Biogen Inc. (BIIB) reported third-quarter 2026 total revenue of $2.804 billion, up 11% from a year earlier and 10% at constant currency, after 3% year-over-year growth in the second quarter and 2% in the first.

The biotechnology company said Growth Portfolio revenue reached $1.26 billion, up 49% year-over-year and 63% of Core Pharmaceutical revenue, after 24% growth in the second quarter and 12% in the first. The company attributed the acceleration to a strong first full quarter from products acquired with Apellis Pharmaceuticals, which closed in May 2026.

President and Chief Executive Officer Christopher A. Viehbacher said the results showed Biogen had returned to growth, with the Growth Portfolio, including the first full quarter of Apellis products, helping drive double-digit revenue growth.

Specialized immunology revenue, covering EMPAVELI and SYFOVRE, was $243 million. SYFOVRE sales were $191 million, up 27% year-over-year, with volume up 18% and commercial injections at their highest quarterly level since launch. EMPAVELI sales were $52 million, up 92%.

SPINRAZA revenue was $461 million, up 23% year-over-year, after 2% growth in the second quarter. The company said accelerated conversion to the high-dose regimen continued to exceed expectations across launched markets. LEQEMBI global in-market sales were $202 million, up 67%, with U.S. in-market sales of $107 million, after 15% year-over-year growth in the second quarter.

VUMERITY revenue was $192 million, down 11% year-over-year, after a 7% decline in the second quarter. The company said the product was impacted primarily by U.S. formulary dynamics. Multiple sclerosis product revenue was $919 million, down 13%. Rare disease revenue was $676 million, up 27%. Biosimilars revenue was $166 million, down 16% (19% at constant currency). Alzheimer’s collaboration revenue was $68 million, up 60%. Revenue from anti-CD20 therapeutic programs was $497 million, up 1%.

GAAP diluted earnings were a loss of $0.14 a share, versus $3.17 a year earlier. Non-GAAP diluted EPS was $2.62, down 46% from $4.81. Both measures included $284 million of acquired IPR&D, upfront and milestone expense, primarily related to the RayThera Inc. acquisition, compared with $2 million in the third quarter of 2025.

GAAP research and development expense was $574 million, up 32% year-over-year. The company said the increase was driven by higher clinical-trial spend, including felzartamab, salanersen and litifilimab, Apellis operating expenses, and a reduction in R&D funding from Royalty Pharma. GAAP selling, general and administrative expense was $752 million, up 26%, primarily from Apellis commercial and management operations and higher sales-and-marketing spend. GAAP cost of sales was $748 million, or 27% of total revenue, driven primarily by higher amortization of acquired inventory fair-value step-up related to Reata and Apellis and product mix, partially offset by a 2025 litigation matter.

Net cash flow from operations was approximately $641 million and free cash flow approximately $600 million. As of September 30, 2026, cash and cash equivalents were about $1.3 billion, total debt about $7.7 billion, and net debt about $6.4 billion.

Biogen raised the lower end of full-year 2026 Non-GAAP diluted EPS guidance to $12.20 to $13.00 from $12.00 to $13.00, citing ongoing business strength and Apellis dilution favorability. Expected dilution from the Apellis acquisition narrowed to about $0.55 from about $0.85 in February. Full-year total revenue is expected to increase by a mid-single digit percentage versus 2025, after first-quarter guidance of a mid-single digit decline. Combined Non-GAAP R&D and SG&A is expected at approximately $4.95 billion.

The company expects top-line data from both TOPAZ-1 and TOPAZ-2 Phase 3 studies of litifilimab in SLE in the first half of December 2026, with additional Phase 3 readouts expected for litifilimab in CLE and felzartamab in antibody-mediated rejection in the first half of 2027 and zorevunersen in Dravet syndrome in the third quarter of 2027.