Biogen Tops Q3 Estimates as Leqembi and Rare Disease Sales Surge, Guidance Raised
BIIB sits 83% above its 52-week low of $138.
Summary
Biogen beat on both lines: revenue rose 11% to $2.8 billion versus the $2.63 billion consensus, and adjusted EPS came in at $2.62 against $1.99 expected, though the company posted a third-quarter loss of $20.6 million, or 14 cents a share. The growth came from the new Apellis assets — Syfovre up 27% to $191 million and Empaveli up 92% to $52 million — plus a rare disease portfolio (Skyclarys, Spinraza) at $676 million, up 27%, with Spinraza revenue of $461 million, up 23%. Leqembi was the standout at roughly $202 million, up 67% and well above the $130.6 million analysts modeled, with the subcutaneous autoinjector approval now in hand to push uptake, and free cash flow came in at about $600 million. Management now sees 2026 adjusted EPS of $15.95-$16.75 and revenue up mid-single digits. This follows the Q2 print that beat on revenue but showed net income down 85% on Apellis integration and restructuring costs — the Q3 numbers suggest those acquired franchises are now contributing. Late-stage readouts for litifilimab and felzartamab over the next year are the next thesis drivers.
Updates
· SEC 8-K — Biogen raised the low end of its FY2026 non-GAAP diluted EPS guidance to $12.20-$13.00 from $12.00-$13.00, citing business strength and Apellis dilution favorability.
At the time of this announcement, 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 news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.