Biogen Reports Third Quarter 2026 Results
revenue of $1.26 billion, increased 49% year-over-year, representing 63% of Core Pharmaceutical
revenue, including a strong first full quarter contribution from the acquired Apellis products
GAAP diluted EPS of $(0.14) driven primarily by transaction-related charges; Non-GAAP diluted EPS of $2.62, reflecting $284 million of acquired IPR&D, upfront and milestone expense
Third quarter results include strong operating performance from the legacy Apellis portfolio reflecting successful ongoing integration execution
Full year 2026 Non-GAAP diluted EPS guidance: Biogen raises the lower end of the reported range to $12.20 to $13.00 from $12.00 to $13.00 reflecting ongoing business strength and Apellis dilution favorability
“Our third quarter results demonstrate that Biogen has returned to growth. We’re seeing the strength of our Growth Portfolio – including the first full quarter of results from Apellis products – which helped drive double-digit revenue growth and an approximately 50% year-over-year increase from our growth products,” said President and Chief Executive Officer Christopher A. Viehbacher. “With multiple Phase 3 readouts expected over the next 12 months, we are positioned to further strengthen our long-term growth profile and create sustainable value for patients and shareholders."
($ in millions) Q3 '26 Q3 '25 △ Commentary Accelerated conversion to high-dose regimen continues SPINRAZA $461 $374 23% to exceed Company expectations across all launched markets Continued sequential growth; LEQEMBI3 $202 $121 67% U.S. in-market sales of $107M VUMERITY $192 $215 (11)% Impacted primarily by U.S. formulary dynamics Continued volume growth, up 18% year-over-year, with SYFOVRE4 $191 $151 27% commercial injections reaching their highest quarterly level since launch Increased U.S. and SKYCLARYS $178 $133 34% international demand and favorable U.S. inventory dynamics ZURZUVAE $84 $55 53% Strong continued demand growth EMPAVELI4 $52 $27 92% Strong demand growth in nephrology indications QALSODY $38 $26 42% Strong U.S. and international demand growth
1 Growth Portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration
2 Core Pharmaceutical revenue includes product revenue excluding biosimilars revenue plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration
4 SYFOVRE and EMPAVELI were acquired as part of Biogen’s acquisition of Apellis, which closed in May 2026. Prior period revenue as reported in the Apellis Pharmaceuticals, Inc. Q3 2025 10-Q 1
Third quarter 2026 GAAP and Non-GAAP diluted EPS include $284 million of acquired IPR&D, upfront and milestone expense, primarily related to the acquisition of RayThera Inc. as compared to $2 million in the third quarter of 2025.
Note: Percent changes represented as favorable/(unfavorable) versus the prior year period. N/A = not applicable.
* Percentage changes in revenue growth at constant currency (CC) are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the exchange rates from the end of the previous calendar year.
A reconciliation of GAAP to Non-GAAP financial measures can be found in Table 4 at the end of this news release.
($ in millions) Q3 '26 Q3 '25 △ r(CC*) Multiple sclerosis (MS) product $919 $1,062 (13)% (13)% revenue(1) Rare disease revenue(2) $676 $533 27% 27% Specialized immunology revenue(3) $243 $— —% —% Biosimilars revenue $166 $197 (16)% (19)% Other product revenue(4) $84 $55 53% 53% Total product revenue $2,089 $1,847 13% 13% Revenue from anti-CD20 therapeutic $497 $494 1% 1% programs Alzheimer's collaboration revenue(5) $68 $43 60% 60% Contract manufacturing, royalty and $150 $151 (1)% (1)% other revenue Total revenue $2,804 $2,535 11% 10%
Note: Percent changes represented as favorable/(unfavorable) versus the prior year period. Numbers may not foot or recalculate due to rounding.
(1) Multiple sclerosis includes TECFIDERA®, VUMERITY®, AVONEX®, PLEGRIDY® and TYSABRI®
(5) Includes Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI® Collaboration
Note: Percent changes represented as favorable/(unfavorable) versus the prior year period
* Excluding amortization and impairment of acquired intangible assets 2 • The increase in third quarter 2026 GAAP cost of sales as a percentage of total revenue was driven primarily by higher amortization costs associated with the acquired inventory fair value step-up related to the Reata and Apellis acquisitions, as well as product mix, partially offset by a litigation matter in the third quarter of 2025. The increase in third quarter 2026 Non-GAAP cost of sales as a percentage of total revenue was driven primarily by product mix.
• The increase in third quarter 2026 GAAP and Non-GAAP R&D expense was driven by higher spend on clinical trials, including felzartamab, salanersen and litifilimab, as well as the inclusion of operating expenses from Apellis, and a reduction in R&D funding received from Royalty Pharma.
• The increase in third quarter 2026 GAAP and Non-GAAP SG&A was primarily due to the inclusion of the commercial and management operations of Apellis and an increase in operational spending on sales and marketing activities in support of our U.S. and international product launches.
• Third quarter 2026 GAAP and Non-GAAP acquired IPR&D, upfront and milestone expense was $284 million, primarily related to the acquisition of RayThera Inc.
• Third quarter 2026 GAAP and Non-GAAP collaboration profit sharing was a net expense of approximately $78 million, which includes approximately $49 million related to Biogen’s collaboration with Samsung Bioepis, and approximately $29 million related to Biogen’s collaboration with Supernus Pharmaceuticals, Inc. for the commercialization of ZURZUVAE in the U.S.
• Third quarter 2026 GAAP other expense was approximately $137 million driven by net interest expense, losses on our equity investments, and higher litigation expenses. Third quarter 2026 Non-GAAP other expense was approximately $91 million primarily driven by net interest expense due to the Apellis acquisition.
• Third quarter 2026 GAAP and Non-GAAP effective tax rates were (128.5)% and 20.0%, respectively. Third quarter 2025 GAAP and Non-GAAP effective tax rates were 16.3% and 17.2%, respectively. The change in our GAAP effective tax rates was primarily driven by the non-deductible IPR&D charge related to the RayThera stock acquisition.
• Third quarter 2026 net cash flow from operations was approximately $641 million. Capital expenditures were approximately $40 million, and free cash flow, a Non-GAAP financial measure defined as net cash flow from operations less capital expenditures, was approximately $600 million.
• As of September 30, 2026, Biogen had cash and cash equivalents totaling approximately $1.3 billion and approximately $7.7 billion in total debt, resulting in net debt of approximately $6.4 billion.
• For the third quarter of 2026, the Company’s weighted average diluted shares were approximately 148 million and 149 million, used to calculate the Company's GAAP and Non-GAAP diluted EPS, respectively. All unvested equity-based awards are antidilutive for GAAP due to reporting a GAAP net loss for the third quarter 2026.
The Company is advancing multiple potential growth drivers with registrational readouts expected over the next 12 months
• The Company expects to announce top line data from both TOPAZ-1 and TOPAZ-2 Phase 3 studies, evaluating litifilimab in SLE, in the first half of December 2026.
• Additional Phase 3 readouts expected for litifilimab in CLE, felzartamab in antibody mediated rejection in the first half of 2027 and zorevunersen in Dravet syndrome in the third quarter of 2027. 3
Biogen is raising the lower end of the reported full year 2026 Non-GAAP diluted EPS guidance range to reflect ongoing business strength and Apellis dilution favorability. Full year 2026 Non-GAAP diluted EPS range is expected as follows:
FY 2026 Non-GAAP Diluted EPS February 2026 July 2026 October 2026 Guidance Underlying $15.25 to $16.25 $15.85 to $16.85 $15.95 to $16.75 guidance Expected approximate impact from acquired IPR&D, -- ~($3.00) ~($3.20) upfront and milestone charges Expected dilution from ~($0.85) ~($0.55) the Apellis acquisition Reported $15.25 to $16.25 $12.00 to $13.00 $12.20 to $13.00 Guidance
Full year total revenue is expected to increase by a mid-single digit percentage for 2026 as compared to 2025 driven by continued growth from our Growth Portfolio.
Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be approximately $4.95 billion for the full year 2026.
This guidance also assumes that foreign exchange rates as of October 23, 2026, will remain in effect for the remainder of the year, net of hedging activities.
Other than the acquired IPR&D, upfront and milestone impact expressly stated above, this financial guidance does not include any other potential future acquired IPR&D, upfront and milestone charges, impact from potential acquisitions or business development transactions or pending and future litigation or any impact of potential healthcare reform, as all are difficult to predict. Other important financial considerations will be provided on the conference call and webcast.
Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2026 that could cause any of these assumptions and expectations to change and/or actual results to vary from this financial guidance.
Biogen does not provide guidance for GAAP reported financial measures (other than revenue) or a
reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the Company is unable without unreasonable effort to predict with reasonable certainty the financial impact of items such as the transaction, integration, and certain other costs related to acquisitions or large business development transactions; unusual gains and losses; potential future asset impairments; gains and losses from equity security investments; and the ultimate outcome of pending or future litigation. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results.
The Company’s earnings conference call for the third quarter will be broadcast via the internet at 8:30 a.m. ET on October 28, 2026 and will be accessible through the Investors section of Biogen’s website, www.biogen.com. Supplemental information in the form of a slide presentation is also accessible at the same location on the internet and will be subsequently available on the website for at least 90 days. 4
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patients' lives and to create value for shareholders and our communities.
We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.
This press release contains forward-looking statements that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the PSLRA) with the intention of obtaining the benefits of the “Safe Harbor” provisions of the PSLRA. This press release contains forward-looking statements, relating to: our strategy and plans; potential of, and expectations for, our commercial business and pipeline programs; capital allocation and investment strategy; clinical development programs, clinical trials, and data readouts and presentations; regulatory discussions, submissions, filings, and approvals; the potential benefits, safety, and efficacy of our and our collaboration partners’ products and investigational therapies; the anticipated benefits and potential of investments or acquisitions; optimization of our cost structure including our "Fit for Growth" program; the goal of repositioning the company to create long-term growth; the impact from existing and potential tariffs and trade restrictions; productivity of our R&D pipeline, collaborations, and business development activities; our future financial and operating results; the costs and other anticipated financial impacts of the acquisition of Apellis including Biogen non-GAAP diluted EPS and non-GAAP diluted EPS growth, expected run rate synergies and the expected revenue growth for EMPAVELI and SYFOVRE following the acquisition of Apellis; and our full year 2026 financial guidance. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements.
Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements. These forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part.
We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this document, including, among others, factors relating to: our substantial dependence on revenue from our products and other payments under licensing, collaboration, acquisition or divestiture agreements; uncertainty of long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; expectations, plans, prospects and timing of actions relating to product approvals, approvals of additional indications for our existing products, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; the potential impact of increased product competition in the biopharmaceutical and healthcare industry, as well as any other markets in which we compete, including increased competition from new originator therapies, generics, prodrugs and biosimilars of existing products and products approved under abbreviated regulatory pathways; our ability to effectively implement our corporate strategy; the successful execution of our strategic and growth initiatives, including acquisitions; the drivers for growing our business; difficulties in obtaining and maintaining adequate coverage, pricing, and reimbursement for our products; the drivers for growing our business, including our dependence on collaborators and other third parties for the development, regulatory approval, and commercialization of products and other aspects of our business, which are 5 outside of our full control; risks associated with current and potential future healthcare reforms; risks related to commercialization of biosimilars, which is subject to such risks related to our reliance on third-parties, intellectual property, competitive and market challenges and regulatory compliance; failure to obtain, protect, and enforce our data, intellectual property, and other proprietary rights and the risks and uncertainties relating to intellectual property claims and challenges; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; risks relating to technology, including our incorporation of new technologies such as artificial intelligence into some of our processes; risks related to use of information technology systems and potential impacts of any breakdowns, interruptions, invasions, corruptions, data breaches, destructions and/or other cybersecurity incidents of our systems or those of connected and/or third-party systems; problems with our manufacturing capacity, including our ability to manufacture products efficiently or adequately address global bulk supply risks; risks relating to retaining management, personnel and other organizational changes, including our ability to attract, retain and motivate qualified individuals; risks related to the failure to comply with current and new legal and regulatory requirements, including judicial decisions, accounting standards, and tariff or trade restrictions; the risks of doing business internationally, including geopolitical tensions, acts of war and large-scale crises; risks relating to investment in our manufacturing capacity; risks relating to the distribution and sale by third parties of counterfeit or unfit versions of our products; risks relating to the use of social media for our business, results of operations and financial condition; fluctuations in our operating results; risks related to investment in properties; risks relating to access to capital and credit markets to finance our present and future operations and business initiatives and obtain funding for such activities on favorable terms; risks related to indebtedness; the market, interest, and credit risks associated with our investment portfolio; risks relating to share repurchase programs; change in control provisions in certain of our collaboration agreements; fluctuations in our effective tax rate and obligations in various jurisdictions in which we are subject to taxation; environmental risks; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov.
These statements speak only as of the date of this press release and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our subsequent reports on Form 10-Q, in each case including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise.
We use, and expect in the future to use, o ur investor relations website (investors.biogen.com), the Biogen LinkedIn account (linkedin.com/company/biogen-), and the Biogen X account (x.com/biogen) as a means of disclosing information to the public in a broad, non-exclusionary manner, including for purposes of the SEC’s Regulation Fair Disclosure (Reg FD). Accordingly, investors should monitor our investor relations website and these social media channels in addition to our press releases, SEC filings, public conference calls and webcasts, as the information posted on them could be material to investors. ###
MEDIA CONTACT: INVESTOR CONTACT: Biogen Biogen Madeleine Shin Tim Power Tel: +1 781-464-3260 Tel: +1 781-464-2442 public.affairs@biogen.com IR@biogen.com
As of September As of December 30, 2026 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Cash and cash equivalents $ 1,303.9 $ 3,008.5 Marketable securities — 807.2 Accounts receivable, net 1,884.6 1,342.4 Due from anti-CD20 therapeutic 498.0 524.6 programs Inventory 2,224.4 2,168.1 Other current assets 1,673.5 1,123.3 Total current assets 7,584.4 8,974.1 Marketable securities — 431.9 Property, plant and equipment, 2,967.6 3,055.4 net Operating lease assets 176.1 265.4 Intangible assets, net 13,379.9 9,178.5 Goodwill 6,992.6 6,491.1 Deferred tax asset 293.7 292.5 Investments and other assets 659.8 750.6 TOTAL ASSETS $ 32,054.1 $ 29,439.5 LIABILITIES AND EQUITY Current portion of notes payable $ 400.0 $ — Taxes payable 54.5 114.8 Accounts payable 430.3 432.0 Accrued expenses and other 3,013.6 2,802.6 Total current liabilities 3,898.4 3,349.4 Notes payable 7,292.0 6,286.8 Deferred tax liability 1,163.9 507.6 Long-term operating lease 109.3 290.4 liabilities Other long-term liabilities 668.4 748.5 TOTAL LIABILITIES 13,132.0 11,182.7 Common stock 0.1 0.1 Additional paid-in capital 1,070.3 863.1 Accumulated other comprehensive income -120.3 -182.0 (loss) Retained earnings 20,949.1 20,552.7 Treasury stock, at cost -2,977.1 -2,977.1 TOTAL EQUITY 18,922.1 18,256.8 TOTAL LIABILITIES AND EQUITY $ 32,054.1 $ 29,439.5
(1) EMPAVELI and SYFOVRE were obtained as part of our acquisition of Apellis in May 2026
(2) In the fourth quarter of 2025 we completed the sale of our rights to BYOOVIZ 10
(1) Effective January 1, 2025, our collaboration and license agreement for FAMPYRA global commercialization rights was terminated
(2) EMPAVELI and SYFOVRE were obtained as part of our acquisition of Apellis in May 2026
(unaudited, in millions) We supplement our GAAP consolidated financial statements and GAAP financial measures with other financial measures, such as adjusted net income, adjusted diluted earnings per share, revenue growth at constant currency, which excludes the impact of changes in foreign exchange rates and hedging gains or losses, and free cash flow, which is defined as net cash flow from operations less capital expenditures. We believe that these and other Non-GAAP financial measures provide additional insight into the ongoing economics of our business and reflect how we manage our business internally, set operational goals and form the basis of our management incentive programs. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
(unaudited) Revenue changes at constant currency are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the exchange rates from the end of the previous calendar year.
