Biogen Q1 revenue up 2% to $2.5 billion; 2026 EPS guidance cut to $14.25 to $15.25
Biogen reported first quarter 2026 total revenue of $2.5 billion, up 2% year over year, and non-GAAP diluted EPS of $3.57, up 18%. The company lowered its full-year 2026 non-GAAP diluted EPS guidance to $14.25 to $15.25 from $15.25 to $16.25, citing an approximately $1.00 impact from acquired IPR&D charges, and said it plans to announce updated guidance including the proposed Apellis acquisition with its second quarter results.
Key points
- Q1 2026 total revenue was $2,478 million, up 2% year over year; GAAP diluted EPS was $2.15, up 31%.
- Full-year 2026 non-GAAP diluted EPS guidance is now $14.25 to $15.25, down from $15.25 to $16.25 in February 2026, excluding the Apellis transaction.
- Biogen proposed acquiring Apellis Pharmaceuticals, subject to customary closing conditions, with closing expected in the second quarter of 2026.
- First quarter cash flow from operations was approximately $646 million, and net debt was approximately $1.5 billion as of March 31, 2026.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 29, 2026.
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