WS Investor
28 Oct 2026, 14:56
Biogen Rises 1% as Revenue Growth Returns and 2026 EPS Guidance Improves
Biogen (NASDAQ: BIIB) shares rose about 1% after the company reported double-digit third-quarter revenue growth, strong momentum across its Growth Portfolio and a higher lower end of full-year EPS guidance.
Third-quarter revenue increased 11% year over year to $2.80 billion, while Growth Portfolio revenue surged 49% to $1.26 billion and represented 63% of Core Pharmaceutical revenue. Key products included SPINRAZA, up 23%, LEQEMBI, up 67%, SKYCLARYS, up 34%, and ZURZUVAE, up 53%.
Reported earnings were pressured by transaction-related expenses. GAAP EPS was a loss of $0.14, while non-GAAP EPS fell to $2.62 from $4.81 a year earlier. Results included $284 million of acquired IPR&D, upfront and milestone expenses, primarily tied to the RayThera acquisition.
The Apellis portfolio also contributed strongly in its first full quarter under Biogen. SYFOVRE revenue rose 27% to $191 million, while EMPAVELI nearly doubled to $52 million. However, legacy multiple sclerosis product revenue declined 13%, and biosimilars revenue fell 16%.
Biogen raised the lower end of its 2026 reported non-GAAP EPS guidance to $12.20-$13.00 from $12.00-$13.00, citing underlying business strength and better-than-expected dilution from the Apellis acquisition. Full-year revenue is expected to grow at a mid-single-digit rate.
The 1% gain appears to reflect renewed confidence in Biogen’s growth portfolio and improved guidance, which outweighed lower year-over-year EPS and elevated acquisition-related expenses.
Biogen (NASDAQ: BIIB) shares rose about 1% after the company reported double-digit third-quarter revenue growth, strong momentum across its Growth Portfolio and a higher lower end of full-year EPS guidance.
Third-quarter revenue increased 11% year over year to $2.80 billion, while Growth Portfolio revenue surged 49% to $1.26 billion and represented 63% of Core Pharmaceutical revenue. Key products included SPINRAZA, up 23%, LEQEMBI, up 67%, SKYCLARYS, up 34%, and ZURZUVAE, up 53%.
Reported earnings were pressured by transaction-related expenses. GAAP EPS was a loss of $0.14, while non-GAAP EPS fell to $2.62 from $4.81 a year earlier. Results included $284 million of acquired IPR&D, upfront and milestone expenses, primarily tied to the RayThera acquisition.
The Apellis portfolio also contributed strongly in its first full quarter under Biogen. SYFOVRE revenue rose 27% to $191 million, while EMPAVELI nearly doubled to $52 million. However, legacy multiple sclerosis product revenue declined 13%, and biosimilars revenue fell 16%.
Biogen raised the lower end of its 2026 reported non-GAAP EPS guidance to $12.20-$13.00 from $12.00-$13.00, citing underlying business strength and better-than-expected dilution from the Apellis acquisition. Full-year revenue is expected to grow at a mid-single-digit rate.
The 1% gain appears to reflect renewed confidence in Biogen’s growth portfolio and improved guidance, which outweighed lower year-over-year EPS and elevated acquisition-related expenses.
