Biogen Q3 2026: Growth Portfolio Hits $1.26 Billion, Beats on EPS and Revenue
As seen on the 24/7 Wall St. homepage on October 28, 2026.
Biogen's growth portfolio, boosted by the first full quarter of Apellis products, rose 49% year over year to $1.26 billion and finally outran the shrinking MS franchise. Management raised the low end of full-year non-GAAP EPS guidance, and the first Phase 3 litifilimab data lands in December.
Continue ReadingShow less
Biogen's non-GAAP EPS of $2.62 beat expectations, the fifth consecutive quarter the company has topped earnings estimates, and revenue rose 14% year over year while also exceeding expectations.
The clearest proof of that turnaround is the Growth Portfolio, which rose 49% year over year to $1.26 billion and now outweighs the legacy multiple sclerosis franchise, where product revenue fell 13% amid competitive pressures and formulary headwinds.
The first full quarter of SYFOVRE and EMPAVELI contributions following the Apellis Pharmaceuticals acquisition, which closed in May 2026, drove that growth. The newly formed Specialized Immunology segment generated $243 million in combined revenue from those two products.
Sponsored
Twelve Tabs, One Thesis
Your Research Resets Every Morning
The quote page in one tab. Filings in another. A chart you rebuilt from scratch, a transcript you never went back and found, a screener whose settings you will redo next week. Nothing you built yesterday is still there.
AlphaSpace replaces all of it with one screen you arrange yourself. Earnings calendar, estimate versus actual, the call transcript, live news, your own charts, every panel wired to whatever ticker you click. Close the browser and it is all still sitting there tomorrow.
See What a Built View Looks Like →
(Sponsor)
The acquisition came at a cost: GAAP EPS swung to a loss of $0.14, weighed down by acquired IPR&D charges tied primarily to the RayThera Inc. acquisition and inventory fair value step-up amortization, with net debt now near $6.4 billion.
Management raised the lower end of full-year 2026 non-GAAP EPS guidance to a $12.20 to $13.00 range. The next major catalyst is the Phase 3 readout from the TOPAZ-1 and TOPAZ-2 studies evaluating litifilimab in systemic lupus erythematosus, with top-line data expected in the first half of December 2026.
Mentioned: BIIB