Biogen Posts $20.6 Million Loss as Revenue Rises 10.6% in Third Quarter
Key Facts
Biogen posted a net loss attributable to the company of $20.6 million, or $0.14 per diluted share, in the third quarter ended Sept. 30, 2026, compared with net income of $466.5 million and diluted earnings of $3.17 per share in the same period a year earlier. The shift to a loss came despite a 10.6% year-over-year rise in total revenue to $2,804.1 million from $2,534.7 million. Net product revenue also increased 13.1% to $2,088.7 million from $1,846.9 million a year earlier. Chief Executive Christopher Viehbacher said the quarterly results “show that Biogen is back to growth.” The results reflected expansion in growth products and rare disease drugs, while acquisition-related charges and declines in some multiple sclerosis treatments weighed on the quarter’s results.
According to the company, third-quarter adjusted earnings per share under its non-GAAP measure were $2.62, including $284 million in acquired in-process research and development expenses, upfront payments and milestones. The financial report showed these expenses totaled $283.8 million, compared with $2.1 million in the third quarter of 2025, and attributed them mainly to the acquisition of RayThera. The accounting loss therefore coincided with positive adjusted earnings, while the year-over-year comparison reflected an increase in expenses related to deals and development. The company said total expenses also included other increases, making acquired expenses part of the quarter’s financial picture but not its sole explanation. The company did not provide further numerical detail on those other increases in the materials provided.
On the revenue side, the growth portfolio generated $1.26 billion in sales, up 49% from a year earlier, and accounted for 63% of core pharmaceutical revenue. The company said the portfolio received a strong contribution from the first full quarter of its acquired Apellis products. Rare disease revenue rose $143.0 million, or 26.8%, from the corresponding quarter of 2025. Biogen attributed the growth to the continued launch of the high-concentration dose of SPINRAZA and growth in launch products SKYCLARYS, QALSODY and ZURZUVAE. It added that unfavorable timing of SPINRAZA shipments in some international markets partly limited the increase, highlighting differences in sales performance across products and markets.
By contrast, revenue from multiple sclerosis products fell $142.2 million, or 13.4%, year over year. The company attributed the decline mainly to weaker global demand for TECFIDERA, particularly in Europe, where it faces generic competition. It also cited lower demand for interferon products as patients shift to oral and higher-efficacy treatments. Growth in rare disease drugs and the growth portfolio thus coincided with continued pressure on the multiple sclerosis treatment group, illustrating diverging trends among the company’s products during the quarter. U.S. revenue from SYFOVRE and EMPAVELI, two products added through the Apellis acquisition, was $242.8 million in the quarter.
Biogen raised the low end of its 2026 annual forecast for adjusted diluted earnings per share to $12.20 from $12.00, while keeping the high end at $13.00. The company said the range adjustment reflected business strength and the favorable impact of the Apellis acquisition in mitigating dilution to earnings per share. The increase in the low end followed higher third-quarter revenue and growth in the growth portfolio, while multiple sclerosis sales continued to decline. The company completed its acquisition of Apellis on May 14, 2026, adding SYFOVRE and EMPAVELI, two treatments approved by the U.S. Food and Drug Administration. Biogen shares closed at $252.73 on Oct. 27, 2026.
Biogen also completed its acquisition of RayThera on Aug. 6, 2026, and the acquired company’s lead program entered Phase 1 development during the third quarter. Biogen paid $225.0 million upfront in cash and may pay up to $275.0 million in development milestones and $500.0 million in regulatory milestones. The quarter’s acquired in-process research and development expenses, upfront payments and milestones were mainly tied to the RayThera deal, while the Apellis acquisition expanded the commercial product base during the year. Biogen is scheduled to hold a conference call and webcast to discuss third-quarter results on Oct. 28, 2026, at 8:30 a.m. Eastern time. The call follows the results announcement and the increase in the low end of its annual earnings per share forecast.