Biogen Reports $2.48 Billion Revenue in Q1 2026, Net Income Rises to $319.5 Million

Biogen Inc. reported a total revenue of $2.48 billion for the first quarter of 2026, reflecting a 1.9% increase from $2.43 billion in the same period of 2025. The growth was primarily driven by a rise in product revenue, which increased by $25.8 million, or 1.5%, to $1.75 billion. Notably, revenue from anti-CD20 therapeutic programs rose by 10.8% to $419.1 million, while Alzheimer's collaboration revenue surged by 80.3% to $59.5 million, attributed to higher sales volumes of LEQEMBI. However, contract manufacturing and other revenue decreased by 15.8% to $246.9 million, primarily due to lower production volumes.

In terms of profitability, Biogen's net income attributable to the company increased to $319.5 million, up from $240.5 million in the prior year, resulting in diluted earnings per share of $2.15, a 31.1% increase from $1.64. The company's total costs and expenses decreased by 0.9% to $2.10 billion, despite increases in cost of sales, research and development (R&D), and selling, general and administrative (SG&A) expenses. The decrease in total costs was largely due to a significant reduction in acquired in-process R&D expenses, which fell by 83.1% to $34.0 million.

Strategically, Biogen has made significant moves, including the proposed acquisition of Apellis Pharmaceuticals for approximately $5.6 billion, which is expected to enhance its portfolio with two FDA-approved products, SYFOVRE and EMPAVELI. The acquisition is planned to be funded through existing cash and marketable securities, supplemented by bank loans. Additionally, Biogen completed the acquisition of Alcyone Therapeutics in late 2025, further expanding its capabilities in pediatric care through precision CNS therapeutics.

Operationally, Biogen's cash, cash equivalents, and marketable securities totaled approximately $4.75 billion as of March 31, 2026, an increase from $4.25 billion at the end of 2025. The company generated $645.5 million in net cash flow from operations during the quarter, a significant rise from $259.3 million in the previous year. The increase in cash flow was primarily driven by higher net income, despite the impact of upfront payments related to acquisitions and increased operational costs.

Looking ahead, Biogen anticipates continued revenue growth from its new product launches and ongoing clinical trials, particularly for SKYCLARYS and QALSODY. However, the company also faces challenges from increasing competition, particularly in the multiple sclerosis market, where generic entrants are expected to impact sales of TECFIDERA and TYSABRI. The company remains focused on executing its strategic initiatives while navigating the evolving regulatory and competitive landscape in the biopharmaceutical industry.