Biogen Inc.

Biogen reported a third-quarter net loss of $20.6 million (-$0.14 diluted EPS) on total revenue of $2,804.1 million, up 10.6% from $2,534.7 million a year earlier.

Total revenue increased $269.4 million, or 10.6%, to $2,804.1 million, while total cost and expense increased $835.7 million, or 42.3%, to $2,813.1 million, producing a loss before income tax of $9.0 million versus income of $557.3 million a year earlier. Management attributes the expense increase to higher cost of sales from acquired inventory fair value step-up amortization (up $135.7 million, primarily driven by the Apellis acquisition), higher R&D on clinical trials including felzartamab, salanersen and litifilimab plus Apellis expenses, SG&A from Apellis commercial and management operations and U.S./international launch spending, and $283.8 million of acquired IPR&D, upfront and milestone charges primarily from the RayThera acquisition.

The quarter's results include several disclosed items within total cost and expense of $2,813.1 million: acquired IPR&D, upfront and milestone expense of $283.8 million (up $281.7 million, primarily driven by the RayThera acquisition), restructuring charges of $66.5 million versus $7.4 million a year earlier, and a $0.4 million loss on fair value remeasurement of contingent consideration. Cost of sales of $748.4 million includes higher amortization of acquired inventory fair value step-up, which increased $135.7 million, and the prior-year quarter included a charge of approximately $104.3 million related to a litigation matter. The filing does not define an adjusted or ex-item earnings total.

“On May 14, 2026, we completed the acquisition of all of the issued and outstanding shares of Apellis, a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutic compounds to treat diseases with high unmet needs.”

Filing statement

“On August 6, 2026, we completed the acquisition of all of the issued and outstanding shares of RayThera Inc., a private biotechnology company focused on discovering and developing small molecule therapies in immunology.”

Filing statement

Period net income attributable to the parent / period-end equity, not annualized: -0.1% (prior at 2025-09-30: 2.6%); period net income attributable to the parent / period-end assets, not annualized: -0.1%.

No quantitative financial guidance is provided in the filing. Management states it does not expect tariffs currently applicable to its business to result in a material adverse effect on operations in 2026, and does not currently believe the CMS Global Benchmark for Efficient Drug Pricing Model will have a material impact on its business in 2027.

“We expect total MS revenue to continue to decline as a result of high levels of competition for many of our MS products in both the U.S. and rest of world markets.”

Biogen Inc. (MD&A)Quote found in filing

“We expect TECFIDERA revenue will be adversely impacted by accelerating generic competition in certain markets in the E.U., and we expect TYSABRI revenue to continue to be adversely affected by the entrance of a biosimilar.”

Biogen Inc. (MD&A)Quote found in filing

Leverage: Identified debt as of 2026-09-30 (carrying amount): long-term debt including current maturities of $7.3B. Not separately reported in this filing's standardized data: short-term borrowings. Total debt, net debt and debt-to-equity are therefore not stated.

Liquidity: Cash, cash equivalents and marketable securities totaled approximately $1.3 billion as of September 30, 2026, compared to approximately $4.2 billion as of December 31, 2025; the decrease was primarily due to total consideration paid of $5.1 billion for the Apellis acquisition, net of cash acquired, partially offset by net borrowings of $1.4 billion.

Working capital: Current assets $7.6B vs. current liabilities $3.9B (current ratio 1.95x). Prior reported balance sheet as of 2025-12-31: $9.0B vs. $3.3B (2.68x).