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How Biogen (BIIB) makes money
Biogen (BIIB) made $2.8B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. MS Product Revenues brought in $919M (33%); Rare Disease Product Revenue brought in $676M (24%); SPINRAZA brought in $461M (16%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| MS Product Revenues | $919M | 32.7% | — | -13% |
| ↳ TYSABRI | $437M | 15.6% | — | +1% |
| ↳ Fumarate | $274M | 9.8% | — | -28% |
| ↳ Interferon | $208M | 7.4% | — | -16% |
| Rare Disease Product Revenue | $676M | 24.1% | — | +8% |
| ↳ Revenue from anti-CD20 therapeutic programs | $497M | 17.7% | — | +0.7% |
| ↳ SKYCLARYS | $178M | 6.3% | — | +34% |
| SPINRAZA | $461M | 16.4% | — | +23% |
| Royalty Attributed to OCREVUS | $370M | 13.2% | — | -4% |
| VUMERITY | $192M | 6.8% | — | -11% |
| SYFOVRE | $191M | 6.8% | — | — |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.8B | 100.0% |
| Income tax | $11.6M | 0.4% |
| Operating cash flow | $641M | 22.8% |
| Free cash flow | $600M | 21.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.8B | +11% |
| Q2 2026 | $2.7B | +3% |
| Q1 2026 | $2.5B | +2% |
| Q4 2025 | $2.3B | -7% |
| Q3 2025 | $2.5B | +3% |
| Q2 2025 | $2.6B | +7% |
| Q1 2025 | $2.4B | +6% |
From Biogen's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Biogen make money?
Biogen (BIIB) made $2.8B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. MS Product Revenues brought in $919M (33%); Rare Disease Product Revenue brought in $676M (24%); SPINRAZA brought in $461M (16%).
What is Biogen's biggest business?
MS Product Revenues: $919M in the third quarter 2026, 33% of revenue, -13% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.