Biogen raised the low end of its 2026 earnings outlook as its Growth Portfolio grew in the third quarter, even as multiple sclerosis revenue declined.
Biogen reported $2.8 billion in revenue for the quarter ended Sept. 30, an 11% increase from a year earlier. The Growth Portfolio generated $1.26 billion, 49% above the year-earlier period, according to the company’s Oct. 28 release.
Multiple sclerosis products brought in $919 million, down 13%. Rare disease revenue rose 27% to $676 million, while specialized immunology contributed $243 million. The quarter included the first full-quarter contribution from Apellis products after Biogen acquired Apellis in May.
Biogen reported a GAAP diluted loss of 14 cents per share, compared with earnings of $3.17 per share a year earlier. Results included $284 million in acquired in-process research and development (IPR&D), upfront and milestone expense, primarily related to the RayThera acquisition. Non-GAAP diluted earnings were $2.62 per share, down from $4.81 a year earlier.
The company now projects full-year 2026 non-GAAP diluted earnings per share of $12.20 to $13.00. It raised the bottom of its range from $12 and left the top unchanged. Biogen also expects full-year revenue to rise by a mid-single-digit percentage from 2025. The outlook uses a non-GAAP earnings measure, while the reported quarterly loss is on a GAAP basis.
Chief Executive Officer Christopher A. Viehbacher said the Growth Portfolio helped drive revenue growth. Biogen expects top-line data from two Phase 3 studies of litifilimab in SLE in the first half of December 2026. The company scheduled its third-quarter earnings webcast for 8:30 a.m. ET Wednesday, Oct. 28.
