Biogen Q1 revenue and adjusted EPS beat, lowers 2026 outlook

Biogen

29/04/2026 11:19

Overview

U.S. biotechnology firm's Q1 revenue rose 2% yr/yr, beating analyst expectations

Adjusted EPS for Q1 rose 18% yr/yr, beating analyst expectations

Biogen expects 2026 revenue to decline mid-single digits, lowers adjusted EPS guidance

Outlook

Biogen sees 2026 non-GAAP diluted EPS at $14.25 to $15.25, excluding Apellis impact

Company expects 2026 revenue to decline by a mid-single digit percentage versus 2025

Biogen plans to update 2026 guidance to include Apellis after expected Q2 closing

Result Drivers

GROWTH PRODUCTS - Revenue growth driven by strong demand for LEQEMBI, SKYCLARYS, ZURZUVAE, VUMERITY, and QALSODY

MS PORTFOLIO - Multiple sclerosis revenue stable, with TYSABRI benefiting from favorable adjustments and inventory timing

EXPENSES - Higher R&D and SG&A expenses due to investment in late-stage programs and product launches

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$2.48 bln
$2.25 bln (21 Analysts)
Q1 Adjusted EPS
Beat
$3.57
$2.77 (16 Analysts)
Q1 EPS
$2.15


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 19 "strong buy" or "buy", 17 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the pharmaceuticals peer group is "buy"

Wall Street's median 12-month price target for Biogen Inc is $211.50, about 15.3% above its April 28 closing price of $183.38

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)