Biogen is moving higher after posting strong first-quarter 2026 results that highlighted improving profitability and continued traction in its growth portfolio. The company reported Q1 total revenue of $2.48 billion (up 2% year over year), GAAP diluted EPS of $2.15 (up 31%), and non-GAAP diluted EPS of $3.57 (up 18%), a combination that points to earnings leverage even as legacy multiple-sclerosis revenue remains under pressure.

The quarter underscored accelerating contributions from newer and growth brands. Biogen disclosed LEQEMBI global in-market sales of $168 million, up 74% year over year (U.S. in-market sales $86 million), and SKYCLARYS global revenue of $151 million, up 22% year over year. Other notable items included ZURZUVAE revenue of $55 million (up 100% year over year) and QALSODY revenue of $33 million (up 110% year over year), while SPINRAZA revenue declined 12% year over year to $374 million.

Alongside the quarterly beat, Biogen updated full-year 2026 non-GAAP EPS guidance to $14.25–$15.25, excluding any impact from the planned Apellis transaction. The company framed the reduction versus its prior range as reflecting about $1.00 of acquired in-process R&D charges tied to business development activity, with roughly $0.20 recorded in Q1 and about $0.80 expected in Q2, while keeping its outlook for total 2026 revenue as a mid-single-digit percentage decline versus 2025.