Biogen IncNasdaq: BIIB
Health Care · Biotechnology
$187.16
-1.12%
Vol: 490K
Research Digest
Friday, May 1, 2026
Biogen Q1 2026 earnings beat; Leqembi momentum accelerates; Apellis acquisition bolsters rare disease pipeline
Biogen reported Q1 2026 adjusted EPS of $3.57 (beat $3.07 consensus) on $2.48B revenue (+2% YoY). Adjusted earnings grew 18% YoY driven by Leqembi (Alzheimer's) sales acceleration and litifilimab FDA Breakthrough Designation for cutaneous lupus erythematosus with Phase 2 positive results. Announced acquisition of Apellis to boost immunology and rare disease portfolio. Lowered FY2026 adjusted EPS guidance to $14.25-$15.25 vs. $15.55 consensus amid pipeline uncertainty. 19 analysts with median $214 PT. Stock up 51.7% YoY but faces headwinds.
Previous Market Intelligence
13 daysApr 30Biogen Q1 2026 EPS of $3.57 beats estimates by 21%; announces $5.6B Apellis acquisition; stock surges 5% despite FY2026 EPS guidance cut.Mixed▶
Biogen reported Q1 2026 earnings on April 29 with non-GAAP diluted EPS of $3.57, beating the $2.95 consensus by 21%. Revenue of $2.48B exceeded estimates by over 10%. Growth products delivered $850M in Q1, up 12%. The company announced a definitive agreement to acquire Apellis Pharmaceuticals for $41/share plus a contingent value right, expected to close in Q2 2026, adding two commercial products. FDA approved high-dose SPINRAZA, and LEQEMBI's subcutaneous autoinjector has a May 24 PDUFA date. Despite strong Q1, Biogen lowered FY2026 adjusted EPS guidance to $14.25-$15.25 from $15.55 consensus.
Apr 29Biogen beats Q1 with $3.57 EPS (21% above estimate), revenue of $2.48B; announces $5.6B acquisition of Apellis PharmaceuticalsPositive▶
Biogen reported Q1 2026 non-GAAP diluted EPS of $3.57, beating Wall Street's $2.95 forecast by 21%, with revenue of $2.48 billion exceeding expectations by 10%. Company announced agreement to acquire Apellis Pharmaceuticals for $41/share ($5.6 billion) plus up to $4/share contingent value right tied to SYFOVRE sales. LEQEMBI Alzheimer's sales jumped 74% to $168M. Stock rose 2.89% on earnings beat despite full-year EPS guidance cut to $14.25-$15.25.
Apr 16Biogen acquires Apellis Pharmaceuticals for $41 plus up to $4 contingent value right, marking major immunology expansion.Mixed▶
Biogen announced a $5.6 billion acquisition of Apellis Pharmaceuticals for $41 per share plus a contingent value right of up to $4 per share. The deal, agreed March 31, 2026, brings two differentiated immunology medicines including EMPAVELI (approved in three indications) and SYFOVRE (approved for its FDA-approved indication). Biogen reported a 50% share price increase over the past year but faces ongoing revenue declines from multiple sclerosis therapies, which declined in double digits. The company expects revenue to continue falling in 2026. Despite challenges, Piper Sandler upgraded the stock to Overweight with a $214 price target, while Citi reduced its target to $190 with a Neutral rating. The average analyst rating is Buy with a $195.00 12-month price target.
Apr 15Biogen upgraded by Piper Sandler to Overweight with $214 target following Apellis eye drug acquisition.Mixed▶
Piper Sandler upgraded Biogen from Neutral to Overweight on April 14, raising price target from $177 to $214. However, mixed analyst sentiment persists with Truist lowering to Hold and Citigroup cutting price target from $215 to $190. Dr. Maria C. Freire was named Board Chair effective after the June 9 annual meeting. Biogen faces headwinds from ongoing revenue declines.
Apr 14Biogen flags $34M Q1 R&D charge reducing EPS by $0.19; multiple analysts cut price targets in April.Negative▶
Biogen announced $34 million R&D charge for Q1 2026 reducing EPS by approximately $0.19. Citigroup cut target from $215 to $190 (Neutral), Truist Financial cut from $193 to $189 (Hold). Stock declined from ~$202 to ~$172. Completed $5.6 billion acquisition of Apellis Pharmaceuticals. Q1 earnings expected May 7.
Apr 13Biogen acquires Apellis for $5.6B to bolster ophthalmology/immunology portfolio; expects EMPAVELI/SYFOVRE to generate $689M+ combined sales.Positive▶
Biogen announced $5.6B acquisition of Apellis expanding ophthalmology/immunology footprint. EMPAVELI and SYFOVRE contributed $689M combined sales in 2025, expected mid-to-high teens growth through 2028. Dr. Maria C. Freire elected Board Chair. EC approved high-dose SPINRAZA regimen. Phase 2 AMETHYST study showed positive lupus results. MS therapies in structural decline.
