Filing Flows › Biogen (BIIB) › Q3 2026 › vs Q3 2025
Biogen (BIIB) Q3 2026 vs Q3 2025 (year over year)
Biogen's revenue rose $269M (+11%) from $2.5B in Q3 2025 to $2.8B in Q3 2026. The biggest changes: SYFOVRE +$191M (—); MS Product Revenues −$142M (-13%); SPINRAZA +$86.6M (+23%).
Biogen, Q3 2026: revenue $2.8B (+11% year over year), operating margin -0.3%, net loss $20.6M, operating cash flow $641M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 21.4% | 48.4% | -27.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue from anti-CD20 therapeutic programs | $497M | $494M | $3.4M | +0.7% |
| TYSABRI | $437M | $432M | $5.3M | +1% |
| Fumarate | $274M | $383M | −$109M | -28% |
| Interferon | $208M | $247M | −$38.7M | -16% |
| SKYCLARYS | $178M | $133M | $45.3M | +34% |
| MS Product Revenues | $919M | $1.1B | −$142M | -13% |
| Rare Disease Product Revenue | $676M | $627M | $48.7M | +8% |
| SPINRAZA | $461M | $374M | $86.6M | +23% |
| Royalty Attributed to OCREVUS | $370M | $386M | −$16.5M | -4% |
| VUMERITY | $192M | $215M | −$22.6M | -11% |
| SYFOVRE | $191M | $0 | $191M | — |
| Revenue | $2.8B | $2.5B | $269M | +11% |
| Net loss | $20.6M | −$466M | $487M | — |
| Costs & expenses | $2.8B | $2.5B | $290M | +11% |
| Operating costs | $2.8B | $2.0B | $836M | +42% |
| Income tax | $11.6M | $90.8M | −$79.2M | -87% |
| Cost of revenue | $748M | $674M | $74.0M | +11% |
| Research & development | $574M | $436M | $138M | +32% |
| SG&A | $752M | $595M | $157M | +26% |
| Other operating costs | $739M | $272M | $467M | +171% |
| Operating cash sources | $661M | $806M | −$145M | -18% |
| Depreciation & amortization | $241M | $202M | $38.9M | +19% |
| Share-based compensation | $81.5M | $75.3M | $6.2M | +8% |
| Working capital & other | $339M | $528M | −$190M | -36% |
| Net loss absorbed | $20.6M | −$466M | $487M | — |
| Operating cash flow | $641M | $1.3B | −$632M | -50% |
| Free cash flow (company-reported) | $600M | $1.2B | −$626M | -51% |
| Purchases of property, plant and equipment | $40.4M | $46.2M | −$5.8M | -13% |
Questions
How much did Biogen's revenue grow year over year in Q3 2026?
Biogen's revenue rose $269M (+11%) from $2.5B in Q3 2025 to $2.8B in Q3 2026.
What drove Biogen's revenue change in Q3 2026?
SYFOVRE +$191M (—); MS Product Revenues −$142M (-13%); SPINRAZA +$86.6M (+23%).