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Biogen’s third quarter revenues beat out Wall Street estimates in what CEO Chris Viehbacher called “one of these quarters where the numbers almost just speak for themselves.” The Massachusetts biotech hit $2.8 billion in revenue for the quarter, its best quarterly earnings since 2020 and an 11% boost year over year. The rapid sales growth is largely a result of Syfovre and Empaveli, two drugs Biogen acquired through its $5.6 billion buyout of Apellis Pharmaceuticals in May. The company’s integration has gone faster than expected, according to Viehbacher. Sales of Syfovre, an eye injection for geographic atrophy, were up 27% to $191 million in the third quarter, while those of Empaveli, a kidney disease treatment, soared 92% from last year to $52 million. “That’s already a run rate of $1 billion,” Viehbacher said of the two drugs’ performance during an earnings call Wednesday. But acquisitions were also the reason for the company’s $20.6 million loss for the quarter, down from a $466 million profit during the same period last year. Biogen’s August acquisition of biotech RayThera came with one-time R&D expenses of $284 million, and the company also reported increased spending linked to clinical trials and Apellis operations. Biogen’s pre-Apellis growth portfolio also contributed, bringing in $1.02 billion, which marked a 21% increase year over year. Sales of Alzheimer’s disease treatment, Leqembi, recorded by Eisai, were up 67% to $202 million. Skyclarys, a treatment for Friedreich’s ataxia, hit $178 million in sales, up 34% from last year. And postpartum depression treatment Zurzuvae was up 53% to 84 million. Spinraza took the lead as Biogen’s top earner with a 23% year-over-year sales increase to $461 million, bypassing legacy multiple sclerosis drug Tysabri, which brought in $437 million. Spinraza’s success was largely due to the rapid uptake of the spinal muscular atrophy drug’s new high-dose formulation, Biogen said. Together with Empaveli and Syfovre, Biogen’s growth portfolio hit 50% growth year over year and now makes up 63% of pharmaceutical revenue, allowing the company to offset declining revenues from its aging multiple sclerosis meds. “Fifty percent growth is extremely strong, and we expect to return to top-line growth in 2026,” Viehbacher said. From a pipeline perspective, Biogen is making a concerted effort with both its late- and early-stage programs. Viehbacher said the company expects five registrational readouts in the next 12 months starting with two phase 3 lupus trials set for mid-December. He believes Biogen could leverage its experience building out the MS market to do the same for the underdeveloped lupus market. “Four years ago, we really only called on neurologists, and now our regional teams are looking at retina specialists, nephrologists, transplant nephrologists … dermatologists and rheumatologists,” he said. “We’re dramatically changing Biogen.”

Biogen said Wednesday that third-quarter revenues rose 11% year-over-year to $2.8 billion, beating analyst expectations of $2.6 billion, as its newer medicines, including those added through its $5.6-billion acquisition of Apellis Pharmaceuticals, helped offset declines in its legacy multiple sclerosis (MS) business."Our third-quarter results demonstrate that Biogen has returned to growth," stated CEO Chris Viehbacher. Seven of eight products in the pharma's growth portfolio grew by double digits, including spinal muscular atrophy drug Spinraza (nusinersen), which saw sales jump 23% to $461 million thanks to more patients converting to the high-dose regimen. Analysts were projecting $400 million.IQLIK outpacing IV launchRevenue for Eisai-partnered Alzheimer's treatment Leqembi increased 67% to $202 million – the Japanese drugmaker records global in-market sales of the drug – with $107 million of that in the US. The global figure edged past estimates of $199 million.Moreover, the Leqembi IQLIK subcutaneous formulation – approved for maintenance dosing last year and more recently as an at-home starting dose – has been outpacing Leqembi's original intravenous (IV) launch "by three and a half and [Eli Lilly's] Kisunla by six times," according to Alisha Alaimo, who heads Biogen North America operations, though she cautioned it was still early days.Alaimo noted that while the majority of IQLIK use comes from Leqembi IV prescription writers, Biogen is "now seeing writers who have never written an [anti-amyloid therapy] before, never wrote Kisunla, never wrote [Leqembi IV]. They're writing IQLIK – and we are also seeing physicians who have only ever written Kisunla write IQLIK." She called that "a dynamic change," especially in areas with long drive times, citing the West Coast as the fastest uptake given its geography and the "convenience factor."Apellis momentumMeanwhile, Biogen also reported the first full-quarter of sales for geographic atrophy treatment Syfovre and complement inhibitor Empaveli since the Apellis deal closed in May. Syfovre generated $191 million and Empaveli $52 million, for respective gains of 27% and 92% year-over-year."I think we've really realised a synergy between the folks from Apellis who've joined the Biogen teams," said Viehbacher on an analyst call Wednesday. "They've come together and when I look at Syfovre and Empaveli you can see 37% year-over-year growth of $243 million, that's already on a run rate of $1 billion."Overall, Biogen said the growth portfolio accounted for roughly two-thirds of its core pharmaceutical revenue. MS drug sales fell 13% in the quarter to $919 million.The company is keeping its full-year outlook for mid-single-digit revenue growth in 2026, but raised the lower end of its full-year adjusted earnings guidance by 20 cents, which now falls between $12.20 and $13 per share.Five key readoutsViehbacher also highlighted early-stage work as now being one of Biogen's key priorities, calling it "one of the most important and often most neglected areas of our industry." He admitted "we were not necessarily very good with that" — the company had gone three years without a single IND – but he says there has been "a radical overhaul of the whole research and early development area."The ambition is to have at least 20 programmes in early-stage development over the next few years. "This is a big shift in how we operate because Biogen historically has looked at things on an asset-by-asset basis," Viehbacher said.The company has five registrational study readouts on the horizon over the next year. Two Phase III trials of litifilimab, a IgG1 monoclonal antibody, are due in systemic lupus by year-end, with a third in cutaneous lupus to follow in the first half of 2027. That same half-year should also bring results from a Phase III study of felzartamab, a CD38-targeting antibody in development for antibody-mediated rejection (AMR) in kidney transplant recipients.Phase III results for zorevunersen, an antisense oligonucleotide it is co-developing with Stoke Therapeutics to treat Dravet syndrome, are expected towards the end of next year.