Q3 2026 YTD 2026 vs. vs. Q3 2025 YTD 2025 Total Revenue: Revenue change, as reported 10.6 % 5.3 % Less: impact of foreign currency translation and hedging gains / 0.4 1.9 losses Revenue change at constant 10.2 % 3.4 % currency Total Product Revenue: Revenue change, as reported 13.1 % 5.6 % Less: impact of foreign currency translation and hedging gains / 0.6 2.3 losses Revenue change at constant 12.5 % 3.3 % currency Total MS Product Revenue: Revenue change, as reported -13.4 % -9.0 % Less: impact of foreign currency translation and hedging gains / -0.1 1.5 losses Revenue change at constant -13.3 % -10.5 % currency Total Rare Disease Revenue Revenue change, as reported 26.8 % 11.9 % Less: impact of foreign currency translation and hedging gains / -0.1 2.1 losses Revenue change at constant 26.9 % 9.8 % currency Total Biosimilars Product Revenue: Revenue change, as reported -15.7 % -10.4 % Less: impact of foreign currency translation and hedging gains / 3.5 4.9 losses Revenue change at constant -19.2 % -15.3 % currency Total Other Product Revenue: Revenue change, as reported 52.6 % 60.2 % Less: impact of foreign currency translation and hedging gains / — 0.2 losses Revenue change at constant 52.6 % 60.0 % currency Total Revenue from Anti-CD20 Therapeutic Programs Revenue: Revenue change, as reported 0.7 % 6.8 % Less: impact of foreign currency translation and hedging gains / — 0.1 losses Revenue change at constant 0.7 % 6.7 % currency Total Revenue from Alzheimer's Collaboration Revenue: Revenue change, as reported 60.2 % 46.7 % Less: impact of foreign currency translation and hedging gains / — — losses Revenue change at constant 60.2 % 46.7 % currency Total Contract Manufacturing, Royalty and Other Revenue:
Revenue change, as reported -1.0 % -7.3 % Less: impact of foreign currency translation and hedging gains / 0.1 3.4 losses Revenue change at constant -1.1 % -10.7 % currency
(unaudited, in millions) We define free cash flow as net cash provided by (used in) operating activities in the period less capital expenditures made in the period. The following table reconciles net cash provided by (used in) operating activities, a GAAP measure, to free cash flow, a Non-GAAP measure.
We supplement our GAAP consolidated financial statements and GAAP financial measures with other financial measures, such as adjusted net income, adjusted diluted earnings per share, revenue growth at constant currency, which excludes the impact of changes in foreign exchange rates and hedging gains or losses, and free cash flow, which is defined as net cash flow from operations less capital expenditures. We believe that these and other Non-GAAP financial measures provide additional insight into the ongoing economics of our business and reflect how we manage our business internally, set operational goals and form the basis of our management incentive programs. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Our “Non-GAAP net income attributable to Biogen Inc.” and “Non-GAAP earnings per share - Diluted” financial measures exclude the following items from “GAAP net income attributable to Biogen Inc.” and “GAAP earnings per share - Diluted”:
We exclude transaction, integration and certain other costs related to the acquisition and divestiture of businesses/commercial assets and items associated with the initial consolidation or deconsolidation of variable interest entities. These adjustments include, but are not limited to, the amortization of inventory fair value step-up, amortization and impairment of intangible assets, charges or credits from the fair value remeasurement of our contingent consideration obligations and losses on assets and liabilities held for sale.
We exclude costs associated with our execution of certain strategies and initiatives to streamline operations, achieve targeted cost reductions, rationalize manufacturing facilities or refocus research and development activities. These costs may include employee separation costs, retention bonuses, facility closing/abandonment and exit costs, asset impairment charges or additional depreciation when the expected useful life of certain assets have been shortened due to changes in anticipated usage and other costs or credits that management believes do not have a direct correlation to our ongoing or future business operations.
We exclude unrealized and realized gains and losses related to our equity security investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
We evaluate other items of income and expense on an individual basis and consider both the quantitative and qualitative aspects of the item, including (i) its size and nature, (ii) whether or not it relates to our ongoing business operations and (iii) whether or not we expect it to occur as part of our normal business on a regular basis. We also include an adjustment to reflect the related tax effect of all reconciling items within our reconciliation of our GAAP to Non-GAAP net income attributable to Biogen Inc. and earnings per share - diluted. 17
Full text with the tables
Press Release
Cambridge, Mass. – October 28, 2026
Biogen Reports Third Quarter 2026 Results
•
Third quarter 2026 total revenue of $2.8 billion increased 11% year-over-year;
Growth Portfolio
1
revenue of $1.26 billion, increased 49% year-over-year, representing 63% of Core
Pharmaceutical
2
revenue, including a strong first full quarter contribution from the acquired
Apellis products
•
GAAP diluted EPS of $(0.14) driven primarily by transaction-related charges;
Non-GAAP diluted EPS of $2.62, reflecting $284 million of acquired IPR&D,
upfront and milestone expense
•
Third quarter results include strong operating performance from the legacy
Apellis portfolio reflecting successful ongoing integration execution
•
Full year 2026 Non-GAAP diluted EPS guidance: Biogen raises the lower end of the
reported range to $12.20 to $13.00 from $12.00 to $13.00 reflecting ongoing
business strength and Apellis dilution favorability
Biogen Inc. (Nasdaq: BIIB) today reported third quarter 2026 financial results.
“Our third quarter results demonstrate that Biogen has returned to growth. We’re
seeing the strength of our Growth Portfolio – including the first full quarter
of results from Apellis products – which helped drive double-digit revenue
growth and an approximately 50% year-over-year increase from our growth
products,” said President and Chief Executive Officer Christopher A. Viehbacher.
“With multiple Phase 3 readouts expected over the next 12 months, we are
positioned to further strengthen our long-term growth profile and create
sustainable value for patients and shareholders."
Third Quarter 2026 Growth Portfolio In-Market Revenue Summary
($ in millions) Q3 '26 Q3 '25 △ Commentary
Accelerated conversion to
high-dose regimen continues
SPINRAZA $461 $374 23% to exceed Company
expectations across all
launched markets
Continued sequential growth;
LEQEMBI3 $202 $121 67% U.S. in-market sales of
$107M
VUMERITY $192 $215 (11)% Impacted primarily by U.S.
formulary dynamics
Continued volume growth, up
18% year-over-year, with
SYFOVRE4 $191 $151 27% commercial injections
reaching their highest
quarterly level since launch
Increased U.S. and
SKYCLARYS $178 $133 34% international demand and
favorable U.S. inventory
dynamics
ZURZUVAE $84 $55 53% Strong continued demand
growth
EMPAVELI4 $52 $27 92% Strong demand growth in
nephrology indications
QALSODY $38 $26 42% Strong U.S. and
international demand growth
1 Growth Portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE,
VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales,
including royalties, from the LEQEMBI Collaboration
2 Core Pharmaceutical revenue includes product revenue excluding biosimilars
revenue plus Biogen’s 50% share of net revenue and cost of sales, including
royalties, from the LEQEMBI Collaboration
3 Global in-market sales recorded by Eisai
4 SYFOVRE and EMPAVELI were acquired as part of Biogen’s acquisition of Apellis,
which closed in May 2026. Prior period revenue as reported in the Apellis
Pharmaceuticals, Inc. Q3 2025 10-Q
1
Financial Highlights
Q3 '26 Q3 '25 △ r(CC*)
Total Revenue ($ in millions) $2,804 $2,535 11% 10%
GAAP diluted EPS $(0.14) $3.17 (104)% N/A
Non-GAAP diluted EPS $2.62 $4.81 (46)% N/A
Third quarter 2026 GAAP and Non-GAAP diluted EPS include $284 million of
acquired IPR&D, upfront and milestone expense, primarily related to the
acquisition of RayThera Inc. as compared to $2 million in the third quarter of
2025.
