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Company research20 Mar 2024
Companies That Had Their IPO in 1991: Recovery From a Recession
An overview of the markets and the IPO landscape as the economy recovered from the early 90s recession.
Biogen
Biogen (BIIB) investor relations material
Biogen Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue was $2.804B, up 10.6% YoY; Growth Portfolio revenue reached $1.264B, up 49%, and represented 63% of Core Pharmaceutical revenue.
Growth reflected rising demand across products and the first full-quarter contribution from Apellis; legacy MS portfolio revenue was $727M, down 14%.
GAAP net loss was $20.6M and diluted EPS was $(0.14); non-GAAP diluted EPS was $2.62.
Financial highlights
Product revenue rose 13.1% to $2.089B; U.S. product revenue increased 35.3% to $1.265B, while rest-of-world revenue declined 9.6% to $823.7M.
Total costs and expenses rose 42.3% to $2.813B, including $283.8M of acquired IPR&D, upfront and milestone expense versus $2.1M a year earlier.
Adjusted net income was $391.4M and adjusted diluted EPS was $2.62, versus $707.5M and $4.81 in Q3 2025; acquired charges reduced adjusted EPS by ~ $1.70.
Non-GAAP R&D expense was $567M and non-GAAP SG&A was $730M; GAAP cost of sales was $748.4M, or 27% of revenue.
Outlook and guidance
FY 2026 revenue is expected to grow at a mid-single-digit percentage rate; reported non-GAAP diluted EPS guidance increased at the low end to $12.20–$13.00, from $12.00–$13.00.
Underlying FY 2026 non-GAAP EPS guidance is $15.95–$16.75, before expected acquired IPR&D and related charges of ~$(3.20) per share and Apellis dilution of ~$(0.55) per share.
FY 2026 non-GAAP Core OpEx is expected to be ~$4.95B; other income and expense is expected to be a net expense of $265M–$275M, with a non-GAAP tax rate of ~18%.
Run-rate Apellis synergies of at least $250M remain targeted by end-2027; the transaction is expected to be less dilutive in 2026 and accretive to non-GAAP EPS in 2027.
Five registrational readouts are expected over 12 months across a stated $12B total addressable market, including Phase 3 SLE, CLE, AMR and Dravet studies.
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Latest events from Biogen
- Pipeline diversification and targeted acquisitions position for multi-asset growth in key therapeutic areas.BIIB
Morgan Stanley 24th Annual Global Healthcare Conference - Diversification, disciplined investment, and pipeline execution drive growth and resilience.BIIBWells Fargo 21st Annual Healthcare Conference
- Q2 2026 revenue rose 3% to $2.74B as Growth Portfolio gains and Apellis boosted results.BIIBQ2 2026
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- Q2 Non-GAAP EPS up 31% YoY; guidance raised as rare disease and new launches drive growth.BIIBQ2 2024
- Accelerated pipeline progress and strategic diversification drive growth in Alzheimer's, lupus, and rare diseases.BIIBStifel 2025 Virtual CNS Forum
- Q1 2025 revenue up 6% to $2.43B, rare disease growth offsets MS decline; 2025 outlook steady.BIIBQ1 2025
Next Biogen earnings date
Q4 20265 Feb, 2027
Biogen
Next Biogen earnings date
Q4 20265 Feb, 2027
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Frequently asked questions
Developing Breakthrough Medications
Biogen is a multinational biotechnology company operating in the field of discovery, development, and sale of various. The company was established in 1978 and is based in Cambridge, Massachusetts. Over the years, Biogen has emerged as a key player in the biotech sector, specifically in neurology, with several therapies targeting multiple sclerosis (MS) and spinal muscular atrophy (SMA). Beyond neurology, their portfolio spans therapies for conditions such as hemophilia and other rare disorders.
Decades of Experience
Founded in 1978, Biogen stands as one of the world's oldest independent biotechnology companies. Its roots trace back to a group of scientists who recognized the potential of biotechnology to produce breakthrough medicines. In addition to its offerings of medications currently on the market, the company has consistently invested in research and development, leading to numerous innovations in the biotechnology sector. Biogen has consistently been able to develop marketable medications that make a positive impact on patient health. The company has expanded through a combination of organic growth as well as through collaborations and acquisitions over the years.
The Portfolio
Biogen has a vast therapeutic portfolio of various medications. The company has developed a range of therapies over the years, with several being first-of-their-kind or best-in-class. A standout is their focus on neurology, particularly in multiple sclerosis. Products like TECFIDERA and AVONEX have been game-changers in the MS treatment landscape. Additionally, SPINRAZA, designed for spinal muscular atrophy, is another prime example of Biogen's novel treatments addressing severe medical conditions. The company is also constantly working on developing new drugs
A Global Company
The company has a significant global presence, spanning countries across multiple continents. Their expansive distribution network ensures that their therapies are accessible to patients around the world. This is nothing unique for this type of company and the world's largest biotechnology companies and medication producers such as Pfizer, Eli Lilly, and Amgen, to mention a few, all operate on a global scale.