Biogen Beats Q1 Profit Estimates as Rare Disease Portfolio Gains Momentum
Boston — Biogen reported stronger-than-expected first-quarter results, driven by growing demand for its newer rare-disease and Alzheimer’s treatments, sending its shares up approximately 6%.
The performance reflects the company’s ongoing shift away from legacy multiple sclerosis therapies toward a more diversified portfolio focused on high-growth therapeutic areas.
Newer Therapies Offset Legacy Declines
Biogen’s results were supported by robust uptake of its newer medicines, which helped counter declining sales in its traditional multiple sclerosis business.
Adjusted earnings came in at $3.57 per share, significantly exceeding analyst expectations of $2.77.
Leqembi Growth Signals Alzheimer’s Momentum
A key contributor was Leqembi, the Alzheimer’s treatment developed in partnership with Eisai.
- Global sales rose 74% year-over-year to $168 million
- U.S. sales reached $86 million
- Results surpassed analyst forecasts of $131 million
Real-world data also showed strong patient adherence, with approximately 78% of patients remaining on treatment after 18 months.
A regulatory decision expected by May 24 on a subcutaneous, at-home version of Leqembi could further expand access and reduce treatment capacity constraints.
Strategic Expansion Into Rare Diseases
Biogen is continuing to strengthen its pipeline through targeted acquisitions and partnerships. The company recently announced a $5.6 billion acquisition of Apellis Pharmaceuticals, expanding its presence in kidney disease and adding new growth opportunities.
CEO Christopher Viehbacher indicated that the deal reduces the need for further large-scale acquisitions, with future focus shifting toward early-stage innovation.
Outlook Adjusted Amid Acquisition Impact
Biogen lowered its 2026 adjusted earnings forecast to between $14.25 and $15.25 per share, down from a previous range of $15.25 to $16.25, reflecting acquisition-related costs.
The company plans to update its outlook following the closing of the Apellis deal in the second quarter.
Improving Market Sentiment
Analysts noted that Biogen’s positioning is gradually strengthening as it moves beyond reliance on a single growth driver.
The company’s evolving pipeline and upcoming milestones over the next 12–18 months are expected to reduce execution risk and improve long-term visibility.
