Biogen Q3 2026 Revenue Rises 11% to $2.8 Billion as Growth Portfolio Surges 49%, Guidance Raised

Biogen posted third-quarter 2026 total revenue of $2.8 billion, an 11% increase year-over-year that beat the consensus estimate of $2.64 billion, as CEO Christopher Viehbacher declared the company had returned to growth. Adjusted earnings per share came in at $2.62, well above estimates of roughly $2.06, though the company recorded a GAAP loss of $0.14 per share for the quarter.

The Growth Portfolio, which now includes a first full quarter of contributions from recently acquired Apellis products, generated $1.26 billion in revenue, up 49% year-over-year. SPINRAZA led the way with $461 million, up 23%, driven by accelerating conversion to the high-dose regimen across all launched markets. Leqembi, the Alzheimer's therapy developed with Eisai, brought in $202 million, a 67% increase, with U.S. in-market sales reaching $107 million. SKYCLARYS rose 34% to $178 million and SYFOVRE grew 27% to $191 million on continued volume growth. VUMERITY was the one soft spot, falling 11% to $192 million due to U.S. formulary dynamics. Multiple sclerosis revenue overall came in at $919 million, slightly ahead of the $903.6 million estimate.

For full-year 2026, Biogen raised the lower end of its non-GAAP diluted EPS guidance to $12.20 from $12.00, keeping the top end at $13.00, while projecting total revenue growth of a mid-single digit percentage. The company also guided combined non-GAAP research and development and selling, general and administrative expenses to approximately $4.95 billion.

On the pipeline, Biogen said topline data from both the TOPAZ-1 and TOPAZ-2 Phase 3 studies evaluating litifilimab in systemic lupus erythematosus are expected in the first half of December. With multiple additional Phase 3 readouts anticipated over the next 12 months, management said the company is positioned to further strengthen its long-term growth profile.