Biogen beats earnings estimates and raises the low end of its 2026 profit guidance

Biogen reported third-quarter earnings per share of $2.62, which was $0.61 above expectations. Earnings per share is profit divided by the number of shares. Revenue was $2.80 billion, against $2.68 billion expected.

The company raised the low end of its full-year 2026 earnings guidance. The range is now $12.20 to $13.00 per share, up from $12.00 to $13.00. The guidance uses non-GAAP figures, which are company measures that leave out certain costs. Biogen expects full-year 2026 total revenue to rise by a mid-single-digit percentage from 2025. It expects combined non-GAAP research and development and selling, general and administrative expenses of about $4.95 billion for the year.

Chief Executive Christopher A. Viehbacher said growth came from the Growth Portfolio, including the first full quarter of products from Apellis. He said upcoming Phase 3 readouts, which are late-stage trial results, should strengthen long-term growth.

Biogen shares jumped sharply during trading on October 12. That move suggested investors wanted evidence that the Growth Portfolio, now with a full quarter of Apellis products, can offset pressure on the company's older multiple sclerosis business. The narrow raise to the low end of the earnings range, alongside expected mid-single-digit revenue growth, gives management's turnaround case firmer footing than that one-day rally did. The Phase 3 readouts the chief executive flagged are the next checkpoints. They will show whether this quarter's beat was a one-off or the start of a durable pickup in growth.