Biogen reported an 11% increase in third-quarter revenue on October 28 but posted a loss of 14 cents per diluted share under standard accounting rules, according to its SEC-filed earnings release.
Revenue reached $2.8 billion, compared with $2.535 billion a year earlier. The company attributed the quarterly loss primarily to transaction-related charges. It had earned $3.17 per share in the corresponding 2025 quarter.
Adjusted earnings fell 46% to $2.62 per share. Both reported and adjusted results included $284 million in acquired research, upfront and milestone expenses, primarily associated with the RayThera acquisition.
Biogen said its Growth Portfolio generated $1.26 billion in revenue, up 49%, including the first full quarter of acquired Apellis products. Rare-disease revenue increased 27%, while multiple-sclerosis product revenue declined 13%.
The company lifted the lower end of its 2026 adjusted earnings forecast to $12.20 per share from $12.00, leaving the upper end at $13.00. Adjusted earnings are a supplemental, non-GAAP measure; the forecast remains a company projection.
Sources: Biogen earnings release filed with the SEC.