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Biogen Q1 Earnings: Can New Launches Offset Declining MS Franchise?
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Key Takeaways
Biogen's Q1 outlook hinges on new drug growth offsetting declining multiple sclerosis franchise sales.
BIIB faces pressure from generics, biosimilars, and competition impacting Tecfidera and Tysabri sales.
Biogen expects rising demand for Skyclarys, Zurzuvae and Leqembi to support sequential revenue growth.
Biogen (BIIB - Free Report) will report first-quarter 2026 results on April 29, before market open. In the last reported quarter, the company's earnings beat expectations by 23.60%. The Zacks Consensus Estimate for first-quarter sales and earnings is pegged at $2.25 billion and $2.96 per share, respectively.
Factors to Consider for Biogen
In the first quarter, lower sales of Biogen’s multiple sclerosis (“MS”) drugs, excluding Vumerity, are likely to have been offset by sequential revenue growth of new products.
Sales of Biogen’s MS drugs like Tecfidera and Tysabri are likely to have declined due to generic competition for Tecfidera globally, biosimilar competition for Tysabri in Europe and rising competitive pressure in the MS market.
Biogen saw an increased impact of Tecfidera generics in Europe in the fourth quarter, and the trend is expected to have continued in the first quarter.
The Zacks Consensus Estimate for first-quarter sales of Tecfidera is pegged at $111.0 million. The Zacks Consensus Estimate for Tysabri is $359.0 million.
Sales of another MS drug, Vumerity, are expected to have risendue to strong demand and improved affordability in the United States with the IRA Part D redesign. The Zacks Consensus Estimate for Vumerity is $164.0 million. An unfavorable timing of shipments hurt Vumerity’s U.S. sales in the fourth quarter of 2025, a trend likely to have reversed in the first quarter.
Sales of Biogen’s spinal muscular atrophy drug, Spinraza, are likely to have declined due to lower revenues in international markets. The Zacks Consensus Estimate for Spinraza is $379.0 million.
Sales of Biogen’s newly launched drug Skyclarys for Friedreich’s ataxia are likely to have continued to improve sequentially, backed by demand growth and geographic expansion in outside U.S. markets. Fourth-quarter revenues benefited from favorable inventory dynamics in the United States. However, the inventory build is expected to have drawn down in the first quarter of 2026. The Zacks Consensus Estimate for Skyclarys is $137.0 million.
Sales of another new drug, Zurzuvae, are likely to have continued to rise on a sequential basis, backed by strong patient demand.
Biogen has a collaboration with Supernus Pharmaceuticals (SUPN - Free Report) for Zurzuvae. Biogen and Supernus Pharmaceuticals equally share profits and losses for the commercialization of Zurzuvae in the United States. In outside U.S. markets, Biogen records product sales (excluding Japan, Taiwan and South Korea) and pays royalties to Supernus.
Alzheimer’s collaboration revenues are expected to have risen in the quarter. Alzheimer’s collaboration revenues include Biogen’s 50% share of net product revenues and cost of sales (including royalties) from Alzheimer’s drug Leqembi (lecanemab), which has been developed in collaboration with Eisai.
Leqembi sales have been improving sequentially for the past few quarters, driven by demand growth globally. The positive trend is expected to have continued in the first quarter. Leqembi sales are recorded by Eisai.
At the end of March, Biogen announced a definitive agreement to acquire Apellis Pharmaceuticals (APLS - Free Report) for approximately $5.6 billion in cash at closing. The deal will add APLS’ two immunology medicines, Empaveli (rare kidney & blood disorders) and Syfovre (geographic atrophy), to Biogen’s portfolio. These drugs generated combined sales of about $689 million in 2025 and are expected to grow at a mid- to high-teens rate through 2028. The impending acquisition should be a key topic of discussion on the first-quarter conference call.
In the first quarter, Biogen is likely to record IPR&D charges of approximately $34 million or $19 cents per share related to license agreements, which may hurt its EPS.
BIIB’s Earnings Surprise History
The company’s earnings beat estimates in three of the last four quarters while missing in one. The company has a four-quarter earnings surprise of 19.77%, on average.
Biogen’s stock has risen 58.1% in the past year compared with an increase of 22.3% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for BIIB
Our proven model does not conclusively predict an earnings beat for Biogen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Biogen’s Earnings ESP is -2.17%. The Zacks Consensus Estimate is pegged at $2.96 per share, while the Most Accurate Estimate is pegged lower at $2.90 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Biogen has a Zacks Rank #3.
Stock to Consider
Here is a drug/biotech stock that has the right combination of elements to beat on earnings this time around:
Regeneron has risen 27.2% in the past year. REGN’s earnings performance has been mixed over the trailing four quarters. The company beat earnings estimates in three of the last four reported quarters while missing in one, delivering an earnings surprise of 22.92%, on average. Regeneron is scheduled to report first-quarter results on April 29.
