Biogen Q3 Earnings Beat Estimates as Revenue Rises 11% and 2026 Profit Guidance Improves

Biogen Inc. (NASDAQ:BIIB) reported third-quarter 2026 earnings and revenue above analyst expectations on Wednesday, supported by growth across its newer treatments and the first full-quarter contribution from products acquired through its purchase of Apellis in May.

The biotechnology company reported adjusted earnings per share of $2.62, exceeding the consensus estimate of $2.02. Revenue increased 11% year over year to $2.8 billion, ahead of analysts’ forecasts of $2.64 billion.

Biogen also raised the lower end of its full-year adjusted earnings guidance, reflecting the performance of its growth portfolio and progress integrating the acquired business.

Growth Portfolio Revenue Increases 49%

Biogen’s Growth Portfolio generated revenue of $1.26 billion, representing a 49% increase from the previous year.

The improvement included the first full-quarter contribution from SYFOVRE and EMPAVELI, acquired through the $2026 Apellis transaction, alongside growth from existing treatments.

President and Chief Executive Officer Christopher A. Viehbacher said the results reflected a return to revenue growth.

“Our third quarter results demonstrate that Biogen has returned to growth,” Viehbacher said. “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% YoY increase from our growth products.”

SPINRAZA, LEQEMBI and SKYCLARYS Record Higher Sales

Several of Biogen’s established and newer treatments reported increased revenue during the quarter.

SPINRAZA sales rose 23% to $461 million, supported by accelerated patient conversion to a high-dose treatment regimen.

LEQEMBI generated $202 million in global sales, representing growth of 67% year over year.

SYFOVRE recorded revenue of $191 million, with treatment volume increasing 18%, while SKYCLARYS sales advanced 34% to $178 million, supported by demand in the United States and international markets.

Rare disease revenue increased 27% to $676 million, while specialized immunology contributed $243 million from the acquired Apellis portfolio.

In contrast, multiple sclerosis product revenue declined 13% to $919 million amid continued competitive pressures.

Research Spending Rises Following Acquisitions

Biogen reported adjusted research and development expenses of $567 million, an increase of 31% from the prior-year period.

The higher spending reflected increased clinical trial activity and operating costs associated with the Apellis acquisition.

The company also recorded $284 million in acquired in-process research and development charges, primarily related to its acquisition of RayThera.

These expenses accompanied the expansion of Biogen’s treatment portfolio and ongoing development activities.

Biogen Raises Lower End of 2026 Earnings Guidance

Biogen increased the lower end of its full-year 2026 adjusted earnings per share forecast to $12.20, from $12.00 previously, while maintaining the upper end at $13.00.

The revised guidance has a midpoint of $12.60, above the analyst consensus estimate of $12.36.

The company continues to expect full-year revenue growth in the mid-single-digit percentage range.

Combined adjusted research and development and selling, general and administrative expenses are projected at approximately $4.95 billion for 2026.

Biogen Outlook

Biogen’s third-quarter results showed double-digit revenue growth, supported by expanding sales of newer treatments and contributions from the Apellis acquisition.

Growth Portfolio revenue increased 49% to $1.26 billion, helping offset declining sales in the company’s multiple sclerosis business.

The improved earnings guidance reflects stronger performance across growth products and progress with acquisition integration, while higher research spending remains part of the company’s operating outlook.

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