Biogen falls as 2026 EPS outlook is cut by $1 on IPR&D charges
Biogen shares are sliding after the company cut full-year 2026 non-GAAP EPS guidance to $14.25–$15.25 from $15.25–$16.25, citing roughly $1.00 of acquired IPR&D charges tied to business development. The update, delivered alongside a Q1 beat, also reiterated expectations for a mid-single-digit 2026 revenue decline versus 2025.
1) What’s moving BIIB today
Biogen is down after investors focused on a reduced full-year 2026 profitability outlook. The company lowered 2026 non-GAAP diluted EPS guidance to $14.25–$15.25, down from its prior $15.25–$16.25 range, attributing the roughly $1.00 headwind to acquired in-process R&D charges linked to ongoing business development activity. (stocktitan.net)
2) The disconnect: strong quarter, weaker full-year setup
The guidance cut landed even as Biogen posted a stronger-than-expected first quarter, reporting $2.48 billion in revenue and non-GAAP EPS of $3.57. The same update reiterated that total 2026 revenue is expected to decline by a mid-single-digit percentage versus 2025, reflecting continued erosion in the legacy multiple sclerosis franchise that is only partially offset by newer growth products. (stocktitan.net)
3) Deal-related overhang and what investors will watch next
Management said the updated 2026 outlook excludes any impact from the pending Apellis transaction and that it plans to provide 2026 guidance inclusive of Apellis when it reports second-quarter results after the deal closes. Until then, trading is likely to hinge on clarity around the magnitude/timing of the IPR&D charges, the trajectory of growth brands (including LEQEMBI collaboration economics), and whether the eventual Apellis-inclusive outlook restores confidence in a cleaner earnings runway. (stocktitan.net)