Archive photo: Laboratory work, not identified as a Biogen facility or product. Mikhail Nilov/Pexels (cropped)
Biogen raised the lower end of its full-year adjusted earnings forecast Wednesday after third-quarter revenue rose 11%, although acquisition-related charges helped push the biotechnology company to a GAAP loss and adjusted earnings per share fell.
Revenue reached $2.804 billion, compared with $2.535 billion a year earlier, according to Biogen’s third-quarter results release. The company reported a GAAP diluted loss of $0.14 per share, compared with earnings of $3.17 per share in the same quarter of 2025.
Acquisition expense weighs on earnings
Non-GAAP diluted earnings were $2.62 per share, down from $4.81 a year earlier. Both GAAP and non-GAAP results included $284 million of acquired in-process research and development, upfront and milestone expense, mainly related to Biogen’s acquisition of RayThera. That compared with $2 million of such expense in the prior-year quarter.
Biogen said transaction-related charges were the main driver of the GAAP loss. The increased acquisition expense was not excluded from the adjusted earnings figure.
Apellis adds to the growth portfolio
The company’s Growth Portfolio revenue rose 49% from a year earlier to $1.26 billion, including the first full quarter of products acquired with Apellis. The acquisition closed in May 2026.
Rare-disease revenue increased 27% to $676 million, while multiple-sclerosis product revenue fell 13% to $919 million. Specialized immunology revenue, including acquired Apellis products, totaled $243 million.
Biogen reported global in-market Leqembi sales of $202 million, up 67%, but those sales are recorded by its partner Eisai, not as Biogen product revenue. Biogen’s Alzheimer’s collaboration revenue was $68 million, reflecting its share of net revenue and cost of sales, including royalties, from the collaboration.
Adjusted guidance floor rises
Biogen now expects full-year 2026 non-GAAP diluted earnings of $12.20 to $13.00 per share, compared with its previous range of $12.00 to $13.00. The upper end was unchanged.
The company attributed the higher floor to ongoing business strength and a smaller-than-previously-expected dilutive effect from Apellis. It expects full-year total revenue to increase by a mid-single-digit percentage from 2025.
Third-quarter operating cash flow was approximately $641 million. Biogen ended September with approximately $1.3 billion in cash and cash equivalents and $7.7 billion in total debt.
JBizNews Desk | Cambridge, Massachusetts
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