Biogen’s Apellis deal helps deliver its strongest quarter since 2020

Biogen reported third-quarter revenue of $2.8 billion, up 11% year over year—its strongest quarterly revenue since 2020, according to the report.

The $5.6 billion Apellis acquisition, completed in May, supplied a major lift. Its first full quarter in Biogen’s results included $191 million in Syfovre sales, up 27%, and $52 million in Empaveli sales, up 92%.

Biogen’s broader growth portfolio generated about $1.26 billion, up 49% year over year. Stronger newer products helped offset pressure on its older multiple-sclerosis business.

Adjusted earnings were $2.62 per share, above analyst expectations, and Biogen raised the lower end of its 2026 adjusted-EPS outlook to $12.20, maintaining the upper end at $13.00.

The headline growth is partly acquisition-driven, not entirely organic. Biogen also reported a GAAP net loss in the quarter, reflecting transaction-related and other charges; management said the Apellis integration was progressing faster than expected.