Biogen beats Q3 estimates, raises guidance floor on growth

Biogen Inc (NASDAQ:BIIB) surpassed earnings per share estimates in Q3, reporting $2.62 compared to the consensus of $2.02. Revenue increased to $2.8 billion, up 11% year-over-year. The Growth Portfolio's revenue grew 49% YoY to $1.26 billion, boosted by Apellis products and existing franchises. Biogen raised its lower 2026 EPS guidance range to $12.20-$13.00, surpassing the analyst consensus of $12.36.

CEO Christopher A. Viehbacher expressed enthusiasm about the company's return to growth, noting the strength of the Growth Portfolio, including Apellis products, driving double-digit revenue growth. SPINRAZA revenue increased 23% to $461 million, while LEQEMBI sales rose 67% YoY to $202 million. SYFOVRE generated $191 million with 18% volume growth, and SKYCLARYS revenue climbed 34% to $178 million.

Rare disease revenue grew 27% to $676 million, and Apellis-related revenue totaled $243 million. R&D expenses increased 31% to $567 million, with $284 million in acquired in-process R&D charges. Biogen anticipates a mid-single digit revenue increase for 2026.