growth. We’re seeing the strength of our Growth Portfolio – including the first full quarter of results from Apellis products – which helped drive double-digit revenue growth and an approximately 50% year-over-year increase from our growth products.
Christopher A. Viehbacher, President and Chief Executive Officer
With multiple Phase 3 readouts expected over the next 12 months, we are positioned to further strengthen our long-term growth profile and create sustainable value for patients and shareholders.
Christopher A. Viehbacher, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating income or operating loss was not reported.
- Prior-quarter comparisons were not reported for the listed metrics.
- Share repurchases, dividends and other capital returns were not reported.
- Forward guidance for gross margin and tax rate was not reported.
- A GAAP earnings outlook was not provided other than revenue guidance.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Biogen reported Q3 2026 results with 11% revenue growth and disclosed updated FY 2026 Non‑GAAP EPS guidance.
Ticker impact
Biogen issued guidance raising the lower end of its FY 2026 Non-GAAP diluted EPS range to $12.20‑$13.00 from $12.00‑$13.00.
likely upward pressure as investors price in the raised lower end of EPS guidance
The guidance raise signals issued earnings outlook, which typically supports the stock price in the short term.
Market effects
Positive for the biotech sector as Biogen's growth portfolio shows strong revenue growth.
U.S. biotech stocks may see modest gains following the guidance raise.
Limited to investors tracking large‑cap biotech earnings.
Counterpoint
Some analysts may view the modest EPS guidance increase as insufficient given the 11% revenue growth.
Key entities
- CompanyBiogen Inc.
U.S. biotech company reporting Q3 2026 results.
