Analyst Conference Call Summary

biotechnology

conference date: October 28, 2026 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2026 (third quarter, Q3 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, up % sequentially from $2.74 billion and up % from $ billion in the year-earlier quarter.

Net income $ million, down % sequentially from $98 million and down % from $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, down % sequentially from $0.66 and down % from $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher A. Viehbacher said: ""

In Q3 2026 (July 29) announced positive Phase 2 BIIB091 data for relapsing-remitting multiple sclerosis.

In Q2 2026 Biogen optioned BIIB147 from Ionis for ALS. Worldwide, paid $15 million upfront, possible future milestones and royalties.

Registrational data for litifilimab in SLE is expected by end of 2026; additional Phase 3 readouts for litifilimab in CLE, felzartamab in AMR, and zorevunersen in Dravet syndrome anticipated in 2027.

The Leqembi IQLIK SC-AI initiation (for treatment initiation, already approved for maintenance) is under review in the was approved in July 2026 by the FDA. Applied in Japan, and China. Leqembi global end market revenue was $184 million, up 15% y/y. IQLIK home administration should help v. competitor's once-monthly dosing.

2026 begins a multi-year registrational data flow peaking in 2028 to 2030.

Non-GAAP net income was $ million, up % sequentially from $536 million and down % from $ million year-earlier. Non-GAAP EPS diluted was $, up % sequentially from $3.60 and down % from $ year-earlier.

Total product revenue was $billion, up % sequentially from $1.92 billion and up % from $ billion year-earlier. That excludes the Rituxan revenue, Alzheimer's collaboration, royalties and other revenue. Contract manufacturing, royalty and other revenue was $242 million.

* unconsolidated joint business revenue, Anti-CD20 products
** mainly contract manufacturing

Cash and equivalents (including marketable securities) balance ended at $ billion, down sequentially from $ billion. $ billion debt. $0 million was spent to repurchase shares. $ million cash flow from operations. $ million cap ex. $ million free cash flow. $ billion used in investing activities.

GAAP Cost of sales was $ million. R&D expense was $ million. Acquired in-process R&D expense $ million. SG&A expense $ million. Amortization of acquired intangible assets $ million. Collaboration profit sharing income $ million. Restructuring charges $ million. Loss on contingent consideration $ million. Other expense $ million. Total cost and expenses $ billion. Leaving income from operations of $ million. Income tax $ million.

See also the Biogen product pipeline. The entire pipeline includes 27 clinical programs.

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