Biogen reported third quarter 2026 revenue of $2.804 billion, up 11 percent from $2.535 billion a year earlier, in results released on October 28 and furnished to the SEC. Non-GAAP diluted earnings per share were $2.62, down from $4.81 a year earlier. On a GAAP basis the company recorded a net loss of $20.6 million, or $0.14 per share, driven mainly by $283.8 million of acquired research and development, upfront and milestone expense, primarily related to the RayThera acquisition. Non-GAAP net income was $391.4 million.
The company raised the lower end of its full year non-GAAP earnings guidance, to $12.20 to $13.00 per share from $12.00 to $13.00, and expects full year revenue to increase by a mid single digit percentage. Seeking Alpha reported the non-GAAP earnings figure beat consensus by $0.63 and revenue beat by about $170 million.
The mix is the story. Growth Portfolio revenue reached $1.26 billion, up 49 percent year on year, in the first full quarter including the acquired Apellis products, with Syfovre injections at their highest quarterly level since launch and Leqembi continuing to grow sequentially. High dose Spinraza conversion continued to exceed company expectations across launched markets. Biogen’s strategic problem, legacy multiple sclerosis decline, is increasingly being answered by acquisition rather than by its own pipeline, and the RayThera charge is the cost of that answer in this quarter.