Biogen Reports Q3 2026 Revenue of $2.8 Billion, Raises EPS Guidance

Biogen Inc. reported its financial results for the third quarter ended September 30, 2026, in a press release filed with the SEC on October 28, 2026. The company reported total revenue of $2.8 billion for the quarter, representing an 11% increase compared to the same period in the prior year.

Biogen highlighted the performance of its Growth Portfolio, which includes products acquired from Apellis Pharmaceuticals. This portfolio generated $1.26 billion in revenue for the quarter, a 49% year-over-year increase and accounting for 63% of Core Pharmaceutical revenue. The company noted that the legacy Apellis portfolio is performing well following the acquisition, which closed in May 2026.

On a GAAP basis, the company reported diluted earnings per share (EPS) of $(0.14). This figure was driven primarily by transaction-related charges, including $284 million in acquired in-process research and development (IPR&D), upfront, and milestone expenses related to the acquisition of RayThera Inc. Excluding these charges, Non-GAAP diluted EPS was reported at $2.62.

Biogen updated its full-year 2026 financial guidance. The company raised the lower end of its Non-GAAP diluted EPS guidance range to $12.20 to $13.00, up from the previous range of $12.00 to $13.00. The company expects full-year total revenue to increase by a mid-single digit percentage compared to 2025.

Regarding its clinical pipeline, Biogen stated it expects to announce top-line data from Phase 3 studies evaluating litifilimab in systemic lupus erythematosus (SLE) in the first half of December 2026. The company also anticipates additional Phase 3 readouts for litifilimab in cutaneous lupus erythematosus (CLE) and felzartamab in antibody-mediated rejection in the first half of 2027.

As of September 30, 2026, Biogen reported cash and cash equivalents totaling approximately $1.3 billion, with total debt of approximately $7.7 billion, resulting in a net debt position of about $6.4 billion. The company reported net cash flow from operations of approximately $641 million for the quarter.