Biogen Q3 Revenue Up 11% to $2.8B; Low End of FY26 EPS Guidance Raised
BIIB sits 83% above its 52-week low of $138.
Summary
Biogen grew Q3 revenue 11% to $2.8 billion and lifted the low end of its 2026 Non-GAAP EPS range to $12.20, with litifilimab Phase 3 SLE data due in early December 2026.
Key Events · Earnings and Guidance · BIIB
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Q3 Revenue Beats, Up 11%
Total revenue of $2,804.1 million rose 11% year-over-year from $2,534.7 million, with Growth Portfolio revenue of $1.26 billion up 49% and representing 63% of Core Pharmaceutical revenue.
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GAAP Loss on IPR&D Charges
GAAP diluted EPS was $(0.14) versus $3.17 a year ago, driven by $284 million of acquired IPR&D, upfront and milestone expense, primarily the RayThera acquisition; Non-GAAP diluted EPS was $2.62 versus $4.81.
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Guidance Low End Raised
FY2026 Non-GAAP diluted EPS guidance range moves to $12.20 to $13.00 from $12.00 to $13.00, reflecting business strength and Apellis dilution favorability; full-year revenue still expected up mid-single digits.
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Balance Sheet and Cash Flow
Q3 operating cash flow was $640.8 million and free cash flow $600.4 million; as of September 30, 2026 cash was about $1.3 billion against roughly $7.7 billion total debt, or about $6.4 billion net debt.
Analysis · BIIB · Life Sciences
Double-digit growth is back: revenue of $2.8 billion rose 11% year-over-year, with the Growth Portfolio up 49% to $1.26 billion and now 63% of core pharmaceutical revenue, helped by the first full quarter of Apellis products. The headline GAAP loss of $(0.14) per share is an accounting artifact of $284 million in acquired IPR&D and milestone expense, mostly the RayThera deal — Non-GAAP EPS was $2.62. Management nudged the low end of full-year Non-GAAP EPS guidance up to $12.20 from $12.00, a modest but real sign of business strength and better-than-expected Apellis dilution. The bigger swing factor sits just ahead: litifilimab Phase 3 topline data in SLE is due in the first half of December 2026, and that readout, not this quarter, is what re-rates the pipeline story.
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At the time of this filing, BIIB was trading at $252.73 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $37.3B. The 52-week trading range was $138.00 to $254.41. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.