BIIB · Biogen Inc.

Biogen reported strong first quarter 2026 results, with total revenue of $2.5 billion, up 2% year-over-year, driven by growth products which delivered 12% YoY growth. GAAP diluted EPS was $2.15, up 31% YoY, and Non-GAAP diluted EPS was $3.57, up 18% YoY. Key growth drivers included LEQEMBI (global in-market sales $168M, +74% YoY), SKYCLARYS ($151M, +22% YoY), ZURZUVAE ($55M, +100% YoY), VUMERITY ($179M, +29% YoY), and QALSODY ($33M, +110% YoY). SPINRAZA declined 12% YoY to $374M due to ex-U.S. shipment timing. GAAP R&D expense increased 24% to $539M, driven by step-up amortization and late-stage program investments. GAAP SG&A expense rose 6% to $607M, supporting product launches. The company updated full-year 2026 Non-GAAP diluted EPS guidance to $14.25-$15.25, reflecting an approximately $1.00 impact from acquired IPR&D charges, excluding the Apellis transaction. Total revenue is expected to decline mid-single digit percentage versus 2025. The proposed acquisition of Apellis Pharmaceuticals, expected to close in Q2 2026, is anticipated to be accretive in 2027 and materially increase Non-GAAP EPS CAGR through the end of the decade. Management highlighted strong commercial execution and pipeline progress, including positive data for litifilimab, salanersen, and LEQEMBI persistence.