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Biogen
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Updated Oct 28, 2026
Biogen Q3 2026: Appellis integration beats expectations, growth portfolio hits 63% of pharma revenue, litifilumab SLE data weeks away
Biogen delivered Q3 2026 total revenue of $2.8 billion, up 11% year over year, with the growth portfolio generating approximately $1.3 billion — now representing 63% of core pharmaceutical revenue and growing 49% year over year. The Appellis acquisition is already operating-neutral ahead of schedule, with $250 million in run-rate synergies targeted by end of 2027, and SYFOVRE plus Empaveli contributed $243 million in their first full quarter under Biogen ownership. The most consequential near-term catalyst is the Phase 3 litifilumab SLE readout in the first half of December, which management frames as a potential market-creation event in a lupus biologics segment it views as structurally underpenetrated.
Tone: bullishRevenue
$9.9B
BIIB 10-K · FY 2025
Employees
7,500
Revenue FY2024
$9.7B
Founded
1978
Profile
BIIB 10-K Item 1 · Feb 6, 2026Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for serious and complex diseases, with a primary emphasis on neurology, specialized immunology and rare diseases. The company markets treatments for multiple sclerosis, spinal muscular atrophy, Friedreich's ataxia and ALS, and co-commercializes LEQEMBI for Alzheimer's disease with Eisai. Biogen supports its pipeline through internal R&D, external collaborations and acquisitions.
Read filing description ↓ Collapse description ↑
Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer's disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions. Our marketed products include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of FA; and QALSODY for the treatment of ALS. We also have collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Supernus on the commercialization of ZURZUVAE for the treatment of PPD. We have certain business and financial rights with respect to RITUXAN, RITUXAN HYCELA, GAZYVA, OCREVUS, LUNSUMIO and COLUMVI pursuant to our collaboration arrangements with Genentech, a wholly owned member of the Roche Group. We commercialize a portfolio of biosimilars of advanced biologics including BENEPALI, IMRALDI and FLIXABI.
Primary products
- VUMERITY
- TYSABRI
- TECFIDERA
- AVONEX
- PLEGRIDY
- SPINRAZA
Business segments
End markets
Geographies
Named competitors
“We believe our long-term competitive position depends upon our success in discovering and developing innovative, cost-effective products that serve unmet medical needs, along with our ability to manufacture products efficiently and to launch and market them effectively in a highly competitive environment.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $9,675.9 million in 2024 to $9,890.6 million in 2025, driven primarily by growth in anti-CD20 therapeutic program revenue and Alzheimer's collaboration revenue, partially offset by continued declines in MS product revenue.
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