Note: Percent changes represented as favorable/(unfavorable) versus the prior
year period. N/A = not applicable.
* Percentage changes in revenue growth at constant currency (CC) are presented
excluding the impact of changes in foreign currency exchange rates and hedging
gains or losses. Foreign currency revenue values are converted into U.S. Dollars
using the exchange rates from the end of the previous calendar year.
A reconciliation of GAAP to Non-GAAP financial measures can be found in Table 4
at the end of this news release.
Revenue Summary
($ in millions) Q3 '26 Q3 '25 △ r(CC*)
Multiple sclerosis (MS) product $919 $1,062 (13)% (13)%
revenue(1)
Rare disease revenue(2) $676 $533 27% 27%
Specialized immunology revenue(3) $243 $— —% —%
Biosimilars revenue $166 $197 (16)% (19)%
Other product revenue(4) $84 $55 53% 53%
Total product revenue $2,089 $1,847 13% 13%
Revenue from anti-CD20 therapeutic $497 $494 1% 1%
programs
Alzheimer's collaboration revenue(5) $68 $43 60% 60%
Contract manufacturing, royalty and $150 $151 (1)% (1)%
other revenue
Total revenue $2,804 $2,535 11% 10%
Note: Percent changes represented as favorable/(unfavorable) versus the prior
year period. Numbers may not foot or recalculate due to rounding.
(1) Multiple sclerosis includes TECFIDERA®, VUMERITY®, AVONEX®, PLEGRIDY® and
TYSABRI®
(2) Rare disease includes SPINRAZA®, SKYCLARYS® and QALSODY®
(3) Specialized immunology includes EMPAVELI® and SYFOVRE®
(4) Other includes ZURZUVAE®
(5) Includes Biogen’s 50% share of net revenue and cost of sales, including
royalties, from the LEQEMBI® Collaboration
Expense Summary
($ in millions) Q3 '26 Q3 '25 △
GAAP cost of sales* $748 $674 (11)%
% of Total Revenue 27% 27%
Non-GAAP cost of sales* $553 $510 (8)%
% of Total Revenue 20% 20%
GAAP R&D expense $574 $436 (32)%
Non-GAAP R&D expense $567 $432 (31)%
GAAP SG&A expense $752 $595 (26)%
Non-GAAP SG&A expense $730 $592 (23)%
GAAP and Non-GAAP acquired IPR&D, $284 $2 NMF
upfront and milestone expense
Note: Percent changes represented as favorable/(unfavorable) versus the prior
year period
IPR&D = in-process R&D; NMF = no meaningful figure
* Excluding amortization and impairment of acquired intangible assets
2
• The increase in third quarter 2026 GAAP cost of sales as a percentage of total
revenue was driven primarily by higher amortization costs associated with the
acquired inventory fair value step-up related to the Reata and Apellis
acquisitions, as well as product mix, partially offset by a litigation matter in
the third quarter of 2025. The increase in third quarter 2026 Non-GAAP cost of
sales as a percentage of total revenue was driven primarily by product mix.
• The increase in third quarter 2026 GAAP and Non-GAAP R&D expense was driven by
higher spend on clinical trials, including felzartamab, salanersen and
litifilimab, as well as the inclusion of operating expenses from Apellis, and a
reduction in R&D funding received from Royalty Pharma.
• The increase in third quarter 2026 GAAP and Non-GAAP SG&A was primarily due to
the inclusion of the commercial and management operations of Apellis and an
increase in operational spending on sales and marketing activities in support of
our U.S. and international product launches.
• Third quarter 2026 GAAP and Non-GAAP acquired IPR&D, upfront and milestone
expense was $284 million, primarily related to the acquisition of RayThera Inc.
Other Financial Highlights
• Third quarter 2026 GAAP and Non-GAAP collaboration profit sharing was a net
expense of approximately $78 million, which includes approximately $49 million
related to Biogen’s collaboration with Samsung Bioepis, and approximately $29
million related to Biogen’s collaboration with Supernus Pharmaceuticals, Inc.
for the commercialization of ZURZUVAE in the U.S.
• Third quarter 2026 GAAP other expense was approximately $137 million driven by
net interest expense, losses on our equity investments, and higher litigation
expenses. Third quarter 2026 Non-GAAP other expense was approximately $91
million primarily driven by net interest expense due to the Apellis acquisition.
• Third quarter 2026 GAAP and Non-GAAP effective tax rates were (128.5)% and
20.0%, respectively. Third quarter 2025 GAAP and Non-GAAP effective tax rates
were 16.3% and 17.2%, respectively. The change in our GAAP effective tax rates
was primarily driven by the non-deductible IPR&D charge related to the RayThera
stock acquisition.
Financial Position and Cash Flows
• Third quarter 2026 net cash flow from operations was approximately $641
million. Capital expenditures were approximately $40 million, and free cash
flow, a Non-GAAP financial measure defined as net cash flow from operations less
capital expenditures, was approximately $600 million.
• As of September 30, 2026, Biogen had cash and cash equivalents totaling
approximately $1.3 billion and approximately $7.7 billion in total debt,
resulting in net debt of approximately $6.4 billion.
• For the third quarter of 2026, the Company’s weighted average diluted shares
were approximately 148 million and 149 million, used to calculate the Company's
GAAP and Non-GAAP diluted EPS, respectively. All unvested equity-based awards
are antidilutive for GAAP due to reporting a GAAP net loss for the third quarter
2026.
The Company is advancing multiple potential growth drivers with registrational
readouts expected over the next 12 months
• The Company expects to announce top line data from both TOPAZ-1 and TOPAZ-2
Phase 3 studies, evaluating litifilimab in SLE, in the first half of December
2026.
• Additional Phase 3 readouts expected for litifilimab in CLE, felzartamab in
antibody mediated rejection in the first half of 2027 and zorevunersen in Dravet
syndrome in the third quarter of 2027.
3
Full Year 2026 Financial Guidance
Biogen is raising the lower end of the reported full year 2026 Non-GAAP diluted
EPS guidance range to reflect ongoing business strength and Apellis dilution
favorability. Full year 2026 Non-GAAP diluted EPS range is expected as follows:
FY 2026 Non-GAAP
Diluted EPS February 2026 July 2026 October 2026
Guidance
Underlying $15.25 to $16.25 $15.85 to $16.85 $15.95 to $16.75
guidance
Expected
approximate
impact from
acquired IPR&D, -- ~($3.00) ~($3.20)
upfront and
milestone
charges
Expected
dilution from ~($0.85) ~($0.55)
the Apellis
acquisition
Reported $15.25 to $16.25 $12.00 to $13.00 $12.20 to $13.00
Guidance
Full year total revenue is expected to increase by a mid-single digit percentage
for 2026 as compared to 2025 driven by continued growth from our Growth
Portfolio.
Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be
approximately $4.95 billion for the full year 2026.
This guidance also assumes that foreign exchange rates as of October 23, 2026,
will remain in effect for the remainder of the year, net of hedging activities.
