Biogen Q3 revenue beats on Apellis acquisition, product demand

Biogen

28/10/2026 10:17

Overview
U.S. biotechnology firm's Q3 revenue rose 11% yr/yr, beating analyst expectations
Adjusted EPS for Q3 beat consensus, driven by growth portfolio and Apellis product contribution
Company raised lower end of full-year non-GAAP EPS guidance, citing ongoing business strength

Outlook
Biogen raises full-year 2026 Non-GAAP diluted EPS guidance to $12.20-$13.00 from $12.00-$13.00
Company expects 2026 revenue to increase by a mid-single digit percentage versus 2025
Biogen expects combined Non-GAAP R&D and SG&A expense to be about $4.95 bln for 2026

Result Drivers
APELLIS ACQUISITION - Co said strong first full quarter contribution from acquired Apellis products drove growth portfolio revenue
PRODUCT DEMAND - Co cited strong demand growth for key products including SPINRAZA, LEQEMBI, SYFOVRE, SKYCLARYS, ZURZUVAE, EMPAVELI and QALSODY
PRODUCT MIX - Co said increase in cost of sales as a percentage of revenue was driven primarily by product mix and higher amortization costs from acquisitions

Company press release: Full Story

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$2.80 bln
$2.63 bln (28 Analysts)
Q3 Adjusted EPS
Beat
$2.62
$1.99 (27 Analysts)
Q3 Loss Per Share
 
$0.14
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 26 "strong buy" or "buy", 11 "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 $248.00, about 1.9% below its October 27 closing price of $252.73
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 14 three months ago

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(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.)