Biogen (BIIB) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenue reached $2.5 billion, up 2% year-over-year, with growth products delivering 12% growth and surpassing legacy MS products for the first time.

• GAAP diluted EPS was $2.15 (up 31%); Non-GAAP diluted EPS was $3.57 (up 18%).

• Growth momentum was driven by LEQEMBI, SKYCLARYS, ZURZUVAE, VUMERITY, and QALSODY, with high-dose SPINRAZA approved and rapidly adopted.

• Announced $5.6 billion Apellis acquisition, expected to close in Q2 2026, adding SYFOVRE and EMPAVELI and anticipated to be accretive to EPS in 2027.

• Strong liquidity position with $4.7 billion in cash and marketable securities, supporting acquisitions and ongoing investment.

Financial highlights

• Q1 2026 total revenue was $2.5 billion, up 2% year-over-year; product revenue rose 1.5% to $1,752.3 million.

• Growth products generated $851 million, up 12% year-over-year; LEQEMBI revenue reached $168 million (up 74%).

• Free cash flow was $594 million; cash and marketable securities at $4.7 billion; net debt at $1.5 billion.

• GAAP net income was $319.5 million; Non-GAAP net income was $529.1 million.

• Non-GAAP R&D expense was $480 million; Non-GAAP SG&A expense was $600 million, reflecting increased investment in pipeline and launches.

Outlook and guidance

• 2026 Non-GAAP diluted EPS guidance is $14.25–$15.25, excluding Apellis impact; guidance includes ~$1.00 EPS impact from acquired IPR&D charges.

• Full-year 2026 total revenue expected to decline mid-single digits due to MS product declines, partially offset by growth products.

• Apellis acquisition expected to close in Q2 2026, be accretive to non-GAAP EPS in 2027, and materially increase EPS CAGR through decade end.

• Q2 core operating expenses expected to be consistent with Q1; R&D expense projected to rise with late-stage programs.

• Non-GAAP effective tax rate for 2026 expected between 17% and 18%.