Biogen Inc. reported first‑quarter 2026 results on April 29, 2026, delivering total revenue of $2.48 billion, a 2% year‑over‑year increase, and diluted earnings per share of $3.57, up 18% from the prior year’s $3.02. The earnings beat analyst expectations by $0.62 per share, a 21% surprise over the consensus of $2.95.
Growth‑product revenue rose 12% to $851 million, driven by strong sales of LEQEMBI ($168 million, up 74% YoY), SKYCLARYS ($151 million, up 22% YoY), ZURZUVAE ($55 million, up 100% YoY), and QALSODY ($33 million, up 110% YoY). In contrast, the legacy multiple‑sclerosis franchise declined 4% when VUMERITY is excluded, reflecting ongoing competitive pressure from biosimilars and pricing adjustments.
Management cut the full‑year 2026 EPS guidance by $1.00, now projecting $14.25‑$15.25 versus the prior $15.25‑$16.25 range. The reduction reflects acquisition‑related in‑process R&D charges and a more conservative view of the MS portfolio’s trajectory. The company also reiterated its plan to acquire Apellis Pharmaceuticals, a transaction expected to close in Q2 2026 and to add two commercial medicines that are projected to accelerate earnings growth through the decade.
Chief Financial Officer Robin Kramer highlighted that growth products generated approximately $850 million in the quarter, while the MS franchise’s 4% decline underscores the need for continued focus on high‑margin growth opportunities. President and CEO Christopher Viehbacher noted that 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.”
Investors reacted positively to the earnings beat, but the downward guidance tempered enthusiasm. The market’s response reflected confidence in the company’s execution on growth products and the strategic value of the Apellis deal, while acknowledging the impact of integration costs and a cautious outlook for the legacy MS business.
The results reinforce Biogen’s transition strategy: strong performance in new indications offsets the erosion in its traditional MS portfolio, and the forthcoming Apellis acquisition positions the company for sustained growth. The guidance cut signals management’s prudence in accounting for acquisition-related charges, but the overall trajectory remains upward as the company expands its commercial footprint and pipeline depth.
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