Biogen Q1 revenue $2.5B, EPS beat; proposes Apellis acquisition, updates FY2026 guidance

BIOGEN INC.

2026-Q1 EPS reported $2.15 vs consensus $2.83 ▼ miss (-23.9%)

Q1 rev $2.5B (+2% YoY); GAAP EPS $2.15 (+31%); Non-GAAP EPS $3.57 (+18%).
Growth products: LEQEMBI $168M (+74%), SKYCLARYS $151M (+22%), ZURZUVAE $55M (+100%), VUMERITY $179M (+29%), QALSODY $33M (+110%).
Proposed Apellis acquisition expected to close Q2 2026, accretive in 2027; Biogen to update guidance post-close.
FY2026 Non-GAAP EPS guidance $14.25-$15.25 (ex-Apellis); total revenue seen declining mid-single digit % vs 2025.
Pipeline: litifilimab Phase 2 CLE positive; SPINRAZA High Dose Regimen FDA approved; felzartamab rights in Greater China acquired.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BIOGEN INC. reported the first quarter ended March 31, 2026 results: revenue $2,478, EPS GAAP diluted EPS $2.15; Non-GAAP diluted EPS $3.57. Guidance raised.

Period: the first quarter ended March 31, 2026
Revenue: $2,478
EPS: GAAP diluted EPS $2.15; Non-GAAP diluted EPS $3.57
Guidance: raised
Result: reported results

Exact text from the filing

and reported important positive new data that reinforce our confidence in the late‐stage pipeline." Financial Highlights Q1 '26 Q1 '25 △ r (CC * ) Total Revenue (in millions) $2,478 $2,431 2% (2)% GAAP diluted EPS $2.15 $1.64 31% N/A Non-GAAP diluted EPS $3.57 $3.02 18% N/A Note: Percent changes represented as favorable/(unfavorable) versus the prior year

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Source: SEC EDGAR

accession 0000875045-26-000042

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