Key Highlights:

  • Total Revenue came in at USD 2.7 billion, increasing 3% year over year and 2% on a constant-currency basis.
  • Non-GAAP EPS totaled USD 3.60, a 34% decrease year over year reflecting deal-related dilution and milestone charges.
  • Full-Year Revenue Guidance was expected to increase by a mid-single-digit percentage, revised upward from a previously projected mid-single-digit percentage decrease.
  • GAAP EPS was reported at USD 0.66, representing an 85% decrease from USD 4.33 in the prior year period.

Biogen Inc. (NASDAQ:BIIB) is scheduled to report third quarter results on Wednesday, Oct. 28, before the market open. Consensus estimates call for adjusted earnings per share of USD 1.98 on revenue of USD 2.63 billion, against a market capitalization of USD 37.27 billion.

In the most recently reported quarter, Total Revenue came in at USD 2.7 billion, increasing 3% year over year and 2% on a constant-currency basis. Non-GAAP EPS totaled USD 3.60, a 34% decrease year over year reflecting deal-related dilution and milestone charges.

Growth Portfolio Revenue and Other Business Trends

Growth Portfolio Revenue came in at USD 1.1 billion, growing 24% year over year and exceeding the revenue of the legacy multiple sclerosis franchise. SPINRAZA Revenue totaled USD 402 million, up 2% year over year, with high-dose conversion rates in the U.S., Europe, and Japan exceeding company expectations. SYFOVRE Revenue stood at USD 162 million for the full second quarter, with USD 97 million recognized by Biogen following the close of the Apellis acquisition on May 14, 2026. EMPAVELI Revenue was reported at USD 46 million for the full second quarter, reflecting 123% year-over-year growth driven by demand.

What Management Guided

Full-Year Non-GAAP EPS Guidance came in at USD 12.00 to USD 13.00, incorporating approximately USD 3.00 per share in milestone charges and USD 0.85 in dilution from the Apellis transaction.

SKYCLARYS Revenue and Capital Position

SKYCLARYS Revenue came in at USD 168 million, representing 29% growth year over year due to increased global demand and international launches. LEQEMBI Global End-Market Sales totaled USD 184 million, increasing 15% year over year with USD 97 million in sales from the U.S. market. ZURZUVAE Revenue stood at USD 71 million, up 53% year over year and supported by the brand's first international launch in Germany. TYSABRI Revenue was reported at USD 451 million, declining 1% year over year but maintaining demand resilience despite biosimilar competition in the U.S. and Europe. VUMERITY Revenue came in at USD 197 million, down 7% year over year due to inventory dynamics despite a 7% increase for the first half of the year.

Legacy MS Portfolio Revenue and Additional Detail

Legacy MS Portfolio Revenue came in at USD 767 million, reflecting a transition in the company's revenue base as growth products become primary drivers. Apellis Transaction Synergies totaled at least USD 250 million in run-rate savings expected by the end of 2027, primarily through general and administrative optimization. Non-GAAP Operating Expenses stood at combined R&D and SG&A expected to be between USD 2.65 billion to USD 2.7 billion for the second half of 2026. Free Cash Flow was reported at USD 408 million generated during the second quarter, compared to USD 134 million in the prior year period. Net Debt came in at USD 6.8 billion, with USD 1.3 billion in cash and USD 8.1 billion in total debt following the USD 3 billion cash component of the Apellis acquisition.

Figures to Follow in the Release

Investors can watch third quarter results against the figures management has already put on record, including the following: Full-Year Revenue Guidance was expected to increase by a mid-single-digit percentage, revised upward from a previously projected mid-single-digit percentage decrease.