Biogen Inc.: Beat — EPS $2.62, Revenue $2.8B
BIIBBiogen Inc.•Q3 2026•Oct 28, 2026, 6:27 AM EDT
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Earnings BeatQ3 2026 · Pre-market
Did Biogen Inc. (BIIB) beat earnings today?
Yes, Biogen Inc. (BIIB) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+32.32% surprise
$2.62Actual
Expected: $1.98
vs. year ago -46.0%
Total Revenue+6.62% surprise
$2.8BActual
Expected: $2.63B
vs. year ago +10.6%
Released Oct 28 · 6:27 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $2.80B | $2.53B | +10.6% |
| Revenue detail — reported lines | |||
| └─Product revenue | $2.09B | $1.85B | +13.1% |
| └─TECFIDERA | $82.00M | $168.20M | -51.2% |
| └─VUMERITY | $192.00M | $214.60M | -10.5% |
| └─AVONEX | $156.60M | $188.50M | -16.9% |
| └─PLEGRIDY | $51.60M | $58.40M | -11.6% |
| └─TYSABRI | $437.10M | $431.80M | +1.2% |
| └─SPINRAZA | $460.60M | $374.00M | +23.2% |
| └─SKYCLARYS | $178.20M | $132.90M | +34.1% |
| └─QALSODY | $37.50M | $26.40M | +42.0% |
| └─SYFOVRE | $191.30M | - | - |
| └─EMPAVELI | $51.50M | - | - |
| └─BENEPALI | $117.30M | $121.90M | -3.8% |
| └─IMRALDI | $42.00M | $52.60M | -20.2% |
| └─FLIXABI | $6.40M | $15.30M | -58.2% |
| └─BYOOVIZ | $200.00K | $7.00M | -97.1% |
| └─ZURZUVAE | $84.40M | $55.30M | +52.6% |
| └─Revenue from anti-CD20 | $497.30M | $493.90M | +0.7% |
| └─Alzheimer's collaboration | $68.40M | $42.70M | +60.2% |
| └─Contract manufacturing | $149.70M | $151.20M | -1.0% |
| GAAP Basic EPS | -$0.14 | $3.18 | -104.4% |
| GAAP Diluted EPS | -$0.14 | $3.17 | -104% |
| Non-GAAP Diluted EPS | $2.62 | $4.81 | -46% |
| Net Loss | ($20.60M) | $466.50M | -104.4% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY 2026 Outlook |
|---|---|---|
| Underlying guidance | — | $15.95-$16.75 (prev. $15.85-$16.85) |
| IPR&D charges | — | ~-$3.20 (prev. ~-$3.00) |
| Apellis dilution | — | ~-$0.55 (prev. ~-$0.85) |
| Reported Guidance | — | $12.20-$13.00 (prev. $12.00-$13.00) |
| Total revenue | — | mid-single digit % YoY increase |
| Non-GAAP R&D and SG&A | — | ~$4.95B |
Business Highlights
- ➤First full-quarter contribution from acquired Apellis products reflected ongoing integration execution.
- ➤Accelerated conversion to the SPINRAZA high-dose regimen exceeded company expectations across launched markets.
- ➤SYFOVRE commercial injections reached their highest quarterly level since launch.
- ➤Biogen expects TOPAZ-1 and TOPAZ-2 Phase 3 top-line data in the first half of December 2026.
- ➤Additional Phase 3 readouts are expected for litifilimab in CLE and felzartamab in 1H 2027.
- ➤A Phase 3 readout for zorevunersen in Dravet syndrome is expected in Q3 2027.
- ➤The Apellis acquisition closed in May 2026.
- ➤Biogen completed the sale of its rights to BYOOVIZ in Q4 2025.
Management Commentary
Christopher A. Viehbacher, President and Chief Executive Officer
“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. 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.”