Earnings Releases·Oct 28, 2026, 6:07 AM ET

Biogen — Third Quarter 2026 Earnings Summary

Total revenue increased 11% year-over-year to $2.8 billion, driven by a 49% year-over-year surge in Growth Portfolio revenue to $1.26 billion, while GAAP diluted EPS declined 104% to $(0.14) and Non-GAAP diluted EPS fell 46% to $2.62 due to $284 million in transaction-related and acquired IPR&D charges.
The company raised the lower end of its full year 2026 Non-GAAP diluted EPS guidance range to $12.20–$13.00 (from $12.00–$13.00) and expects full-year revenue to grow mid-single digits compared to 2025.
Key product performance included LEQEMBI revenue up 67% to $202 million, SYFOVRE up 27% to $191 million, and SPINRAZA up 23% to $461 million, offset by a 13% decline in Multiple Sclerosis product revenue to $919 million.
Future outlook highlights expected top-line data from TOPAZ-1 and TOPAZ-2 Phase 3 studies for litifilimab in SLE in the first half of December 2026, with additional Phase 3 readouts anticipated for litifilimab in CLE and felzartamab in antibody-mediated rejection in the first half of 2027.
Strategic integration of the Apellis portfolio, which closed in May 2026, contributed to specialized immunology revenue growth, while the company maintains $1.3 billion in cash and $7.7 billion in total debt as of September 30, 2026.