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Biogen Q1 Earnings: Can New Launches Offset Declining MS Franchise?
Key Takeaways
Biogen (BIIB - Free Report) will report first-quarter 2026 results on April 29, before market open. In the last reported quarter, the company's earnings beat expectations by 23.60%. The Zacks Consensus Estimate for first-quarter sales and earnings is pegged at $2.25 billion and $2.96 per share, respectively.
Factors to Consider for Biogen
In the first quarter, lower sales of Biogen’s multiple sclerosis (“MS”) drugs, excluding Vumerity, are likely to have been offset by sequential revenue growth of new products.
Sales of Biogen’s MS drugs like Tecfidera and Tysabri are likely to have declined due to generic competition for Tecfidera globally, biosimilar competition for Tysabri in Europe and rising competitive pressure in the MS market.
Biogen saw an increased impact of Tecfidera generics in Europe in the fourth quarter, and the trend is expected to have continued in the first quarter.
The Zacks Consensus Estimate for first-quarter sales of Tecfidera is pegged at $111.0 million. The Zacks Consensus Estimate for Tysabri is $359.0 million.
Sales of another MS drug, Vumerity, are expected to have risendue to strong demand and improved affordability in the United States with the IRA Part D redesign. The Zacks Consensus Estimate for Vumerity is $164.0 million. An unfavorable timing of shipments hurt Vumerity’s U.S. sales in the fourth quarter of 2025, a trend likely to have reversed in the first quarter.
Sales of Biogen’s spinal muscular atrophy drug, Spinraza, are likely to have declined due to lower revenues in international markets. The Zacks Consensus Estimate for Spinraza is $379.0 million.
Sales of Biogen’s newly launched drug Skyclarys for Friedreich’s ataxia are likely to have continued to improve sequentially, backed by demand growth and geographic expansion in outside U.S. markets. Fourth-quarter revenues benefited from favorable inventory dynamics in the United States. However, the inventory build is expected to have drawn down in the first quarter of 2026. The Zacks Consensus Estimate for Skyclarys is $137.0 million.
Sales of another new drug, Zurzuvae, are likely to have continued to rise on a sequential basis, backed by strong patient demand.
Biogen has a collaboration with Supernus Pharmaceuticals (SUPN - Free Report) for Zurzuvae. Biogen and Supernus Pharmaceuticals equally share profits and losses for the commercialization of Zurzuvae in the United States. In outside U.S. markets, Biogen records product sales (excluding Japan, Taiwan and South Korea) and pays royalties to Supernus.
Alzheimer’s collaboration revenues are expected to have risen in the quarter. Alzheimer’s collaboration revenues include Biogen’s 50% share of net product revenues and cost of sales (including royalties) from Alzheimer’s drug Leqembi (lecanemab), which has been developed in collaboration with Eisai.
Leqembi sales have been improving sequentially for the past few quarters, driven by demand growth globally. The positive trend is expected to have continued in the first quarter. Leqembi sales are recorded by Eisai.
At the end of March, Biogen announced a definitive agreement to acquire Apellis Pharmaceuticals (APLS - Free Report) for approximately $5.6 billion in cash at closing. The deal will add APLS’ two immunology medicines, Empaveli (rare kidney & blood disorders) and Syfovre (geographic atrophy), to Biogen’s portfolio. These drugs generated combined sales of about $689 million in 2025 and are expected to grow at a mid- to high-teens rate through 2028. The impending acquisition should be a key topic of discussion on the first-quarter conference call.
In the first quarter, Biogen is likely to record IPR&D charges of approximately $34 million or $19 cents per share related to license agreements, which may hurt its EPS.
BIIB’s Earnings Surprise History
The company’s earnings beat estimates in three of the last four quarters while missing in one. The company has a four-quarter earnings surprise of 19.77%, on average.
Biogen Inc. Price and EPS Surprise
Biogen Inc. price-eps-surprise | Biogen Inc. Quote
Biogen’s stock has risen 58.1% in the past year compared with an increase of 22.3% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for BIIB
Our proven model does not conclusively predict an earnings beat for Biogen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Biogen’s Earnings ESP is -2.17%. The Zacks Consensus Estimate is pegged at $2.96 per share, while the Most Accurate Estimate is pegged lower at $2.90 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Biogen has a Zacks Rank #3.
Stock to Consider
Here is a drug/biotech stock that has the right combination of elements to beat on earnings this time around:
Regeneron Pharmaceuticals (REGN - Free Report) has an Earnings ESP of +5.87% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Regeneron has risen 27.2% in the past year. REGN’s earnings performance has been mixed over the trailing four quarters. The company beat earnings estimates in three of the last four reported quarters while missing in one, delivering an earnings surprise of 22.92%, on average. Regeneron is scheduled to report first-quarter results on April 29.