Biogen (BIIB) Q3 FY2026 earnings: revenue $2.8 billion, up 10.6% on the year

Biogen Inc. (BIIB) reported revenue of $2.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 10.6% on the same quarter a year earlier. Net income was -$21 million, and diluted earnings per share $-0.14. The figures are the company's own, from the 10-Q it filed with the SEC on 28 October 2026.

Revenue$2.8 billionup 10.6%

Net income-$21 million

Diluted EPS$-0.14

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 2 raised, 1 lowered, 1 new.

Revenue rose 11 percent year-over-year: Total revenue was $2,804 million, up 11% (10% at constant currency). Non-GAAP diluted EPS was $2.62, against $4.81 a year earlier.
Growth Portfolio revenue rose 49%: Growth Portfolio revenue was $1.26 billion, 63% of Core Pharmaceutical revenue, including the first full quarter of acquired Apellis products.
GAAP loss driven by deal charges: GAAP diluted EPS was $(0.14), driven mainly by transaction-related charges, including $284 million of acquired IPR&D, upfront and milestone expense.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	2,804	2,736	2,535	+10.6%
Cost of revenue	748	777	674	+11.0%
Gross profit	2,056	1,959	1,860	+10.5%
Gross margin	73.3%	71.6%	73.4%
Research and development	574	530	436	+31.6%
Selling, general and administrative	752	710	595	+26.4%
Operating income	-9.0	132	557	n/a
Operating margin	-0.3%	4.8%	22.0%
Interest expense	87.5	82.3	67.4	+29.8%
Pre-tax income	-9.0	132	557	n/a
Income tax	11.6	34.9	90.8	-87.2%
Effective tax rate	n/a	26.4%	16.3%
Net income	-20.6	97.5	466	n/a
Net margin	-0.7%	3.6%	18.4%
Diluted EPS	-$0.14	$0.66	$3.17	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Operating cash flow	641	449	1,272	-49.6%
Capital expenditure	40.4	40.9	46.2	-12.6%
Free cash flow	600	408	1,226	-51.0%
Free cash flow margin	21.4%	14.9%	48.4%
Cash from investing	-222	-3,839	-35.1	n/a
Cash from financing	-394	1,296	-130	n/a
Depreciation and amortisation	241	236	202	+19.2%
Share-based compensation	81.5	77.4	75.3	+8.2%
Diluted shares, weighted	148m	149m	147m	+0.5%
Shares outstanding at period end	148m	148m	147m	+0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Shareholders' equity	18,922	18,848	18,208	+3.9%
Debt	7,692	8,090	6,285	+22.4%
Operating lease liabilities	109	265	305	-64.2%
Other liabilities	5,331	4,884	4,410	+20.9%
Total liabilities and equity	32,054	32,087	29,208	+9.7%
Fixed assets	2,968	2,994	3,076	-3.5%
Goodwill	6,993	6,991	6,491	+7.7%
Intangible assets	13,380	13,516	9,332	+43.4%
Investments	0.0	0.0	97.6	n/a
Cash and equivalents	1,304	1,285	3,863	-66.2%
Inventory	2,224	2,384	2,209	+0.7%
Other assets	5,186	4,916	4,139	+25.3%
Total assets	32,054	32,087	29,208	+9.7%

Questions

What was Biogen's revenue in Q3 FY2026?

Biogen (BIIB) reported revenue of $2.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 10.6% on the same quarter a year earlier.

How much did Biogen earn in Q3 FY2026?

Net loss for Q3 FY2026 was $21 million, and the diluted loss per share $0.14.

When did Biogen report Q3 FY2026 results?

Biogen filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 28 October 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,734	2,532	2,589	2,508	2,544	2,463	2,456	2,530	2,386	2,290	2,465	2,466	2,455	2,431	2,646	2,535	2,279	2,478	2,736	2,804
Cost of revenue	660	754	484	470	571	663	593	660	618	542	546	639	584	629	605	674	496	661	777	748
Gross profit	2,074	1,778	2,105	2,039	1,973	1,800	1,863	1,871	1,768	1,748	1,919	1,827	1,871	1,802	2,040	1,860	1,784	1,817	1,959	2,056
Gross margin	76%	70%	81%	81%	78%	73%	76%	74%	74%	76%	78%	74%	76%	74%	77%	73%	78%	73%	72%	73%
R&D	700	552	529	549	602	571	584	736	571	445	505	516	532	434	399	436	509	539	530	574
SG&A	788	635	573	563	633	605	548	788	608	582	554	588	680	572	584	595	682	607	710	752
Operating income	587	611	1,270	1,371	604	438	708	-141	292	465	699	451	292	311	744	557	-56.0	378	132	-9.0
Operating margin	21%	24%	49%	55%	24%	18%	29%	-6%	12%	20%	28%	18%	12%	13%	28%	22%	-2%	15%	5%	-0%
Interest expense	66.2	66.1	65.8	59.9	54.8	62.5	49.1	63.8	71.5	69.2	61.3	59.8	60.0	60.0	72.6	67.4	67.5	67.6	82.3	87.5
Pre-tax income	405	347	1,270	1,371	604	438	708	-141	292	465	699	451	292	311	744	557	-56.0	378	132	-9.0
Tax rate	109%	36%	17%	17%	9%	12%	16%	n/a	15%	15%	16%	14%	9%	23%	15%	16%	n/a	15%	26%	n/a
Net income	368	304	1,058	1,135	550	388	592	-68.1	250	393	584	388	267	240	635	466	-48.9	320	97.5	-20.6
Net margin	13%	12%	41%	45%	22%	16%	24%	-3%	10%	17%	24%	16%	11%	10%	24%	18%	-2%	13%	4%	-1%
Diluted EPS	$2.50	$2.06	$7.24	$7.84	$3.79	$2.67	$4.07	-$0.47	$1.71	$2.70	$4.00	$2.66	$1.83	$1.64	$4.33	$3.17	-$0.33	$2.15	$0.66	-$0.14
Operating cash flow	838	162	736	661	-175	455	487	592	12.5	553	626	936	761	259	161	1,272	512	646	449	641
Capital expenditure	51.6	57.9	36.9	59.1	86.4	66.6	71.0	74.2	65.2	45.9	33.5	35.0	39.3	37.1	26.6	46.2	43.9	51.2	40.9	40.4
Free cash flow	787	104	700	602	-261	389	416	518	-52.7	507	592	901	722	222	134	1,226	468	594	408	600
Buybacks	0.0	0.0	500	250	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	147m	146m	145m	144m	144m	145m	145m	145m	145m	146m	146m	146m	146m	147m	147m	147m	147m	148m	148m	148m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 28 October 2026: the filing.