Biogen reported a return to revenue growth in the third quarter, with sales from its newer products rising sharply and its recently acquired Apellis portfolio contributing for a full quarter. The company also raised the lower end of its 2026 adjusted earnings forecast, citing business strength and a smaller-than-expected earnings drag from Apellis.
Key details
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Revenue rose 11% to $2.8 billion. Biogen’s Growth Portfolio generated $1.26 billion, up 49% from a year earlier. It represented 63% of core pharmaceutical revenue, a measure that excludes biosimilar sales and includes Biogen’s 50% share of the LEQEMBI collaboration.
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The Apellis acquisition added SYFOVRE and EMPAVELI to the portfolio. Biogen bought Apellis in May 2026. The third quarter was the first full quarter of results from the acquired products. SYFOVRE revenue increased 27% to $191 million, while EMPAVELI revenue rose 92% to $52 million. Biogen said the legacy Apellis business had strong operating performance and that integration was progressing successfully.
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Product growth was broad, though not universal:
- SPINRAZA revenue increased 23% to $461 million, with conversion to its higher-dose regimen exceeding the company’s expectations across launched markets.
- LEQEMBI in-market sales rose 67% to $202 million; U.S. sales were $107 million. The global sales figures are recorded by Eisai, Biogen’s collaboration partner.
- SKYCLARYS revenue grew 34% to $178 million, and ZURZUVAE rose 53% to $84 million, both supported by stronger demand.
- QALSODY increased 42% to $38 million, reflecting demand growth in the U.S. and internationally.
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VUMERITY fell 11% to $192 million, primarily because of U.S. formulary changes.
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Reported earnings differed sharply from adjusted earnings. Biogen posted a GAAP diluted loss of 14 cents per share, driven mainly by transaction-related charges. Adjusted diluted earnings were $2.62 per share; those results included $284 million in acquired research and development, upfront and milestone expenses.
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The company lifted the low end of its 2026 adjusted earnings forecast. Biogen now expects diluted EPS of $12.20 to $13.00, compared with its previous range of $12.00 to $13.00. The upper end was unchanged. The company attributed the increase to continued business strength and a more favorable-than-expected earnings impact from Apellis.
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Biogen pointed to upcoming clinical milestones. Chief Executive Christopher Viehbacher said multiple Phase 3 trial results are expected over the next 12 months, describing them as part of the company’s effort to strengthen its longer-term growth profile.
Plain-English implications
The quarter’s growth was led by newer products, with the Apellis medicines adding a meaningful new contribution after the acquisition. The GAAP loss does not reflect the same picture as adjusted earnings because transaction-related charges weighed heavily on reported results. Biogen’s higher minimum earnings forecast signals greater confidence in its near-term performance, while the planned Phase 3 readouts highlight the importance of its pipeline to future growth.