Other than the acquired IPR&D, upfront and milestone impact expressly stated
above, this financial guidance does not include any other potential future
acquired IPR&D, upfront and milestone charges, impact from potential
acquisitions or business development transactions or pending and future
litigation or any impact of potential healthcare reform, as all are difficult to
predict. Other important financial considerations will be provided on the
conference call and webcast.
Biogen may incur charges, realize gains or losses, or experience other events or
circumstances in 2026 that could cause any of these assumptions and expectations
to change and/or actual results to vary from this financial guidance.
Biogen does not provide guidance for GAAP reported financial measures (other
than revenue) or a
reconciliation of forward-looking Non-GAAP financial measures to the most
directly comparable GAAP reported financial measures because the Company is
unable without unreasonable effort to predict with reasonable certainty the
financial impact of items such as the transaction, integration, and certain
other costs related to acquisitions or large business development transactions;
unusual gains and losses; potential future asset impairments; gains and losses
from equity security investments; and the ultimate outcome of pending or future
litigation. These items are uncertain, depend on various factors, and could have
a material impact on GAAP reported results for the guidance period. For the same
reasons, the Company is unable to address the significance of the unavailable
information, which could be material to future results.
Conference Call and Webcast
The Company’s earnings conference call for the third quarter will be broadcast
via the internet at 8:30 a.m. ET on October 28, 2026 and will be accessible
through the Investors section of Biogen’s website, www.biogen.com. Supplemental
information in the form of a slide presentation is also accessible at the same
location on the internet and will be subsequently available on the website for
at least 90 days.
4
About Biogen
Founded in 1978, Biogen is a leading biotechnology company that pioneers
innovative science to deliver new medicines to transform patients' lives and to
create value for shareholders and our communities.
We apply deep understanding of human biology and leverage different modalities
to advance first-in-class treatments or therapies that deliver superior
outcomes. Our approach is to take bold risks, balanced with return on investment
to deliver long-term growth.
Biogen Safe Harbor
This press release contains forward-looking statements that are being made
pursuant to the provisions of the Private Securities Litigation Reform Act of
1995 (the PSLRA) with the intention of obtaining the benefits of the “Safe
Harbor” provisions of the PSLRA. This press release contains forward-looking
statements, relating to: our strategy and plans; potential of, and expectations
for, our commercial business and pipeline programs; capital allocation and
investment strategy; clinical development programs, clinical trials, and data
readouts and presentations; regulatory discussions, submissions, filings, and
approvals; the potential benefits, safety, and efficacy of our and our
collaboration partners’ products and investigational therapies; the anticipated
benefits and potential of investments or acquisitions; optimization of our cost
structure including our "Fit for Growth" program; the goal of repositioning the
company to create long-term growth; the impact from existing and potential
tariffs and trade restrictions; productivity of our R&D pipeline,
collaborations, and business development activities; our future financial and
operating results; the costs and other anticipated financial impacts of the
acquisition of Apellis including Biogen non-GAAP diluted EPS and non-GAAP
diluted EPS growth, expected run rate synergies and the expected revenue growth
for EMPAVELI and SYFOVRE following the acquisition of Apellis; and our full year
2026 financial guidance. These forward-looking statements may be accompanied by
such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,”
“hope,” “intend,” “may,” “objective,” “outlook,” “plan,” “possible,”
“potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,”
“would,” and other words and terms of similar meaning. Drug development and
commercialization involve a high degree of risk, and only a small number of
research and development programs result in commercialization of a product.
Results in early-stage clinical trials may not be indicative of full results or
results from later stage or larger scale clinical trials and do not ensure
regulatory approval. You should not place undue reliance on these statements.
Given their forward-looking nature, these statements involve substantial risks
and uncertainties that may be based on inaccurate assumptions and could cause
actual results to differ materially from those reflected in such statements.
These forward-looking statements are based on management's current beliefs and
assumptions and on information currently available to management. Given their
nature, we cannot assure that any outcome expressed in these forward-looking
statements will be realized in whole or in part.
We caution that these statements are subject to risks and uncertainties, many of
which are outside of our control and could cause future events or results to be
materially different from those stated or implied in this document, including,
among others, factors relating to: our substantial dependence on revenue from
our products and other payments under licensing, collaboration, acquisition or
divestiture agreements; uncertainty of long-term success in developing,
licensing, or acquiring other product candidates or additional indications for
existing products; expectations, plans, prospects and timing of actions relating
to product approvals, approvals of additional indications for our existing
products, sales, pricing, growth, reimbursement and launch of our marketed and
pipeline products; the potential impact of increased product competition in the
biopharmaceutical and healthcare industry, as well as any other markets in which
we compete, including increased competition from new originator therapies,
generics, prodrugs and biosimilars of existing products and products approved
under abbreviated regulatory pathways; our ability to effectively implement our
corporate strategy; the successful execution of our strategic and growth
initiatives, including acquisitions; the drivers for growing our business;
difficulties in obtaining and maintaining adequate coverage, pricing, and
reimbursement for our products; the drivers for growing our business, including
our dependence on collaborators and other third parties for the development,
regulatory approval, and commercialization of products and other aspects of our
business, which are
5
outside of our full control; risks associated with current and potential future
healthcare reforms; risks related to commercialization of biosimilars, which is
subject to such risks related to our reliance on third-parties, intellectual
property, competitive and market challenges and regulatory compliance; failure
to obtain, protect, and enforce our data, intellectual property, and other
proprietary rights and the risks and uncertainties relating to intellectual
property claims and challenges; the risk that positive results in a clinical
trial may not be replicated in subsequent or confirmatory trials or success in
early stage clinical trials may not be predictive of results in later stage or
large scale clinical trials or trials in other potential indications; risks
associated with clinical trials, including our ability to adequately manage
clinical activities, unexpected concerns that may arise from additional data or
analysis obtained during clinical trials, regulatory authorities may require
additional information or further studies, or may fail to approve or may delay
approval of our drug candidates; the occurrence of adverse safety events,
restrictions on use with our products, or product liability claims; risks
relating to technology, including our incorporation of new technologies such as
artificial intelligence into some of our processes; risks related to use of
information technology systems and potential impacts of any breakdowns,
interruptions, invasions, corruptions, data breaches, destructions and/or other
cybersecurity incidents of our systems or those of connected and/or third-party
systems; problems with our manufacturing capacity, including our ability to
manufacture products efficiently or adequately address global bulk supply risks;
risks relating to retaining management, personnel and other organizational
changes, including our ability to attract, retain and motivate qualified
individuals; risks related to the failure to comply with current and new legal
and regulatory requirements, including judicial decisions, accounting standards,
and tariff or trade restrictions; the risks of doing business internationally,
including geopolitical tensions, acts of war and large-scale crises; risks
relating to investment in our manufacturing capacity; risks relating to the
distribution and sale by third parties of counterfeit or unfit versions of our
products; risks relating to the use of social media for our business, results of
operations and financial condition; fluctuations in our operating results; risks
related to investment in properties; risks relating to access to capital and
credit markets to finance our present and future operations and business
initiatives and obtain funding for such activities on favorable terms; risks
related to indebtedness; the market, interest, and credit risks associated with
our investment portfolio; risks relating to share repurchase programs; change in
control provisions in certain of our collaboration agreements; fluctuations in
our effective tax rate and obligations in various jurisdictions in which we are
subject to taxation; environmental risks; and any other risks and uncertainties
that are described in other reports we have filed with the U.S. Securities and
Exchange Commission (SEC), which are available on the SEC’s website at
www.sec.gov.
