10-QPeriod: Q1 FY2026

BIOGEN INC. Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 29, 2026For Securities:BIIB

Summary

Biogen Inc. reported solid financial results for the first quarter of 2026, demonstrating revenue growth and improved profitability. Total revenue increased by 1.9% to $2,477.8 million, driven primarily by growth in revenue from anti-CD20 therapeutic programs and the Alzheimer's collaboration. Net income attributable to Biogen Inc. saw a significant increase of 33.1% to $319.5 million, leading to diluted earnings per share of $2.15, up from $1.64 in the prior year. This improvement was supported by a decrease in total costs and expenses, notably a significant reduction in acquired in-process research and development expenses. The company also maintained a strong liquidity position, with cash, cash equivalents, and marketable securities totaling $4.7 billion. Furthermore, Biogen announced a significant development with an agreement to acquire Apellis Pharmaceuticals for approximately $5.6 billion, expected to enhance its immunology and rare disease portfolio.

Financial Highlights

46 data points
Beta

Revenue

$2.48B

73.3% Gross Margin

Net Income

$319.50M

12.9% Net Margin

EPS (Diluted)

$2.15

Total Assets

$29.48B

Cash & Equivalents

$3.38B

Free Cash Flow

$594.30M

Financial Statements
Beta
Revenue$2.48B
Cost of Revenue$661.00M
Gross Profit$1.82B
SG&A Expenses$607.30M
Operating Expenses$2.10B
Interest Expense$67.60M
Net Income$319.50M
EPS (Basic)$2.17
EPS (Diluted)$2.15
Shares Outstanding (Basic)147.20M
Shares Outstanding (Diluted)148.40M

Key Highlights

  • 1Total revenue increased by 1.9% to $2,477.8 million, driven by growth in anti-CD20 therapeutic programs and Alzheimer's collaboration revenue.
  • 2Net income attributable to Biogen Inc. grew significantly by 33.1% to $319.5 million.
  • 3Diluted earnings per share (EPS) increased to $2.15 from $1.64 in the prior year's quarter.
  • 4Research and development expenses increased by 24.2% to $539.0 million, largely due to higher clinical trial spend and inventory step-up amortization.
  • 5Acquired in-process R&D, upfront, and milestone expenses decreased by 83.1% to $34.0 million compared to $200.7 million in the prior year.
  • 6The company announced a definitive agreement to acquire Apellis Pharmaceuticals for approximately $5.6 billion in March 2026.
  • 7Cash, cash equivalents, and marketable securities totaled $4.7 billion as of March 31, 2026, reflecting strong liquidity.

Frequently Asked Questions

Biogen's total revenue increased by 1.9% to $2,477.8 million, primarily driven by a 10.8% increase in revenue from anti-CD20 therapeutic programs to $419.1 million, and a 80.3% surge in Alzheimer's collaboration revenue to $59.5 million. Product revenue also saw a modest increase of 1.5% to $1,752.3 million, with MS revenue showing slight growth while rare disease revenue experienced a minor decline.

In March 2026, Biogen announced an agreement to acquire Apellis Pharmaceuticals for approximately $5.6 billion. This strategic move is expected to enhance Biogen's short- and long-term revenue growth by adding two commercialized immunology and rare disease medicines, SYFOVRE and EMPAVELI, to its portfolio. The acquisition is planned to be funded through existing cash and marketable securities, supplemented by bank loans.

Biogen demonstrated improved profitability with a 33.1% increase in net income attributable to Biogen Inc. to $319.5 million. This resulted in a significant rise in diluted earnings per share (EPS) to $2.15, up from $1.64 in the same period last year. The profitability improvement was supported by a decrease in total costs and expenses, particularly the substantial reduction in acquired in-process R&D, upfront and milestone expenses.

Biogen maintained a strong liquidity position, with cash, cash equivalents, and marketable securities totaling approximately $4.7 billion as of March 31, 2026, an increase from $4.2 billion at the end of 2025. The company generated $645.5 million in net cash flow from operating activities during the quarter, indicating robust operational cash generation.