A biopharmaceutical company focused on the brain and nervous system, Biogen makes treatments for multiple sclerosis, spinal muscular atrophy, ALS, and Alzheimer's — with brands like TYSABRI, SPINRAZA, and the Alzheimer's drug LEQEMBI it co-markets with Eisai. It was founded in 1978 in Geneva by academic scientists (including two future Nobel laureates) and later moved to Cambridge, Massachusetts, where it remains. Its name is a mash-up of "Biotechnology Geneva," and its roots stretch back to the dawn of the biotech industry.
Biogen expects Q2 2026 charge of ~$164M and Q3 2026 charge of $290M-$320M for R&D expenses
Biogen expects Q2 2026 GAAP and non-GAAP results to include acquired in-process R&D, upfront and milestone expense of approximately $164 million pre-tax.
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The Q2 2026 charge is expected to reduce GAAP and non-GAAP diluted EPS by approximately $0.95.
Biogen anticipates Q3 2026 GAAP and non-GAAP results to include acquired in-process R&D, upfront and milestone expense of $290 million to $320 million.
The Q3 2026 charge is expected to reduce GAAP and non-GAAP diluted EPS by $1.75 to $1.95.
Q2 2026 results are not finalized and may differ from these preliminary estimates.
2.02 Results of Operations and Financial Condition
Biogen completes $5.3B acquisition of Apellis, with CVRs tied to SYFOVRE sales milestones
Biogen completed its acquisition of Apellis Pharmaceuticals on May 14, 2026, after a tender offer for 82.4% of shares, with the merger effective the same day.
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Apellis shareholders receive $41.00 per share in cash plus one contingent value right (CVR) per share, with total cash consideration approximately $5.3 billion.
Each CVR entitles holders to up to $4.00 in milestone payments: $2.00 if SYFOVRE annual net sales reach $1.5 billion in 2027-2030, and $2.00 if sales reach $2.0 billion in 2027-2031 (or $4.00 if only the second milestone is met in 2031).
Biogen borrowed $2 billion under a new credit agreement with U.S. Bank to help fund the acquisition, with tranches maturing in 2027 and 2028.
The acquisition makes Apellis a wholly owned subsidiary of Biogen, with the deal funded through cash and borrowings.
1.01 Entry into a Material Definitive Agreement · 2.01 Completion of Acquisition or Disposition of Assets · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Biogen reports Q1 2026 revenue of $2.5B, up 2% YoY; Non-GAAP EPS $3.57, up 18%
Growth products grew 12% year-over-year, with LEQEMBI global in-market sales of $168 million (up 74%), SKYCLARYS revenue of $151 million (up 22%), and ZURZUVAE revenue of $55 million (up 100%).
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Q1 2026 total revenue was $2.478 billion, up 2% year-over-year; GAAP diluted EPS was $2.15, up 31%; Non-GAAP diluted EPS was $3.57, up 18%.
SPINRAZA global revenue declined 12% to $374 million, while QALSODY revenue rose 110% to $33 million.
Full-year 2026 Non-GAAP diluted EPS guidance updated to $14.25-$15.25, excluding the Apellis transaction, with an approximately $1.00 impact from acquired IPR&D charges.
Biogen announced proposed acquisition of Apellis Pharmaceuticals, expected to close in Q2 2026 and be accretive in 2027.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Biogen expects Q1 2026 results to include ~$34M pre-tax R&D expense
The estimated charge is expected to reduce GAAP and non-GAAP diluted EPS by approximately $0.19 for Q1 2026.
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Biogen expects GAAP and non-GAAP Q1 2026 results to include approximately $34 million in acquired in-process R&D, upfront and milestone expense on a pre-tax basis.
The expense relates to collaboration and license agreements, including upfront and milestone payments and, when applicable, premiums on equity securities and asset acquisitions.
Biogen does not forecast such expenses due to uncertainty in timing and magnitude of future transactions.
Q1 2026 results are not finalized and may differ from these preliminary estimates.
2.02 Results of Operations and Financial Condition
Biogen to acquire Apellis Pharmaceuticals for $41.00 per share plus CVRs
The CVR entitles holders to potential payments of up to $4.00 per share if SYFOVRE-related annual net sales reach $1.5 billion (2027-2030) or $2.0 billion (2027-2031).
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Biogen entered into a merger agreement to acquire Apellis Pharmaceuticals via a tender offer of $41.00 per share in cash plus one contingent value right (CVR) per share.
The tender offer is subject to conditions including at least 50% plus one share tendered and HSR antitrust clearance; no financing condition applies.
Certain Apellis directors, officers, and Morningside Venture Investments, holding about 14% of shares, agreed to tender their shares.
If the deal fails under certain circumstances, Apellis may owe Biogen a $205 million termination fee; the offer must close by September 30, 2026.
The Apellis board unanimously recommended that stockholders tender their shares.
1.01 Entry into a Material Definitive Agreement · 8.01 Other Events · 9.01 Financial Statements and Exhibits