These statements speak only as of the date of this press release and are based
on information and estimates available to us at this time. Should known or
unknown risks or uncertainties materialize or should underlying assumptions
prove inaccurate, actual results could vary materially from past results and
those anticipated, estimated or projected. Investors are cautioned not to put
undue reliance on forward-looking statements. A further list and description of
risks, uncertainties and other matters can be found in our Annual Report on Form
10-K for the fiscal year ended December 31, 2025 and in our subsequent reports
on Form 10-Q, in each case including in the sections thereof captioned “Note
Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in our
subsequent reports on Form 8-K. Except as required by law, we do not undertake
any obligation to publicly update any forward-looking statements whether as a
result of any new information, future events, changed circumstances or
otherwise.
Digital Media Disclosure
We use, and expect in the future to use, o ur investor relations website
(investors.biogen.com), the Biogen LinkedIn account
(linkedin.com/company/biogen-), and the Biogen X account (x.com/biogen) as a
means of disclosing information to the public in a broad, non-exclusionary
manner, including for purposes of the SEC’s Regulation Fair Disclosure (Reg FD).
Accordingly, investors should monitor our investor relations website and these
social media channels in addition to our press releases, SEC filings, public
conference calls and webcasts, as the information posted on them could be
material to investors.
###
6
MEDIA CONTACT: INVESTOR CONTACT:
Biogen Biogen
Madeleine Shin Tim Power
Tel: +1 781-464-3260 Tel: +1 781-464-2442
public.affairs@biogen.com IR@biogen.com
7
TABLE 1
BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(unaudited, in millions, except per share amounts)
For
For the the
Three Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Prod…
reve… $ 2,088… $ 1,846.9 $ 5,757.4 $ 5,452…
net
Reve…
from
anti… 497.3 493.9 1,429.9 1,339…
ther…
prog…
Alzh…
coll… 68.4 42.7 191.6 130.6
reve…
Cont…
manu…
roya… 149.7 151.2 639.0 689.1
and
other
reve…
Total 2,804… 2,534.7 8,017.9 7,611…
reve…
Cost
and
expe…
Cost
of
sale…
excl…
amor…
and 748.4 674.4 2,186.3 1,908…
impa…
of
acqu…
inta…
asse…
Rese…
and 574.0 436.1 1,642.6 1,269…
deve…
Acqu…
in-p…
rese…
and
deve… 283.8 2.1 481.8 249.4
upfr…
and
mile…
expe…
Sell…
gene… 752.0 594.8 2,069.0 1,751…
and
admi…
Amor…
and
impa…
of 172.8 135.7 477.5 378.4
acqu…
inta…
asse…
Coll…
prof… 77.8 87.2 220.8 220.3
shar…
reim…
(Gai…
loss
on
fair
value 0.4 5.6 23.4 28.4
reme…
of
cont…
cons…
Rest… 66.5 7.4 239.8 42.0
char…
Other
(inc… 137.4 34.1 175.6 151.2
expe…
net
Total
cost 2,813… 1,977.4 7,516.8 5,998…
and
expe…
(Los…
Inco…
befo…
inco… -9.0 557.3 501.1 1,612…
tax
(ben…
expe…
Inco…
tax 11.6 90.8 104.7 270.7
(ben…
expe…
Net
(los…
inco…
attr… $ -20.6 $ 466.5 $ 396.4 $ 1,341…
to
Biog…
Inc.
Net
(los…
inco…
per
shar…
Basic
earn…
per
share $ -0.14 $ 3.18 $ 2.69 $ 9.16
attr…
to
Biog…
Inc.
Dilu…
earn…
per
share $ -0.14 $ 3.17 $ 2.66 $ 9.14
attr…
to
Biog…
Inc.
Weig…
shar…
used
in
calc…
Basic
earn…
per
share 147.8 146.6 147.5 146.4
attr…
to
Biog…
Inc.
Dilu…
earn…
per
share 147.8 147.1 148.9 146.8
attr…
to
Biog…
Inc.
8
TABLE 2
BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
As of September As of December
30, 2026 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Cash and cash equivalents $ 1,303.9 $ 3,008.5
Marketable securities — 807.2
Accounts receivable, net 1,884.6 1,342.4
Due from anti-CD20 therapeutic 498.0 524.6
programs
Inventory 2,224.4 2,168.1
Other current assets 1,673.5 1,123.3
Total current assets 7,584.4 8,974.1
Marketable securities — 431.9
Property, plant and equipment, 2,967.6 3,055.4
net
Operating lease assets 176.1 265.4
Intangible assets, net 13,379.9 9,178.5
Goodwill 6,992.6 6,491.1
Deferred tax asset 293.7 292.5
Investments and other assets 659.8 750.6
TOTAL ASSETS $ 32,054.1 $ 29,439.5
LIABILITIES AND EQUITY
Current portion of notes payable $ 400.0 $ —
Taxes payable 54.5 114.8
Accounts payable 430.3 432.0
Accrued expenses and other 3,013.6 2,802.6
Total current liabilities 3,898.4 3,349.4
Notes payable 7,292.0 6,286.8
Deferred tax liability 1,163.9 507.6
Long-term operating lease 109.3 290.4
liabilities
Other long-term liabilities 668.4 748.5
TOTAL LIABILITIES 13,132.0 11,182.7
Common stock 0.1 0.1
Additional paid-in capital 1,070.3 863.1
Accumulated other comprehensive
income -120.3 -182.0
(loss)
Retained earnings 20,949.1 20,552.7
Treasury stock, at cost -2,977.1 -2,977.1
TOTAL EQUITY 18,922.1 18,256.8
TOTAL LIABILITIES AND EQUITY $ 32,054.1 $ 29,439.5
9
TABLE 3
BIOGEN INC. AND SUBSIDIARIES
PRODUCT REVENUE & TOTAL REVENUE
(unaudited, in millions)
Product Revenue
For
the
Th…
Mo…
En…
Se…
30,
M… 20… Re… 20… Re…
S… Un… of Un… of
(… St… Wo… To… St… Wo… To…
──────────────────────────────────────────────────────────────────────────────
T… $ 31… $ 50… $ 82… $ 44… $ 123… $ 168…
V… 16… 25… 19… 18… 25.0 214…
T… 19… 76… 27… 23… 148… 382…
F…
A… 11… 46… 15… 13… 55.1 188…
P… 23… 28… 51… 27… 30.6 58.4
T… 13… 75… 20… 16… 85.7 246…
I…
T… 25… 18… 43… 24… 184… 431…
S… 58… 33… 91… 64… 418… 1,0…
MS
R…
D…
S… 24… 21… 46… 15… 220… 374…
S… 97… 81… 17… 74… 58.3 132…
Q… 10… 26… 37… 7.3 19.1 26.4
S…
R… 35… 32… 67… 23… 298… 533…
D…
S…
I…
S… 19… — 19… — — —
E… 51… — 51… — — —
S…
S… 24… — 24… — — —
I…
B…
B… — 11… 11… — 121… 121…
I… — 42… 42… — 52.6 52.6
F… — 6.4 6.4 — 15.3 15.3
