Biogen earnings date and guidance
Biogen's next results are expected on October 28, 2026. Watch Biogen's cash generation.
What has Biogen guided for 2026?
Biogen can reach $251.74 by October 2029 if newer and acquired products replace mature sales enough to support earnings and debt repayment. Management guides to FY2026 underlying non-GAAP EPS of $15.85–$16.85 and reported non-GAAP EPS of $12–$13 after acquired research and milestone charges and Apellis dilution. It targets $250 million of annualized transaction synergies exiting 2027 and repayment of the remaining $1,800.0 million by year-end 2027.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Underlying guidance | FY 2026 | 15.85 | 16.85 | Jul 29, 2026 |
| Reported Guidance | FY 2026 | 12.00 | 13.00 | Jul 29, 2026 |
| Total revenue | FY 2026 | Jul 29, 2026 | ||
| Transaction run rate synergies | Exiting 2027 | 250.0 | Jul 29, 2026 | |
| Remainder expected to be paid down | By end 2027 | 1,800.0 | 1,800.0 | Jul 29, 2026 |
Has Biogen kept its past promises?
Biogen also reported delivering approximately US$1 billion of gross savings and US$800 million after reinvestment from its Fit for Growth programme by 2025. That is evidence of execution, but the larger test remains whether acquired medicines produce durable returns. Biogen is on shareholders’ side only if its leaders convert scientific bets, cost cuts and borrowed money into lasting value per share.
What has Biogen's revenue and profit done?
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,736.0 | 2,477.8 | 2,279.4 | 2,534.7 | 2,645.5 | 2,431.0 | 2,454.7 | 2,465.8 |
| Gross margin | 71.6% | 73.3% | 78.3% | 73.4% | 77.1% | 74.1% | 76.2% | 74.1% |
| Operating income | 150.9 | 397.4 | 98.4 | 591.4 | 792.7 | 379.6 | 441.4 | 465.8 |
| Net income | 97.5 | 319.5 | -48.9 | 466.5 | 634.8 | 240.5 | 266.8 | 388.5 |
| EPS, diluted | 0.66 | 2.15 | -0.33 | 3.17 | 4.33 | 1.64 | 1.83 | 2.66 |
| = Free cash flow | 408.0 | 594.3 | 468.1 | 1,226.3 | 134.3 | 222.2 | 721.6 | 900.6 |
What this means. Gross margin looks higher because it leaves out the cost of using up or writing down intangible assets bought through acquisitions.
What should I watch in Biogen's next results?
The scheduled October 28, 2026 results call should clarify prescription-driven growth, cash generation, debt repayment and the final treatment of the preliminary RayThera charges. Apellis will also contribute more fully after its partial ownership in Q2, so higher reported revenue must be separated from genuine growth in patient demand.