Biogen

Biogen Inc. (Biogen) is a biotechnology company based in Cambridge, Massachusetts. It sells medicines for neurology, rare disease and immune disease. Its multiple sclerosis (MS) products are Tecfidera, Vumerity, Avonex, Plegridy and Tysabri. Its rare disease products are Spinraza, Skyclarys and Qalsody.

It shares the revenue of Leqembi, a medicine for Alzheimer's disease, with Eisai, and it sells Zurzuvae, a medicine for postpartum depression, with Supernus. Syfovre and Empaveli, which are specialized immunology products, came with the purchase of Apellis in May 2026. Biogen also sells biosimilars and receives revenue from anti-CD20 therapeutic programs. In Q3 2026, revenue was $2,804 million, and the Growth Portfolio gave $1.26 billion of it.

Christopher A. Viehbacher is President and Chief Executive Officer. The shares trade on Nasdaq in US dollars.

The market must decide whether the new products of Biogen can replace its falling MS business. MS product revenue fell 13% to $919 million in Q3 2026, and Vumerity sales fell because of US formulary changes. The Growth Portfolio rose 49% to $1.26 billion in the same quarter, with help from the Apellis products. Biogen paid $5.3 billion for Apellis in May 2026, so total borrowings rose to $7.7 billion.

Charges for acquired research also cut reported profit: Q3 2026 had $284 million of them, and GAAP diluted EPS was a loss of $0.14. For the price to hold or rise, three things must be true. The growth products, which are Spinraza, Leqembi, Skyclarys and the Apellis products, must grow faster than the MS products fall. The Phase 3 studies of litifilimab in lupus must give positive data.

Borrowings must fall as cash comes in, and new deal charges must stay small. The next tests are the TOPAZ-1 and TOPAZ-2 data in the first half of December 2026 and the Q4 2026 report in February 2027.

1. Dec 2026 · est.Pending

   TOPAZ-1 and TOPAZ-2: litifilimab in lupusBoth Phase 3 studies of litifilimab in systemic lupus erythematosus meet their main goal, and this passes; a miss in either study fails.
2. Feb 5, 2027 · est.Pending

   Q4 2026 results: Growth Portfolio revenueGrowth Portfolio revenue rises again from Q3 2026 and total revenue grows as guided, and this passes; a fall in total revenue fails.
3. Jun 2027 · est.Pending

   Felzartamab Phase 3 in antibody-mediated rejectionThe Phase 3 study of felzartamab meets its main goal in the first half of 2027, and this passes; a miss or a delay fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Biogen reported Q3 2026 results. Total revenue was $2,804 million, up 11%. Growth Portfolio revenue was $1.26 billion, up 49%. Non-GAAP diluted EPS was $2.62, after $284 million of acquired IPR&D, upfront and milestone expense that was mostly for the purchase of RayThera. GAAP diluted EPS was a loss of $0.14.
• October 28, 2026Biogen raised the low end of its 2026 non-GAAP diluted EPS guidance. The reported range is now $12.20 to $13.00, from $12.00 to $13.00. Underlying EPS, which leaves out about $3.20 of acquired IPR&D charges and about $0.55 of dilution from Apellis, is $15.95 to $16.75. The company expects revenue to rise by a mid-single digit percentage in 2026.
• October 28, 2026Biogen said it expects top-line data from the TOPAZ-1 and TOPAZ-2 Phase 3 studies of litifilimab in systemic lupus erythematosus in the first half of December 2026. Data for litifilimab in cutaneous lupus and for felzartamab in antibody-mediated rejection are expected in the first half of 2027, and data for zorevunersen in Dravet syndrome in Q3 2027.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · biib-20260930
• 8-KEarnings releaseFiled October 28, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · biib-20260630
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 8-KEarnings releaseFiled July 1, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled June 10, 2026 · Read it on sec.gov
• 8-KNew material agreement and Acquisition or sale completedFiled May 14, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · biib-20260331
• 8-KEarnings releaseFiled April 29, 2026 · Press release and exhibits
• 8-KNew material agreement and Other company newsFiled March 31, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 875045)

• MS revenue keeps falling. MS product revenue was $919 million in Q3 2026, against $1,062 million a year earlier, and Vumerity sales fell 11% because of US formulary changes. The Growth Portfolio must grow enough to cover this loss.
• Late-stage studies can fail. Biogen has Phase 3 readouts for litifilimab, felzartamab and zorevunersen over the next 12 months, and it spent $574 million on R&D in Q3 2026. A failed study loses that spend and the sales it was meant to bring.
• Debt rose with the Apellis purchase. Total borrowings were $7,692.0 million at September 30, 2026, against $6,286.8 million at December 31, 2025, and interest expense was $87.5 million in Q3 2026, against $67.4 million a year earlier.
• Deal charges make profit uneven. Acquired IPR&D, upfront and milestone expense was $284 million in Q3 2026 and about $3.20 per share in the 2026 guidance. Biogen does not forecast these charges.
• US drug price rules and tariffs can cut revenue. The 10-Q names the Inflation Reduction Act, most-favored-nation pricing and new tariffs as risks.
• Biogen depends on partners for part of its sales. Eisai records Leqembi sales and Biogen takes 50% of its net revenue, and Biogen pays profit shares to Samsung Bioepis and Supernus.

At September 30, 2026, Biogen had cash and cash equivalents of $1,303.9 million and total borrowings of $7,692.0 million, which is net debt of about $6.4 billion. At December 31, 2025, cash and marketable securities were $4,247.6 million and borrowings were $6,286.8 million. Read more

Biogen does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.