B… — 0.2 0.2 2.0 5.0 7.0
S… — 16… 16… 2.0 194… 196…
B…
O…
Z… 83… 1.0 84… 55… — 55.3
S… 83… 1.0 84… 55… — 55.3
O…
T…
p… $ 1,… $ 82… $ 2,… $ 93… $ 911… $ 1,8…
r…
n…
(1) EMPAVELI and SYFOVRE were obtained as part of our acquisition of Apellis in
May 2026
(2) In the fourth quarter of 2025 we completed the sale of our rights to BYOOVIZ
10
TABLE 3 (continued)
BIOGEN INC. AND SUBSIDIARIES
PRODUCT REVENUE & TOTAL REVENUE
(unaudited, in millions)
For
the
Ni…
Mo…
En…
Se…
30,
M… 20… Re… 20… Re…
S… Un… of Un… of
(… St… Wo… To… St… Wo… To…
──────────────────────────────────────────────────────────────────────────────
T… $ 95… $ 18… $ 28… $ 13… $ 436… $ 567…
V… 49… 75… 56… 49… 71.0 565…
T… 58… 26… 84… 62… 507… 1,1…
F…
A… 33… 15… 48… 36… 169… 533…
P… 72… 98… 17… 80… 106… 186…
T… 41… 24… 66… 44… 276… 719…
I…
T… 76… 56… 1,… 72… 547… 1,2…
F… — — — — 0.3 0.3
S… 1,… 1,… 2,… 1,… 1,3… 3,1…
MS
R…
D…
S… 59… 64… 1,… 45… 733… 1,1…
S… 25… 24… 49… 22… 165… 387…
Q… 29… 72… 10… 22… 39.6 61.9
S…
R… 87… 96… 1,… 70… 938… 1,6…
D…
0
S…
I…
S… 28… — 28… — — —
E… 81… — 81… — — —
S…
S… 37… — 37… — — —
I…
B…
B… — 34… 34… — 345… 345…
I… — 12… 12… — 146… 146…
F… — 25… 25… — 42.7 42.7
B… 0.1 0.2 0.3 8.7 15.8 24.5
T… — — — 0.1 — 0.1
S… 0.1 50… 50… 8.8 550… 559…
B…
O…
Z… 20… 1.2 21… 12… — 129…
O… — — — 0.4 1.7 2.1
S… 20… 1.2 21… 12… 1.7 131…
O…
T…
p… $ 3,… $ 2,… $ 5,… $ 2,… $ 2,8… $ 5,4…
r…
n…
(1) Effective January 1, 2025, our collaboration and license agreement for
FAMPYRA global commercialization rights was terminated
(2) EMPAVELI and SYFOVRE were obtained as part of our acquisition of Apellis in
May 2026
(3) In 2025 we completed the sale of our rights to TOFIDENCE and BYOOVIZ
(4) Other includes FUMADERM and ADUHELM
11
TABLE 3 (continued)
BIOGEN INC. AND SUBSIDIARIES
PRODUCT REVENUE & TOTAL REVENUE
(unaudited, in millions)
Total Revenue
For the For the
Three Nine
Months Months
Ended Ended
Septem… Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Product
revenu… $ 2,088.7 $ 1,846.9 $ 5,757.4 $ 5,452.1
net
Royalty
revenue
on 369.9 386.4 1,068.5 1,029.0
sales
of
OCREVUS
Biogen…
share
of
pre-tax
profits
in the 118.3 101.0 338.7 292.4
U.S.
for
RITUXA…
GAZYVA
and
LUNSUM…
Other
revenue
from 9.1 6.5 22.7 18.0
anti-C…
therap…
progra…
Alzhei…
collab… 68.4 42.7 191.6 130.6
revenue
Contra…
manufa…
royalty 149.7 151.2 639.0 689.1
and
other
revenue
Total $ 2,804.1 $ 2,534.7 $ 8,017.9 $ 7,611.2
revenue
12
TABLE 4
BIOGEN INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
OPERATING EXPENSE, OTHER (INCOME) EXPENSE, NET, AND INCOME TAX
(unaudited, in millions)
We supplement our GAAP consolidated financial statements and GAAP financial
measures with other financial measures, such as adjusted net income, adjusted
diluted earnings per share, revenue growth at constant currency, which excludes
the impact of changes in foreign exchange rates and hedging gains or losses, and
free cash flow, which is defined as net cash flow from operations less capital
expenditures. We believe that these and other Non-GAAP financial measures
provide additional insight into the ongoing economics of our business and
reflect how we manage our business internally, set operational goals and form
the basis of our management incentive programs. Non-GAAP financial measures are
in addition to, not a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP.
For the For the
Three Nine
Months Months
Ended Ended
Cost Septem… Septem…
of 30, 30,
Sales: 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Total
cost
of $ 748.4 $ 674.4 $ 2,186.3 $ 1,908.7
sales,
GAAP
Less:
litig… 1.1 104.3 3.4 104.3
matter
Less:
amort…
of
inven… 194.8 60.0 408.1 160.1
fair
value
step-…
Total
cost
of $ 552.5 $ 510.1 $ 1,774.8 $ 1,644.3
sales,
Non-G…
Resea…
and
Devel…
Expen…
Total
resea…
and $ 574.0 $ 436.1 $ 1,642.6 $ 1,269.2
devel…
expen…
GAAP
Less:
amort…
of
inven… — — 92.9 —
fair
value
step-…
Less:
acqui…
trans… 4.9 — 4.9 —
and
integ…
costs
Less:
restr…
charg…
and 2.0 4.3 8.2 17.1
other
cost
saving
initi…
Total
resea…
and $ 567.1 $ 431.8 $ 1,536.6 $ 1,252.1
devel…
expen…
Non-G…
Selli…
Gener…
and
Admin…
Expen…
Total
selli…
gener… $ 752.0 $ 594.8 $ 2,069.0 $ 1,751.1
and
admin…
GAAP
Less:
acqui…
trans… 8.8 0.8 42.3 4.8
and
integ…
costs
Less:
restr…
charg…
and 13.5 2.1 17.8 2.5
other
cost
saving
initi…
Less: — — — 0.9
other
Total
selli…
gener… $ 729.7 $ 591.9 $ 2,008.9 $ 1,742.9
and
admin…
Non-G…
Amort…
and
Impai…
of
Acqui…
Intan…
Asset…
Total
amort…
and
impai…
of $ 172.8 $ 135.7 $ 477.5 $ 378.4
acqui…
intan…
asset…
GAAP
Less:
impai… — — — 3.5
charg…
Less:
amort…
of 160.2 121.8 437.0 337.8
acqui…
intan…
assets
Total
amort…
and
impai…
of $ 12.6 $ 13.9 $ 40.5 $ 37.1
acqui…
intan…
asset…
Non-G…
Other
(Inco…
Expen…
net:
Total
other
(inco… $ 137.4 $ 34.1 $ 175.6 $ 151.2
expen…
net,
GAAP
Less:
(gain)
loss
on 33.3 3.7 -31.8 34.1
equity
secur…
inves…
Less:
litig… 25.5 — 25.5 —
matter
Less: -12.8 -13.2 -11.5 -15.8
other
Total
other
(inco… $ 91.4 $ 43.6 $ 193.4 $ 132.9
expen…
net,
Non-G…
Income
Tax
(Bene…
Expen…
Total
income
tax $ 11.6 $ 90.8 $ 104.7 $ 270.7
(bene…
expen…
GAAP
Less:
U.S. — -11.5 — -11.5
tax
reform
Less:
income
tax
effect
relat… -86.3 -44.3 -199.6 -96.6
to
Non-G…
recon…
items
Total
income
tax $ 97.9 $ 146.6 $ 304.3 $ 378.8
(bene…
expen…
Non-G…
13
TABLE 4 (continued)
BIOGEN INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
NET INCOME ATTRIBUTABLE TO BIOGEN INC. & DILUTED EPS
(unaudited, in millions, except effective tax rate and per share amounts)
Eff…
Tax
Rat…
Tot…
eff…
tax
rat…
GAAP
Les…
U.S.
