Biogen reported a mixed first quarter with modest revenue growth driven by key products, but a decline in overall revenue at constant currency. The company announced a significant acquisition of Apellis Pharmaceuticals, which is expected to bolster future growth, and updated its full-year guidance to reflect ongoing business development investments.
Total revenue increased 2% year-over-year to $2.5 billion.
positiveGAAP diluted EPS increased 31% year-over-year to $2.15.
positiveNon-GAAP diluted EPS increased 18% year-over-year to $3.57.
positiveGrowth products delivered 12% year-over-year growth.
positiveLEQEMBI global in-market sales increased 74% year-over-year to $168 million.
positiveSKYCLARYS global revenue increased 22% year-over-year to $151 million.
positiveZURZUVAE revenue increased 100% year-over-year to $55 million.
positiveVUMERITY global revenue grew 29% year-over-year to $179 million.
positiveQALSODY global revenue increased 110% year-over-year to $33 million.
positiveFree cash flow was $594.3 million, a significant increase from $222.2 million in the prior year.
positiveNet debt decreased to $1.5 billion as of March 31, 2026.
positiveTotal revenue declined by 1.6% at constant currency, indicating underlying weakness despite reported growth.
negativeSPINRAZA global revenue declined 12% year-over-year to $374 million.
negativeContract manufacturing, royalty and other revenue decreased 16% year-over-year to $247 million.
negativeFull year 2026 total revenue is expected to decline by a mid-single digit percentage versus full year 2025.
negativeFull year 2026 Non-GAAP diluted EPS guidance was updated to $14.25 - $15.25, a reduction from prior guidance.
negativeAcquired IPR&D charges are expected to have an approximately $1.00 impact on full year 2026 Non-GAAP diluted EPS.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Multiple sclerosis (MS) | N/A | — | — | — | -2.9% |
Rare disease | N/A | — | — | — | -4.9% |
Biosimilars | N/A | — | — | — | -6.5% |
Other | N/A | — | — | — | +87.4% |
Revenue from anti-CD20 therapeutic programs | N/A | — | — | — | +10.7% |
Alzheimer's collaboration revenue | N/A | — | — | — | +80.4% |
Contract manufacturing, royalty and other revenue | N/A | — | — | — | -20.4% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| acquisition_accretive_to_eps | accretive in 2027 | 2027 | point | New |
| eps_outlook | materially increases | next few years | directional | New |
| non_gaap_eps_impact_from_acquired_iprd_charges | 80 cents | second quarter | point | New |
| non_gaap_eps_impact_from_tj_bio_transaction | 55 cents | second quarter | point | New |
| non_gaap_eps_impact_from_stellar_one_milestone | 25 cents | second quarter | point | New |
| revenue_outlook | consistent with our prior guidance | full year 2026 | directional | New |
| contract_manufacturing_revenue | roughly $600 million | full year 2026 | point | New |
| core_operating_expenses | roughly consistent with Q1 | Q2 2026 | directional | New |
| non_gaap_and_other_income_expense_impact | 120-130 million | 2026 | tight_range | New |
| repayment_of_borrowings | by the end of 2027 | end of 2027 | directional | New |
| non_gaap_eps_accretion | accreted | 2027 | directional | New |
funded by cash from the balance sheet and $2 billion from bank borrowings
new borrowings: by the end of 2027
funded by China rights for Salarttomab
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
We significantly advanced our transformation into the New Biogen through strong commercial and pipeline execution and the announcement of our intent to acquire Apellis.
We believe the planned acquisition of Apellis will bolster our revenue and earnings growth, adding two differentiated commercial medicines and deepening the foundation for felzartamab, our key Phase 3 asset in kidney disease.
This acquisition and the acquired rights to felzartamab in China come while we also expanded sales of our growth products, demonstrated continued resilience in our MS portfolio and reported important positive new data that reinforce our confidence in the late‑stage pipeline.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.