EarningsQ3 2026 Earnings Report
DE:IDP Q3 2026 EPS Results
Actual EPS€2.34
Consensus EPS€1.78
Beat/MissBeat by +€0.56
One Year Ago EPS€4.29
DE:IDP Q3 2026 Revenue Results
Actual Revenue€2.40B
Expected Revenue€2.35B
Beat/MissBeat by +€50.45M
YoY Revenue Growth+9.63%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
DE:IDP Upcoming Earnings
Biogen's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:IDP Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Biogen reported double-digit revenue growth, accelerating growth-portfolio performance, rapid Appellis synergy capture, strong adoption of key products, record early-stage pipeline productivity, solid free cash flow, debt repayment, and higher 2026 EPS guidance. The main challenges were VUMERITY's formulary-driven decline, acquisition-related charges and higher operating expenses, expected Q4 inventory and revenue normalization, SYFOVRE discontinuation levels, and uncertainty around upcoming clinical readouts.Company Guidance
Total Revenue Growth
Third-quarter total revenue was $2.8 billion, up 11% year over year, marking an acceleration in the top-line growth trajectory and benefiting from the Appellis acquisition.
Strong Core Pharmaceutical Performance
Third-quarter core pharmaceutical revenue was $2 billion, up 18% year over year and 9% quarter over quarter, driven by continued momentum in the growth portfolio.
Growth Portfolio Expansion
The growth portfolio generated approximately $1.3 billion in Q3 revenue, up 49% year over year and 19% quarter over quarter, and represented approximately 63% of total core pharmaceutical revenue.
Appellis Integration and Synergies
Management said the Appellis integration has progressed better than expected, with cost synergies identified and eliminated faster than anticipated. The transaction is now roughly neutral on an operating basis, is expected to be less dilutive in 2026, and is expected to be accretive to non-GAAP diluted EPS in 2027, with at least $250 million of run-rate synergies by the end of 2027.
SYFOVRE and Empaveli Growth
SYFOVRE and Empaveli together generated $243 million in Q3 revenue, up 37% year over year. SYFOVRE revenue was $191 million, up 27% year over year, while Empaveli revenue was $52 million, up 11% quarter over quarter.
SYFOVRE Commercial Injection Momentum
SYFOVRE commercial injection volume increased 18% year over year and 7% quarter over quarter, reaching its strongest commercial injection quarter since launch. Management attributed the growth to more healthcare professionals prescribing and improved sentiment around treating geographic atrophy and slowing lesion progression.
SPINRAZA High-Dose Adoption
SPINRAZA revenue was $461 million, up 23% year over year and 15% quarter over quarter. Growth was primarily driven by rapid patient conversion to the high-dose regimen, which exceeded expectations. At the end of Q3, 70% of 12 mg patients had a start form submitted and 50% had been dosed with the product.
SPINRAZA High-Dose Market Position
Management said SPINRAZA high dose has set a new benchmark for rare-disease launches and a new bar for efficacy. Similar conversion results were reported across the United States, Europe, and other regions, with some patients switching back from competitors and others being dosed before or after Zolgensma.
SKYCLARYS Growth
SKYCLARYS revenue was $178 million, representing 34% year-over-year growth and 6% quarter-over-quarter growth. Management cited improved patient-finding tools, AI-based patient identification, and team collaboration as contributors to identifying patients and initiating treatment.
LEQEMBI iClick Momentum
LEQEMBI end-market revenue was $22 million, up 67% year over year and 10% quarter over quarter. Management said iClick was outpacing the LEQEMBI IV launch by 3.5x and the Kisunla launch by 6x in early market performance, with uptake from both existing prescribers and physicians who had not previously prescribed anti-amyloid therapies.
Part D Coverage Outlook for iClick
At least 50% of covered lives are expected to have coverage for iClick for both initiation and maintenance administrations starting in 2027. Management said coverage could be greater than 50% in January after open enrollment.
TYSABRI Resilience
TYSABRI revenue was $437 million, up 1% year over year. Management said the European business remained stable, supported by the subcutaneous formulation, and that TYSABRI demonstrated meaningful resilience in a competitive multiple-sclerosis market.
Pipeline Readout Cycle
The upcoming registrational readout cycle remains on track. Phase 3 SLE data for litifilimab are expected in the first half of December, followed by cutaneous lupus data for dapirolizumab, AMR data for felzartamab, and a readout for zorubunursen in Dravet syndrome expected in the third quarter of next year. Management expects a multiyear flow of registrational data through the end of the decade.
Late-Stage Pipeline Diversification
Biogen described its late-stage pipeline as one of the strongest and most diversified in its history, with potential treatments across neurology, immunology, and kidney disease. The pipeline includes programs in SLE, cutaneous lupus, AMR, Dravet syndrome, SMA, and IgA nephropathy.
Early-Stage Pipeline Rebuild
Biogen has had five INDs in 2026, the highest number in a single year in its 48-year history, and expects six new programs, including three NMEs. Management's ambition is to have at least 20 programs in early-stage development over the next few years.
Strong Free Cash Flow and Debt Repayment
Biogen generated $600 million of free cash flow in Q3 and ended the quarter with $1.3 billion of cash and $6.4 billion of net debt. The company repaid $400 million of Appellis-related term loans during the quarter, bringing total repayments to $600 million, and expects to repay the remaining $1.4 billion by the end of 2027.
Raised 2026 EPS Guidance
Biogen raised the lower end of its reported full-year 2026 non-GAAP diluted EPS guidance range to between $12.20 and $13.00, citing strong business performance and faster-than-expected Appellis synergy capture.
Return to Top-Line Growth
Management expects Biogen to return to top-line growth in 2026 and said the growth portfolio has exceeded the legacy MS portfolio for multiple consecutive quarters.
AMR Commercial Preparation
Management estimates approximately 11,000 AMR patients, with MBI viewed as incremental to AMR and potentially adding 30% to the AMR patient population. A medical team has already visited 100 transplant centers to understand protocols and support potential felzartamab launch execution.
Lupus Market Opportunity
Management described SLE and CLE as high-unmet-need markets. It estimates 250,000 patients with CLE only, 300,000 with SLE only, and 50,000 with both conditions. Less than 5% of CLE patients are currently treated, compared with approximately 30% of SLE patients.
IgA Nephropathy Program Update
Biogen plans to update the primary endpoint for its IgA nephropathy program to eGFR to reflect the evolving evidence base, the importance of directly assessing kidney function, and regulatory expectations. Management also highlighted the potential importance of a drug holiday while patients remain in remission.
Commercial and R&D Investment Priorities
Management plans to continue investing in commercial capabilities and R&D, including late-stage programs, prelaunch activities, and early-stage assets. The company is focusing external business development primarily on early-stage opportunities, particularly discovery through Phase 1b.
DE:IDP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed