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Biogen (BIIB) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Biogen (BIIB) Q3 2026 earnings results →

Q3 2026 Revenue up 11% year over year to $2.8B · 1¢ of every $1 of revenue lost · operating margin -0.3%

Biogen made $2.8B in Q3 2026 (+11% Y/Y): MS Product Revenues $919M, Rare Disease Product Revenue $676M, SPINRAZA $461M. Operating margin -0.3%, net loss $20.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$2.8B
Year over year+11%
Operating margin-0.3%
Net earnings−$20.6M
Operating cash flow$641M

Drawing the Sankey…

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Biogen Q3 2026 revenue breakdown: Sankey diagram of revenue (MS Product Revenues, Rare Disease Product Revenue, SPINRAZA, Royalty Attributed to OCREVUS), costs, profit and cash flow
Biogen Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.8B in Q3 2026, up 11% year over year and up 2% from the previous quarter. Revenue from anti-CD20 therapeutic programs was the largest line at 18% of revenue. SPINRAZA added $0.09B year over year (up 23%), 32% of the total change. Fumarate declined 28%.

Operating costs exceeded revenue by $0.01B, an operating margin of -0.3%. Total costs grew 42% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+171%). The quarter ended with a net loss of $0.02B, after a profit of $0.10B the previous quarter.

Operating cash flow was $0.64B (down 50% year over year). Non-cash charges added back $0.24B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.34B. After purchases of property, plant and equipment ($0.04B), free cash flow as the company reports it was $0.60B.

Quarterly history

Biogen revenue by quarterBiogen revenue by quarter$2.4BQ1 2025$2.6BQ2 2025$2.5BQ3 2025$2.3BQ4 2025$2.5BQ1 2026$2.7BQ2 2026$2.8BQ3 2026
Biogen net earnings by quarterBiogen net earnings by quarter$240MQ1 2025$635MQ2 2025$466MQ3 2025−$48.9MQ4 2025$320MQ1 2026$97.5MQ2 2026−$20.6MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$2.8B+11%-0.3%−$20.6M$641M
Q2 202610-QJul 29, 2026$2.7B+3%4.8%$97.5M$449M
Q1 202610-QApr 29, 2026$2.5B+2%15.2%$320M$646M
Q4 202510-KFeb 6, 2026$2.3B-7%-2.5%−$48.9M$512M
Q3 202510-QOct 30, 2025$2.5B+3%22.0%$466M$1.3B
Q2 202510-QJul 31, 2025$2.6B+7%28.1%$635M$161M
Q1 202510-QMay 1, 2025$2.4B+6%12.8%$240M$259M

Charts

Biogen: revenue growth, year over year and quarter over quarterBiogen: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q1 2025+7%+9%Q2 2025+3%-4%Q3 2025-7%-10%Q4 2025+2%+9%Q1 2026+3%+10%Q2 2026+11%+2%Q3 2026
Latest (Q3 2026): Y/Y +11%, Q/Q +2%.
Biogen: where the cash came from (+) and went (−), TTM to Q3 2026Biogen: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$5.3BCash drawn (+) / kept (−)$2.6BOperating cash flow$2.2BNet borrowing (+) / repaid (−)$903MCapital spending−$176MOther financing−$139MTaxes on employees’ shares−$42.9MExchange rates−$24.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Biogen: profit against cash, quarter by quarterBiogen: profit against cash, quarter by quarterNet incomeOperating cash flow$267M$761MQ4 2024$240M$259MQ1 2025$635M$161MQ2 2025$466M$1.3BQ3 2025−$48.9M$512MQ4 2025$320M$646MQ1 2026$97.5M$449MQ2 2026−$20.6M$641MQ3 2026
Latest (Q3 2026): Net income −$20.6M, Operating cash flow $641M.
Biogen: diluted shares by fiscal yearBiogen: diluted shares by fiscal year161MFY2020150MFY2021146MFY2022146MFY2023146MFY2024147MFY2025
-8.8% since FY2020: buybacks shrank the count.
Biogen: long-term debt falling due (FY2025)Biogen: long-term debt falling due (FY2025)$1.5B2030$5.1BLater
Cash $3.0B, short-term investments $807M, long-term debt $6.3B at 2025-12-31.
Biogen in its industry: growth against margin (76 companies, SIC 2836)Biogen in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSBIIB (+11%, 0%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Biogen

Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer’s disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions.

In its own words, from its 10-K, filed Feb 6, 2026.

Biogen against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +11%. Operating margin: -0.3% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
BIIB BiogenQ3 2026$2.8B+11%-0.3%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%
TECH Bio-TechneQ1 FY27$300M+5%12.2%

Source: Biogen 10-Q on SEC EDGAR · CIK 875045 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

Biogen: what its forward-looking statements are about (10-Q filed 2026-07-29)Biogen: what its forward-looking statements are about (10-Q filed 2026-07-29)Demand8Other7Costs5Products4Deals4Capital spending3Margins3Legal & regulation3The economy1
38 statements; tone -0.08 (−1 all cautious, +1 all confident); 8 hedged.
Biogen: outlook statements against the filing beforeBiogen: outlook statements against the filing beforeConfident8Cautious11

13F: who owns BIIB and who is buying

Largest holders of BIIB (13F)Largest holders of BIIB (13F)FMR LLC$3.9BBlackRock$3.5BPrimecap Management$3.3BVanguard Group$3.1BVanguard Capital Management LLC$2.1BState Street$1.6BVanguard Portfolio Management LLC$1.4BGeode Capital Management, LLC$958MWellington Management Group LLP$674MMorgan Stanley$521M
Funds' net buying of BIIB by quarter (13F)Funds' net buying of BIIB by quarter (13F)$33.4M2024-09−$18.8M2024-12−$249M2025-03$169M2025-06$326M2025-09$982M2025-12−$584M2026-03$1.1B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BIIB

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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