BIIB

EX-99.1

2 exhibit991-q32026pressrele.htm

EX-99.1

Document

Press Release

Cambridge, Mass. – October 28, 2026

Biogen Reports Third Quarter 2026 Results

•Third quarter 2026 total revenue of $2.8 billion increased 11% year-over-year; Growth Portfolio1 revenue of $1.26 billion, increased 49% year-over-year, representing 63% of Core Pharmaceutical2 revenue, including a strong first full quarter contribution from the acquired Apellis products

•GAAP diluted EPS of $(0.14) driven primarily by transaction-related charges; Non-GAAP diluted EPS of $2.62, reflecting $284 million of acquired IPR&D, upfront and milestone expense

•Third quarter results include strong operating performance from the legacy Apellis portfolio reflecting successful ongoing integration execution

•Full year 2026 Non-GAAP diluted EPS guidance: Biogen raises the lower end of the reported range to $12.20 to $13.00 from $12.00 to $13.00 reflecting ongoing business strength and Apellis dilution favorability

Biogen Inc. (Nasdaq: BIIB) today reported third quarter 2026 financial results.

“Our third quarter results demonstrate that Biogen has returned to growth. We’re seeing the strength of our Growth Portfolio – including the first full quarter of results from Apellis products – which helped drive double-digit revenue growth and an approximately 50% year-over-year increase from our growth products,” said President and Chief Executive Officer Christopher A. Viehbacher. “With multiple Phase 3 readouts expected over the next 12 months, we are positioned to further strengthen our long-term growth profile and create sustainable value for patients and shareholders."

Third Quarter 2026 Growth Portfolio In-Market Revenue Summary

($ in millions)Q3 '26Q3 '25△Commentary

SPINRAZA$461$37423%Accelerated conversion to high-dose regimen continues to exceed Company expectations across all launched markets

LEQEMBI3

$202$12167%Continued sequential growth; U.S. in-market sales of $107M

VUMERITY

$192$215(11)%Impacted primarily by U.S. formulary dynamics

SYFOVRE4

$191$15127%Continued volume growth, up 18% year-over-year, with commercial injections reaching their highest quarterly level since launch

SKYCLARYS$178$13334%Increased U.S. and international demand and favorable U.S. inventory dynamics

ZURZUVAE$84$5553%Strong continued demand growth

EMPAVELI4

$52$2792%Strong demand growth in nephrology indications

QALSODY$38$2642%Strong U.S. and international demand growth

1 Growth Portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration

2 Core Pharmaceutical revenue includes product revenue excluding biosimilars revenue plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration

3 Global in-market sales recorded by Eisai

4 SYFOVRE and EMPAVELI were acquired as part of Biogen’s acquisition of Apellis, which closed in May 2026. Prior period revenue as reported in the Apellis Pharmaceuticals, Inc. Q3 2025 10-Q

1

Financial Highlights

Q3 '26Q3 '25△

r (CC*)

Total Revenue ($ in millions)$2,804$2,53511%10%

GAAP diluted EPS$(0.14)$3.17(104)%N/A

Non-GAAP diluted EPS$2.62$4.81(46)%N/A

Third quarter 2026 GAAP and Non-GAAP diluted EPS include $284 million of acquired IPR&D, upfront and milestone expense, primarily related to the acquisition of RayThera Inc. as compared to $2 million in the third quarter of 2025.

Note: Percent changes represented as favorable/(unfavorable) versus the prior year period. N/A = not applicable.

* Percentage changes in revenue growth at constant currency (CC) are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the exchange rates from the end of the previous calendar year.

A reconciliation of GAAP to Non-GAAP financial measures can be found in Table 4 at the end of this news release.

Revenue Summary

($ in millions)Q3 '26Q3 '25△ r (CC*)

Multiple sclerosis (MS) product revenue(1) $919$1,062(13)%(13)%

Rare disease revenue(2) $676$53327%27%

Specialized immunology revenue(3) $243$——%—%

Biosimilars revenue$166$197(16)%(19)%

Other product revenue(4) $84$5553%53%

Total product revenue$2,089$1,84713%13%

Revenue from anti-CD20 therapeutic programs$497$4941%1%

Alzheimer's collaboration revenue(5) $68$4360%60%

Contract manufacturing, royalty and other revenue$150$151(1)%(1)%

Total revenue$2,804$2,53511%10%

Note: Percent changes represented as favorable/(unfavorable) versus the prior year period. Numbers may not foot or recalculate due to rounding.

(1) Multiple sclerosis includes TECFIDERA®, VUMERITY®, AVONEX®, PLEGRIDY® and TYSABRI®

(2) Rare disease includes SPINRAZA®, SKYCLARYS® and QALSODY®

(3) Specialized immunology includes EMPAVELI® and SYFOVRE®

(4) Other includes ZURZUVAE®

(5) Includes Biogen’s 50% share of ne

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biib-20260701

0000875045false00008750452026-07-012026-07-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 1, 2026

Biogen Inc.

(Exact name of registrant as specified in its charter)

Delaware0-1931133-0112644

(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

225 Binney Street, Cambridge, Massachusetts 02142

(Address of principal executive offices; Zip Code)

Registrant’s telephone number, including area code: (617) 679-2000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, $0.0005 par valueBIIBThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition

Biogen Inc. (Biogen) expects that its GAAP and non-GAAP results for the second quarter of 2026 will include acquired in-process research and development, upfront and milestone expense of approximately $164 million on a pre-tax basis. The estimated charge is expected to impact GAAP and non-GAAP net income per diluted share for the second quarter of 2026 by approximately $0.95 per share.

Additionally, Biogen anticipates its GAAP and non-GAAP results for the third quarter of 2026 to include acquired in-process research and development, upfront and milestone expense ranging from approximately $290 million to $320 million relating to potential milestones and transactions that have not yet closed. The estimated charge is anticipated to impact GAAP and non-GAAP net income per diluted share for the third quarter of 2026 ranging from approximately $1.75 to $1.95 per share.

Acquired in-process research and development, upfront and milestone expense includes costs incurred in connection with collaboration and license agreements such as upfront and milestone payments and, when applicable, premiums on equity securities and asset acquisitions of acquired in-process research and development. Biogen does not forecast such acquired in-process research and development, upfront and milestone expense due to the uncertainty of the future occurrence, magnitude and timing of these transactions in any given period.

Results for the quarter ended June 30, 2026, have not been finalized and are subject to our financial statement closing procedures. There can be no assurance that our final results will not differ from the preliminary unaudited estimates described herein.

Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements relating to our financial and operating results and financial guidance, that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the PSLRA) with the intention of obtaining the benefits of the “Safe Harbor” provisions of the PSLRA. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” "assume," “believe,” “contemplate,” “continue," "could," “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” "outlook," “plan,” “possible,” "potential," “predict,” “project,” “should,” “target,” “will,” “would” or the negative of these words or other words and terms of similar meaning.

Given their forward-looking nature, these statements involve substantial risks and uncertainties and may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements. The information above includes, among others, forward-looking statements reflecting management’s current intentions and expectations for the future with respect to Biogen’s estim