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Biogen (BIIB) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Biogen (BIIB) reported revenue of $2.5B for the first quarter 2026 (Q1 2026), +2% from a year earlier and +9% from the quarter before. Operating margin was 15.2%, net earnings $320M (12.9% of revenue).
Biogen, Q1 2026: revenue $2.5B (+2% year over year), operating margin 15.2%, net earnings $320M, operating cash flow $646M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +9% | +2% |
| Operating profit | $378M | — | +21% |
| Net earnings | $320M | — | +33% |
| Operating cash flow | $646M | +26% | +149% |
| Free cash flow | $594M | — | +167% |
What changed
Revenue was $2.5B in Q1 2026, up 2% year over year and up 9% from the previous quarter. Revenue from anti-CD20 therapeutic programs was the largest line at 17% of revenue. Revenue from anti-CD20 therapeutic programs added $0.04B year over year (up 11%), 87% of the total change. Fumarate declined 16%.
Operating profit was $0.38B, a 15.2% margin (up 2.4 points year over year). Of the extra revenue versus Q1 2025, 142% reached operating profit, above the 13% margin then. Total costs fell 1% while revenue rose 2%. The fastest-growing cost line was Research & development (+24%). Net earnings were $0.32B, up 33% year over year. The effective tax rate was 15.4%.
Operating cash flow was $0.65B (up 149% year over year), 202% of net earnings. Non-cash charges added back $0.20B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.04B. After purchases of property, plant and equipment ($0.05B), free cash flow as the company reports it was $0.59B.
Questions
What was Biogen's revenue in the first quarter 2026?
Biogen (BIIB) reported revenue of $2.5B for the first quarter 2026 (Q1 2026), +2% from a year earlier and +9% from the quarter before.
Was Biogen profitable in the first quarter 2026?
Operating profit was $378M (15.2% of revenue) and net earnings $320M.
Source: Biogen 10-Q on SEC EDGAR.