Biogen Lowers 2026 EPS Guidance to $14.25–$15.25 After $1 IPR&D Charge
Biogen cut its 2026 adjusted EPS guidance to a range of $14.25–$15.25 from $15.25–$16.25, reflecting approximately $1.00 per share in in-process R&D charges ($0.20 in Q1, $0.80 expected in Q2). The company anticipates mid-single-digit revenue decline from 2025 with mid-teen MS sales drop (excluding Vumerity) and low double-digit biosimilar declines.
1. Revised 2026 EPS Guidance
Biogen lowered its 2026 adjusted EPS guidance to $14.25–$15.25 from $15.25–$16.25 in response to approximately $1.00 per share of acquired in-process R&D charges, of which $0.20 was recorded in Q1 and $0.80 is expected in Q2.
2. Projected Revenue Declines
The company expects total revenue to drop by a mid-single-digit percentage compared with 2025, driven by a mid-teen percentage decline in multiple sclerosis products excluding Vumerity and a low double-digit decrease in biosimilars.
3. Apellis Transaction Exclusion
Updated guidance excludes the anticipated Apellis acquisition, with details expected when Biogen reports second-quarter results following the planned closing later this quarter.