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Biogen (BIIB) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 28, 2026
Biogen (BIIB) reported revenue of $2.8B for the third quarter 2026 (Q3 2026), +11% from a year earlier and +2% from the quarter before. Operating margin was -0.3%, net loss $20.6M (0.7% of revenue).
Biogen, Q3 2026: revenue $2.8B (+11% year over year), operating margin -0.3%, net loss $20.6M, operating cash flow $641M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | +2% | +11% |
| Operating profit | −$9.0M | -107% | -102% |
| Net earnings | −$20.6M | -121% | -104% |
| Operating cash flow | $641M | +43% | -50% |
| Free cash flow | $600M | — | -51% |
What changed
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.
Questions
What was Biogen's revenue in the third quarter 2026?
Biogen (BIIB) reported revenue of $2.8B for the third quarter 2026 (Q3 2026), +11% from a year earlier and +2% from the quarter before.
Was Biogen profitable in the third quarter 2026?
Operating loss was $9.0M (-0.3% of revenue) and net loss $20.6M.
Source: Biogen 10-Q on SEC EDGAR.