Q1 26 EPS
$3.57
Q1 26 Revenue
$2.48B
BEAT +10.22%
Est. $2.25B
vs S&P Since Q1 26
+0.7%
BEATING MARKET
BIIB +2.0% vs S&P +1.3%
Market Reaction
Did BIIB Beat Earnings? Q1 2026 Results
Biogen delivered a strong first-quarter beat to open 2026, with non-GAAP diluted EPS of $3.57 clearing the $2.95 consensus estimate by 20.93% and revenue of $2.48 billion running 10.22% ahead of expectations, lifted by 1.9% year-over-year growth. The… Read more Biogen delivered a strong first-quarter beat to open 2026, with non-GAAP diluted EPS of $3.57 clearing the $2.95 consensus estimate by 20.93% and revenue of $2.48 billion running 10.22% ahead of expectations, lifted by 1.9% year-over-year growth. The quarter's outperformance was powered largely by the company's designated growth portfolio, which expanded 12% year-over-year, led by LEQEMBI's 74% surge to $168 million in global in-market sales and SKYCLARYS climbing 22% to $150.70 million. A meaningfully lower effective tax rate of 15.4%, partly reflecting a favorable foreign tax settlement, also boosted profitability. Looking ahead, Biogen trimmed its full-year 2026 non-GAAP EPS guidance to $14.25-$15.25 from $15.25-$16.25, absorbing roughly $1.00 in acquired IPR&D charges tied to recent business development moves, including the pending acquisition of Apellis Pharmaceuticals, a deal expected to be accretive in 2027 and drive meaningful EPS growth compounding through decade's end. A DCF analysis circulating in the market currently pegs Biogen as substantially undervalued, adding further investor interest around the quarter's results.
Key Takeaways
- • Growth products delivered 12% year-over-year growth demonstrating continued strong commercial execution
- • LEQEMBI global in-market sales up 74% year-over-year to $168 million
- • TYSABRI benefitted from approximately $40 million favorable U.S. discount adjustment and inventory timing plus $19 million favorable ex-U.S. inventory timing
- • VUMERITY grew 29% year-over-year supported by U.S. inventory dynamics
- • ZURZUVAE doubled year-over-year on strong continued demand growth
- • Lower effective tax rate due to favorable foreign tax settlement and vesting of share-based awards
- • Contract manufacturing revenue benefitted from acceleration of manufacturing activity in Q1
BIIB Forward Guidance & Outlook
Biogen updated full year 2026 Non-GAAP diluted EPS guidance to $14.25–$15.25, down from prior guidance of $15.25–$16.25, reflecting approximately $1.00 in acquired IPR&D charges (approximately $0.20 in Q1 and $0.80 expected in Q2), excluding any impact from the pending Apellis transaction. Of the $1.00 IPR&D impact, approximately $0.55 relates to the TJ Biopharma felzartamab Greater China deal and approximately $0.25 from a milestone expected in Q2. Total revenue is expected to decline by a mid-single digit percentage for 2026 vs 2025, as further declines in MS product revenue (excluding VUMERITY) are expected to be partially offset by growth product increases. Gross margin percentage and combined Non-GAAP R&D and SG&A expenses are expected to be roughly consistent year-over-year. Non-GAAP effective tax rate is expected between approximately 17% and 18%. The Apellis transaction is expected to close in Q2 2026, at which point Biogen plans to provide updated 2026 guidance inclusive of Apellis. Apellis is expected to be accretive in 2027 and materially increase Biogen's Non-GAAP diluted EPS CAGR through end of the decade.
BIIB YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
BIIB Revenue by Segment
With YoY comparisons, source: SEC Filings
BIIB Revenue by Geography
With YoY comparisons, source: SEC Filings
“We significantly advanced our transformation into the New Biogen through strong commercial and pipeline execution and the announcement of our intent to acquire Apellis. We believe the planned acquisition of Apellis will bolster our revenue and earnings growth, adding two differentiated commercial medicines and deepening the foundation for felzartamab, our key Phase 3 asset in kidney disease. This acquisition and the acquired rights to felzartamab in China come while we also expanded sales of our growth products, demonstrated continued resilience in our MS portfolio and reported important positive new data that reinforce our confidence in the late‑stage pipeline.”
— Christopher A. Viehbacher, Q1 2026 Earnings Press Release
BIIB Earnings Trends
BIIB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BIIB EPS Trend
Earnings per share: estimate vs actual
BIIB Revenue Trend
Quarterly revenue: estimate vs actual
BIIB Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.57 | — | $2.48B | +10.22% |
| Q4 25 BEAT FY | $1.61 | $1.99 | +23.60% | $2.28B | -0.60% |
| FY Full Year | $15.02 | $15.28 | +1.70% | $9.89B | +0.67% |
| Q3 25 BEAT | $3.88 | $4.81 | +23.88% | $2.53B | +8.20% |
| Q2 25 BEAT | $3.87 | $5.47 | +41.31% | $2.65B | +13.90% |
| Q1 25 MISS | $3.04 | $3.02 | -0.72% | $2.43B | +8.80% |