Biogen Inc. (BIIB)

Biogen reported third-quarter 2026 revenue of $2.8 billion on October 28, 2026, up 11% from a year earlier 1.

Growth products drove it: that group brought in $1.26 billion, up 49%, including the first full quarter of the Apellis medicines SYFOVRE and EMPAVELI 1.

Multiple sclerosis (MS) sales, the older core business, fell 13% to $919 million 1.

The company's GAAP loss of $0.14 a share was driven mainly by transaction-related charges, and it raised the low end of its 2026 non-GAAP earnings guidance to a range of $12.20 to $13.00 1.

Reuters reported that revenue topped the $2.63 billion LSEG estimate 4.

Next, the company expects top-line results from two Phase 3 studies of litifilimab in lupus in the first half of December 2026 1.

Founded in 1978, Biogen calls itself a biotechnology company 1.

Its marketed medicines for MS, a disease that damages nerves, include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY 3.

Revenue barely moved in recent years: $9,835.6 million in 2023, $9,675.9 million in 2024 and $9,890.6 million in 2025 3.

Generic rivals to TECFIDERA, an MS pill, arrived in North America, Brazil and parts of Europe, and the company says that competition has significantly reduced TECFIDERA revenue 3.

In 2025 MS revenue fell $310.9 million, or 7.1%, mainly on lower TECFIDERA and TYSABRI demand as generic and biosimilar rivals arrived outside the U.S. 3.

Rare diseases pushed the other way, with revenue up $166.1 million, or 8.4%, in 2025 3.

SKYCLARYS, a treatment for Friedreich's ataxia (FA), grew from $382.5 million to $520.5 million 3.

Biogen acquired Reata in September 2023, and the FDA had approved SKYCLARYS in February 2023 3.

It also started a cost saving program, Fit for Growth, in 2023 3.

LEQEMBI, the Alzheimer's medicine developed with Eisai, began to count: the company's share of its revenue rose from $59.9 million in 2024 to $177.7 million in 2025 3.

Biogen and Eisai share the costs, profits and losses of LEQEMBI equally 2.

In 2026 the company bought Apellis Pharmaceuticals, whose tender offer had every condition satisfied or waived on May 14, 2026 5.

Biogen paid cash consideration of $5,406.0 million and funded it with cash on hand, a $2.0 billion term loan and a $400.0 million drawdown on its revolving credit facility 2.

On August 6, 2026, it completed the purchase of RayThera, a private immunology company, with an upfront cash payment of $225.0 million 2.

Multiple sclerosis

MS product revenue was $919 million in the third quarter of 2026, down 13% 1.

VUMERITY, an MS pill, earned $192 million, down 11%, which the company tied mainly to U.S. formulary dynamics, meaning insurers' drug lists 1.

Rare disease

Rare disease revenue was $676 million, up 27% 1.

SPINRAZA, for spinal muscular atrophy, earned $461 million, up 23%, and the company says conversion to a high-dose regimen is exceeding its expectations 1.

SKYCLARYS earned $178 million, up 34%, and QALSODY, for ALS, $38 million, up 42% 1.

ZURZUVAE, sold with Supernus, earned $84 million, up 53% 1.

Alzheimer's: LEQEMBI

Eisai records global in-market sales of LEQEMBI, which were $202 million, up 67%, with $107M of that in the U.S. 1.

In July 2026 the FDA approved a weekly initiation dose of the LEQEMBI subcutaneous autoinjector, IQLIK, available in the U.S. from August 2026 2.

Apellis medicines

SYFOVRE, for the eye disease geographic atrophy, earned $191 million, up 27%, and EMPAVELI, used in kidney diseases, $52 million, up 92% 1.

Together the two earned $689 million of net product revenue in 2025, before Biogen owned them 5.

Anti-CD20 programs and biosimilars

Biogen has business and financial rights to Genentech's cancer and MS medicines, including OCREVUS 3.

That revenue was $497 million in the third quarter, up 1%, and biosimilars earned $166 million, down 16% 1.

Sites and people

Biogen had about 7,500 employees at the end of 2025 3.

It owns about 1,237,000 square feet at Research Triangle Park, North Carolina, for offices, labs and manufacturing, and 734,000 at Solothurn, Switzerland, for manufacturing 3.

Christopher Viehbacher is president and chief executive, and Robin Kramer became chief financial officer in March 2025 3.

Rivals and problems

TECFIDERA generics and a TYSABRI biosimilar are the named competitors pressing the MS business 32.

Third-quarter other expense of about $137 million reflected net interest expense, losses on equity investments and higher litigation expenses, and net debt was about $6.4 billion 1.

The umbrella, in words

Biogen owns Apellis, now a wholly owned subsidiary after the May 2026 tender offer and merger 5.

Its Exhibit 21 also lists subsidiaries such as Reata Pharmaceuticals, Human Immunology Biosciences and Alcyone Therapeutics, omitting some small ones 6.

It owns RayThera Inc. outright after the August 2026 purchase 2.

It has agreed to collaborations with Eisai on LEQEMBI and with Supernus on ZURZUVAE 3.

FMR LLC reports owning 12.4% of Biogen's common stock in an amended ownership filing 7.

Biogen expects 2026 revenue to rise by a mid-single digit percentage, driven by its growth products 1.

It expects non-GAAP research and selling expenses combined of about $4.95 billion for the year 1.

More Phase 3 readouts are listed: litifilimab in a skin form of lupus and felzartamab in kidney transplant rejection in early 2027, and zorevunersen in Dravet syndrome in the third quarter of 2027 1.

Before acquired research charges of about $3.20 a share, the company puts underlying 2026 non-GAAP earnings guidance at $15.95 to $16.75 1.

It also expects the Apellis acquisition to dilute 2026 non-GAAP earnings by about $0.55 a share, down from about $0.85 in its February guidance 1.

The company says the guidance leaves out other future acquired research charges, acquisitions and pending or future litigation 1.

Its first Phase 3 litifilimab results in lupus are due first, in December 2026, ahead of the 2027 readouts 1.

It said the Apellis deal should add to non-GAAP earnings in 2027 5.

Biogen may owe the former RayThera holders up to $275.0 million in development milestones and $500.0 million in regulatory milestones 2.

A new headquarters of about 580,000 square feet at 75 Broadway in Cambridge is expected to start its lease term on May 31, 2028 3.