01—Abstract
Summary
Summary of the 10-Q filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona, 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 billionb. 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.
02—Key points
Key Highlights
- Total revenue increased by 1.9% to $2,477.8 million, driven by growth in anti-CD20 therapeutic programs and Alzheimer's collaboration revenue.
- Net income attributable to Biogen Inc. grew significantly by 33.1% to $319.5 million.
- Diluted earnings per share (EPS) increased to $2.15 from $1.64 in the prior year's quarter.
- Research and development expenses increased by 24.2% to $539.0 million, largely due to higher clinical trial spend and inventory step-up amortization.
- Acquired 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.
- The company announced a definitive agreement to acquire Apellis Pharmaceuticals for approximately $5.6 billion in March 2026.
- Cash, cash equivalents, and marketable securities totaled $4.7 billion as of March 31, 2026, reflecting strong liquidity.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 29, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $2.48B$2.43B | +1.9% |
| Cost of Revenue | $661.00M$629.30M | +5.0% |
| Gross Profit | $1.82B$1.80B | +0.8% |
| SG&A Expenses | $607.30M$572.50M | +6.1% |
| Operating Expenses | $2.10B$2.12B | −0.9% |
| Interest Expense | $67.60M$60.00M | +12.7% |
| Net Income | $319.50M$240.50M | +32.8% |
| EPS (Basic) | $2.17$1.65 | +31.5% |
| EPS (Diluted) | $2.15$1.64 | +31.1% |
| Shares Outstanding (Basic) | 147.20M146.10M | +0.8% |
| Shares Outstanding (Diluted) | 148.40M146.60M | +1.2% |
05—Questions
Frequently Asked Questions
What were the main drivers of Biogen's revenue growth in the first quarter of 2026?
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.
What is the significance of the proposed acquisition of Apellis Pharmaceuticals?
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.
How did Biogen's profitability change in the first quarter of 2026?
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.
What is the current liquidity position of Biogen?
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.
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