Apr 10Biogen Announces $5.6B Apellis Acquisition; Q4 EPS Beats ConsensusPositive▶
Acquired Apellis Pharmaceuticals for $5.6B in all-cash deal. Q4 2025 EPS of $1.99 beat consensus of $1.61.
Apr 9Biogen Acquires Apellis Pharmaceuticals for $5.6 Billion, Receives SPINRAZA High Dose FDA ApprovalPositive▶
Biogen announced a transformative $5.6 billion acquisition of Apellis Pharmaceuticals on March 31, 2026, representing a major bet on immunology and rare diseases. Apellis brings products like Syfovre generating hundreds of millions in revenue. Additionally, Biogen received FDA approval for a High Dose Regimen of SPINRAZA for spinal muscular atrophy. Q1 2026 will include approximately $34 million in acquired in-process R&D expenses, reducing GAAP and non-GAAP net income by $0.19 per share. The company maintains full-year 2026 earnings guidance of $15.25 to $16.25 per share despite legacy business headwinds.
Apr 8Biogen announces $5.6 billion acquisition of Apellis Pharmaceuticals to expand rare disease portfolio.Positive▶
Biogen announced $5.6B acquisition of Apellis Pharmaceuticals expected to close Q2 2026. Expands complement-mediated diseases. H.C. Wainwright raised PT to $237.
Apr 7Biogen Acquires Apellis for $5.6B; FDA Approves SPINRAZA High Dose RegimenPositive▶
BIIB announced definitive agreement to acquire Apellis Pharmaceuticals for ~$5.6B (140% premium). FDA approved high-dose SPINRAZA regimen for 5q spinal muscular atrophy March 30. Canaccord Genuity raised price target to $245. H.C. Wainwright raised PT to $237 from $228. Company in strategic transition with new Alzheimer's and rare disease focuses.
Apr 6Biogen to acquire Apellis for $5.6B, expanding immunology and rare disease portfolio.Positive▶
Biogen announced definitive agreement on March 31, 2026 to acquire Apellis Pharmaceuticals for $41.00/share in cash (~$5.6B). Addition enhances short/long-term growth by adding EMPAVELI and SYFOVRE (combined 2025 net sales $689M, expected mid-to-high teens growth through 2028). Transaction financially attractive, expected accretive to non-GAAP diluted EPS starting 2027, meaningfully increasing EPS CAGR through decade end. Stock up 3%, BIIB trading $183.94. Buy consensus from 27 analysts, $195 target (6.07% upside). Recent approval of high-dose SPINRAZA regimen and positive Phase 2 lupus study results.
Apr 3Biogen announces $5.6 billion Apellis acquisition and FDA approval expected for SPINRAZA high dose by April 3, 2026.Positive▶
Biogen announced it will acquire Apellis Pharmaceuticals for $41.00 per share ($5.6 billion total), expanding portfolio in kidney and eye disease. SPINRAZA high dose received expected FDA approval. Positive Phase 2 results for litifilimab in cutaneous lupus erythematosus. Oppenheimer increased target to $275, Canaccord Genuity maintains $245 Buy.
Apr 2Biogen announces $5.6B Apellis acquisition; Litifilimab shows positive Phase 2 results in cutaneous lupus treatmentPositive▶
Biogen agreed to acquire Apellis Pharmaceuticals for $41.00 per share (~$5.6 billion), expanding ophthalmology portfolio with SYFOVRE (geographic atrophy) and EMPAVELI (rare kidney diseases/PNH). Company announced positive Phase 2 AMETHYST results for litifilimab in cutaneous lupus erythematosus treatment. Canaccord Genuity maintains Buy rating with raised price target to $245. Leadership transition: Dr. Maria C. Freire becomes Chair after 2026 Annual Meeting; average analyst target $207.46 with 12.89% upside.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| ABBVABBVIE | $207.05 | -2.02% | +2.2% | 13.1x | — | $373.8B |
| AMGNAMGEN | $330.27 | -4.62% | +1.1% | 14.8x | 0.47 | $186.7B |
| GILDGILEAD | $131.80 | +0.73% | -6.6% | 13.6x | 0.40 | $162.4B |
| VRTXVERTEX | $425.02 | -0.55% | -1.6% | 19.6x | 0.37 | $108.7B |
| REGNREGENERON | $702.19 | -0.69% | -7.3% | 13.0x | 0.40 | $74.1B |
| BIIBBIOGEN | $187.16 | -1.12% | +9.8% | 11.9x | 0.16 | $27.9B |
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Price above both MAs — bullish structure.