Biogen reported better-than-expected first-quarter results on Wednesday, driven by strong sales of its Alzheimer’s treatments and newer rare-disease therapies. These gains helped offset declining demand for its older multiple sclerosis drugs, leading to a 6% rise in the company’s share price.
The biotech company has also been strengthening its drug pipeline by focusing on immunology and rare diseases through strategic acquisitions and partnerships. The latest financial results indicate that these efforts are beginning to show positive results, supporting Biogen’s ongoing shift toward newer and more innovative treatments.
“The setup for Biogen is gradually improving as the company evolves beyond just an Alzheimer’s/Leqembi story,” J.P.Morgan analysts said, adding that several pipeline milestones over the next 12–18 months could reduce execution risk.
Biogen strengthened its portfolio last month through a $5.6 billion acquisition of Apellis Pharmaceuticals. The deal added a promising kidney disease therapy to its pipeline and marked the company’s entry into renal care, alongside its development of the late-stage candidate felzartamab.
CEO Christopher Viehbacher stated that this acquisition reduces the need for additional large-scale mergers and acquisitions. He also noted that the company’s future focus will shift more toward early-stage research, as its current pipeline in that area remains relatively limited.
Biogen lowered its 2026 adjusted profit outlook to a range of $14.25 to $15.25 per share, down from the previous forecast of $15.25 to $16.25 per share. The revision reflects an estimated $1 per share impact from charges related to recent acquisitions. The company stated that it will revise its full-year 2026 guidance again after the completion of the deal, expected in the second quarter.
Sales of the Alzheimer’s drug Leqembi, developed in partnership with Eisai, rose 74% year-over-year to approximately $168 million. This included $86 million in U.S. sales and exceeded analysts’ expectations of $131 million. Biogen also reported real-world data showing that around 78% of patients continued treatment after 18 months.
The U.S. health regulator is expected to make a decision by May 24 on a subcutaneous starting dose of Leqembi, which could enable at-home administration and potentially improve patient access while easing treatment capacity constraints.
Despite the lowered full-year outlook, Biogen reported strong quarterly performance, with adjusted earnings of $3.57 per share, significantly above analysts’ expectations of $2.77 per share.
Biogen reported revenue of $2.48 billion, exceeding analyst forecasts of $2.26 billion.
Sales of its multiple sclerosis treatments, including Vumerity, rose slightly to $957.5 million, also outperforming expectations of $891 million.
In addition, revenue from its rare-disease portfolio reached $557.2 million, coming in above market estimates and further supporting the company’s overall stronger-than-expected performance.