tax
ref…
Les…
imp…
of
GAAP
to
Non…
adj…
Tot…
eff…
tax
rat…
Non… For For
Net the the
(Lo… Three Nine
Inc… Mont… Mon…
Att… Ended (128… 16.3 End… 20.9 16.8
to Sept… — (2.1) Sep… — (0.…
Bio… 30, (148… % 1.2 % 30, 3.6 % 1.3 %
Inc… 2026 20.0 % 2025 17.2 % 2026 17.3 % 2025 16.2 %
──────────────────────────────────────────────────────────────────────────────
Tot…
net
(lo…
inc…
att… $ -20.6 $ 466.5 $ 396.4 $ 1,3…
to
Bio…
Inc…
GAAP
Plu…
lit… 26.6 104.3 28.9 104…
mat…
Plu…
amo…
of
inv… 194.8 60.0 501.0 160…
fair
val…
ste…
Plu…
imp… — — — 3.5
cha…
Plu…
acq…
tra… 13.7 0.8 47.2 4.8
and
int…
cos…
Plu…
amo…
of 160.2 121.8 437.0 337…
acq…
int…
ass…
Plu…
res…
cha…
and 82.1 13.8 265.7 61.6
oth…
cost
sav…
ini…
Plu…
(ga…
loss
on
fair 0.4 5.6 23.4 28.4
val…
rem…
of
con…
con…
Plu…
(ga…
loss
on 33.3 3.7 -31.8 34.1
equ…
sec…
inv…
Plu…
US — -11.5 — -11…
tax
ref…
Plu…
inc…
tax
eff…
rel… -86.3 -44.3 -199… -96…
to
Non…
rec…
ite…
Plu… -12.8 -13.2 -11.5 -14…
oth…
Tot…
net
inc…
att… $ 391.4 $ 707.5 $ 1,45… $ 1,9…
to
Bio…
Inc…
Non…
Dil…
Ear…
Per
Sha…
Tot…
dil…
(lo…
ear… $ -0.14 $ 3.17 $ 2.66 $ 9.14
per
sha…
GAAP
(Le…
Plu…
adj…
to
GAAP
net
inc… 2.76 1.64 7.13 4.16
att…
to
Bio…
Inc.
(as
det…
abo…
Tot…
dil…
ear… $ 2.62 $ 4.81 $ 9.79 $ 13.…
per
sha…
Non…
14
TABLE 4 (continued)
BIOGEN INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION: REVENUE CHANGE AT CONSTANT CURRENCY
(unaudited)
Revenue changes at constant currency are presented excluding the impact of
changes in foreign currency exchange rates and hedging gains or losses. Foreign
currency revenue values are converted into U.S. Dollars using the exchange rates
from the end of the previous calendar year.
Q3 2026 YTD 2026
vs. vs.
Q3 2025 YTD 2025
Total Revenue:
Revenue change, as reported 10.6 % 5.3 %
Less: impact of foreign currency
translation and hedging gains / 0.4 1.9
losses
Revenue change at constant 10.2 % 3.4 %
currency
Total Product Revenue:
Revenue change, as reported 13.1 % 5.6 %
Less: impact of foreign currency
translation and hedging gains / 0.6 2.3
losses
Revenue change at constant 12.5 % 3.3 %
currency
Total MS Product Revenue:
Revenue change, as reported -13.4 % -9.0 %
Less: impact of foreign currency
translation and hedging gains / -0.1 1.5
losses
Revenue change at constant -13.3 % -10.5 %
currency
Total Rare Disease Revenue
Revenue change, as reported 26.8 % 11.9 %
Less: impact of foreign currency
translation and hedging gains / -0.1 2.1
losses
Revenue change at constant 26.9 % 9.8 %
currency
Total Biosimilars Product
Revenue:
Revenue change, as reported -15.7 % -10.4 %
Less: impact of foreign currency
translation and hedging gains / 3.5 4.9
losses
Revenue change at constant -19.2 % -15.3 %
currency
Total Other Product Revenue:
Revenue change, as reported 52.6 % 60.2 %
Less: impact of foreign currency
translation and hedging gains / — 0.2
losses
Revenue change at constant 52.6 % 60.0 %
currency
Total Revenue from Anti-CD20
Therapeutic
Programs Revenue:
Revenue change, as reported 0.7 % 6.8 %
Less: impact of foreign currency
translation and hedging gains / — 0.1
losses
Revenue change at constant 0.7 % 6.7 %
currency
Total Revenue from Alzheimer's
Collaboration Revenue:
Revenue change, as reported 60.2 % 46.7 %
Less: impact of foreign currency
translation and hedging gains / — —
losses
Revenue change at constant 60.2 % 46.7 %
currency
Total Contract Manufacturing,
Royalty
and Other Revenue:
Revenue change, as reported -1.0 % -7.3 %
Less: impact of foreign currency
translation and hedging gains / 0.1 3.4
losses
Revenue change at constant -1.1 % -10.7 %
currency
15
TABLE 4 (continued)
BIOGEN INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
FREE CASH FLOW
(unaudited, in millions)
We define free cash flow as net cash provided by (used in) operating activities
in the period less capital expenditures made in the period. The following table
reconciles net cash provided by (used in) operating activities, a GAAP measure,
to free cash flow, a Non-GAAP measure.
For For
the the
Three Nine
Months Months
Ended Ended
Septe… Septe…
Cash 30, 30,
Flow: 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
cash
provi…
by $ 640.8 $ 1,272.5 $ 1,735.2 $ 1,692…
(used
in)
opera…
activ…
Net
cash
provi…
by -222.1 -35.1 -4,270… -139.4
(used
in)
inves…
activ…
Net
cash
provi…
by -393.8 -130.2 858.4 -164.9
(used
in)
finan…
activ…
Net
incre…
(decr…
in $ 24.9 $ 1,107.2 $ -1,677… $ 1,388…
cash
and
cash
equiv…
Net
cash
provi…
by $ 640.8 $ 1,272.5 $ 1,735.2 $ 1,692…
(used
in)
opera…
activ…
Less:
Purch…
of
prope… 40.4 46.2 132.5 109.9
plant
and
equip…
Free
cash $ 600.4 $ 1,226.3 $ 1,602.7 $ 1,582…
flow
16
Use of Non-GAAP Financial Measures
We supplement our GAAP consolidated financial statements and GAAP financial
measures with other financial measures, such as adjusted net income, adjusted
diluted earnings per share, revenue growth at constant currency, which excludes
the impact of changes in foreign exchange rates and hedging gains or losses, and
free cash flow, which is defined as net cash flow from operations less capital
expenditures. We believe that these and other Non-GAAP financial measures
provide additional insight into the ongoing economics of our business and
reflect how we manage our business internally, set operational goals and form
the basis of our management incentive programs. Non-GAAP financial measures are
in addition to, not a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP.
Our “Non-GAAP net income attributable to Biogen Inc.” and “Non-GAAP earnings per
share - Diluted” financial measures exclude the following items from “GAAP net
income attributable to Biogen Inc.” and “GAAP earnings per share - Diluted”:
1. Acquisitions and divestitures
We exclude transaction, integration and certain other costs related to the
acquisition and divestiture of businesses/commercial assets and items associated
with the initial consolidation or deconsolidation of variable interest entities.
These adjustments include, but are not limited to, the amortization of inventory
fair value step-up, amortization and impairment of intangible assets, charges or
credits from the fair value remeasurement of our contingent consideration
obligations and losses on assets and liabilities held for sale.
2. Restructuring, business transformation and other cost saving initiatives
We exclude costs associated with our execution of certain strategies and
initiatives to streamline operations, achieve targeted cost reductions,
rationalize manufacturing facilities or refocus research and development
activities. These costs may include employee separation costs, retention
bonuses, facility closing/abandonment and exit costs, asset impairment charges
or additional depreciation when the expected useful life of certain assets have
been shortened due to changes in anticipated usage and other costs or credits
that management believes do not have a direct correlation to our ongoing or
future business operations.
3. (Gain) loss on equity security investments
We exclude unrealized and realized gains and losses related to our equity
security investments as we do not believe that these components of income or
expense have a direct correlation to our ongoing or future business operations.
4. Other items
We evaluate other items of income and expense on an individual basis and
consider both the quantitative and qualitative aspects of the item, including
(i) its size and nature, (ii) whether or not it relates to our ongoing business
operations and (iii) whether or not we expect it to occur as part of our normal
business on a regular basis. We also include an adjustment to reflect the
related tax effect of all reconciling items within our reconciliation of our
GAAP to Non-GAAP net income attributable to Biogen Inc. and earnings per share -
diluted.
17