Biogen (BIIB) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenue was $2.5 billion, up 2% year-over-year, with growth products delivering 12% growth and surpassing legacy MS, led by LEQEMBI, SKYCLARYS, ZURZUVAE, VUMERITY, and QALSODY.

• GAAP diluted EPS was $2.15 (up 31%); Non-GAAP diluted EPS was $3.57 (up 18%).

• Growth portfolio momentum supported by new launches, pipeline progress, and strategic business development, including the Apellis acquisition.

• High Dose SPINRAZA approved in the U.S., Japan, and Europe, with rapid patient uptake and positive feedback.

• Announced intent to acquire Apellis Pharmaceuticals, expected to close in Q2 2026, adding SYFOVRE and EMPAVELI, and anticipated to be accretive to EPS in 2027.

Financial highlights

• Growth products generated $851 million in Q1, up 12% year-over-year; LEQEMBI revenue reached $168 million (up 74%); SKYCLARYS revenue was $151 million (up 22%).

• GAAP net income was $319.5 million; Non-GAAP net income was $529.1 million.

• Free cash flow for Q1 2026 was $594 million; cash and marketable securities at quarter-end were $4.7 billion; net debt was $1.5 billion.

• Non-GAAP R&D expense was $480 million; Non-GAAP SG&A expense was $600 million, reflecting increased investment in pipeline and pre-launch activities.

• GAAP operating income was $397 million; Non-GAAP operating income was $666 million, up 14% year-over-year.

Outlook and guidance

• Full year 2026 Non-GAAP diluted EPS expected between $14.25 and $15.25, excluding Apellis impact; guidance includes ~$1.00 EPS impact from acquired IPR&D charges.

• Full year 2026 total revenue expected to decline by a mid-single digit percentage versus 2025, mainly due to MS product declines, partially offset by growth products.

• Apellis acquisition to be funded with $3.6 billion in cash and $2 billion in bank borrowing, with plans to repay borrowings by end of 2027.

• Q2 core operating expenses expected to be consistent with Q1.

• Non-GAAP effective tax rate for 2026 expected between 17% and 18%.