Biogen reported a strong Q1 2026 with growth products up 12%, and laid out a positive growth narrative centered on the pending Apellis acquisition, a robust late-stage pipeline, and multiple upcoming catalysts like Leqembi subcutaneous and BIIB080 data. Growth products (Leqembi, Skyclaris, etc.) generated $851M in Q1, up 12% YoY.
Biogen reported a strong Q1 2026 with growth products up 12%, and laid out a positive growth narrative centered on the pending Apellis acquisition, a robust late-stage pipeline, and multiple upcoming catalysts like Leqembi subcutaneous and BIIB080 data. Growth products (Leqembi, Skyclaris, etc.) generated $851M in Q1, up 12% YoY.
Biogen reported a strong Q1 2026 with growth products up 12%, and laid out a positive growth narrative centered on the pending Apellis acquisition, a robust late-stage pipeline, and multiple upcoming catalysts like Leqembi subcutaneous and BIIB080 data.
Growth products (Leqembi, Skyclaris, etc.) generated $851M in Q1, up 12% YoY.
Announced expected Q2 2026 charges: $145M IPR&D for TJBio China rights deal and $25M milestone for STELLA trial.
Guidance maintained for 2026, with an additional $0.80 EPS impact to Q2 from IPR&D.
Management's tone is optimistic, focusing on growth products and pipeline catalysts. The Apellis acquisition is projected to be accretive and drive EPS growth, alongside multiple data readouts, positioning the company for an inflection.
Management emphasized strong operational execution, growth product momentum, and a pipeline that positions the company for future growth, while acknowledging execution risks.
“20% of my patient base have already have start forms in to go on Spinraza high dose. We also have patients that are switching from competitors and patients that are adding on to Zolgensma.”
“Right now, we have not only more revenue, but we've had now for some time more patients outside the U.S. on drugs than inside. Just as I say, they haven't been fully reimbursed. And that's progressive.”
“More importantly, recently CMS did add that blood-based biomarkers can be used as a confirmation when you go into their database.”
Biogen's collaboration with Stoke Therapeutics on a Dravet syndrome treatment requires significant upfront payments, reflecting a costly R&D partnership.
“In the first quarter of 2025 we recorded $165 million of acquired IPR&D associated with the upfront payment to Stoke Therapeutics as part of our collaboration for Zirvinersen.”
A pilot program with AC Immune is testing blood-based biomarkers in primary care settings for Alzheimer's, potentially expanding the diagnostic and treatment funnel.
“There is a PCP pilot that is going on right now, as you know, with Biogen and ACI.”
Good morning. Thanks for taking my question. On Lekembe, could you update us on the adoption and use of blood-based biomarkers? whether you're seeing patients who completed Kisunla switch to Lecumbe maintenance.
Sure. Thank you. Blood-based biomarkers have been growing, you know, almost in the same clip as that we've been seeing in the past over 2025, which we know they've had really rapid adoption. However, haven't typically been used for confirmation solely. But what we are seeing, there is a PCP pilot that is going on right now, as you know, with Biogen and ACI. And we do have early indicators that from that pilot, we're seeing a higher usage now of blood-based biomarkers in the PCP than what we do to the territories who do not have that pilot running. So we're showing that once we educate, they are doing it more and more. Also, more importantly, recently CMS did add that blood-based biomarkers can be used as a confirmation when you go into their database. So when you go and use the drug, you can actually get it reimbursed. I know last year that was a big question that physicians had, and now that has also been put into place. So I believe moving forward, we are going to see that blood-based biomarkers will be used more and more for confirmation what they are today. The adoption will be a little bit slow, but awareness is extremely high. So I do think the more that they use it, test and try it, the more they'll be used for confirmation. When you move towards something, the question that you asked about Kusunla, in this first quarter of the year is when you'll expect to see the tranche of patients that started on Kusunla that are now hitting their 18-month mark. And so quarter one is when you will see the patients now typically stopping the product and for us to start getting the feedback. I can say that physicians are asking, what do we do? Some patients, and if you look at market research, patients in general who are on either of the products want to stay on product. There is a fear of coming off and having a decline in their cognition. And we do have several accounts that are looking at how do they switch them to Lekembe. As you know, we cannot provide data on that because we don't have data, but we do have physicians that are looking at can we switch them to maintenance or to subcube maintenance of Lekembe.
Biogen's partnership with UCB on a lupus therapy expands their immunology franchise, with Biogen leading marketing in the US and Japan.
“In addition to lidophilumab, we also have a partnership with UCB on dupiriluzumab, and we'll be taking the marketing lead in the U.S. and Japan on that product.”
Great. Hey, guys. Thanks for the question. Chris, you mentioned you're still looking at BD opportunities, you know, even post-Appellus. Maybe just help us with how maybe you rank external innovation versus investments and, you know, internal R&D and SG&A. Obviously, post-Appellus, you need to make investments to get the growth profile going. Thanks.
Yeah, so I think – thanks, Jeff. We – We feel, as we have said in the past, I think we're feeling very good about our late-stage pipeline. You know, lupus, I think, could be quite a significant franchise for us because in addition to lidophilumab, we also have a partnership with UCB on dupiriluzumab, and we'll be taking the marketing lead in the U.S. and Japan on that product. And, of course, we have some other assets in early-stage development coming along for lupus. The whole nephrology franchise, I think, is going to be quite significant for us as well. And then obviously we have Apellis. So as we look at BD, I would say really that most of what we're going to be focusing on is early stage development and research. Because that part of the pipeline is quite thin. We have strengthened that with a few collaborations, particularly immunology with Vanqua and Dera, for instance, last year. and the partnership with Citi and some other ones in there. So we're looking at really building the next generation of growth. I think, you know, if we execute well and, you know, we can bring everything and the pipeline does come through, this should be a company that can grow well into the 2030s. And what we need to really be thinking about is what comes after that. So that's where, as I say, the early stage, you know, research stage, pre-IND and perhaps phase one is where the focus is going to be. I think on M&A we would probably be more opportunistic. I don't think there's any particular need at that point to do that. But, you know, I guess we'll keep an eye out. But we're not going to be doing the search. So over the last two, three years, I mean, we have had a very systematic search and felt that we wanted to do M&A. I would say with the Appellus transaction and with the pipeline, we don't see the same need to be as proactive on that front.
Biogen notes Vertex as a competitor recruiting in the nephrology space, indicating a competitive hiring and clinical trial landscape.
“I mean, Vertex is, Vera is, just to name a few, for example.”
… but You know, if you went back six, seven years ago, nobody was interested in nephrology. And now, you know, really with the advent of the FDA acceptance of proteinuria as a biomarker, a lot of companies have come into this space. And IGAM is obviously the biggest market in this. And so, as we think about recruiting for felzartamab and our prelaunch activities, You're finding that, you know, you've got a lot of companies out there that are recruiting in nephrology. I mean, Vertex is, Vera is, just to name a few, for example. And so within Povelli and with the addition of the Appellus team, we have a whole team ready to go in nephrology. And we'll be present in the nephrology offices, building those relationships, going to Congresses now with a marketed product and not a future product. And so we believe both in the growth of Empaveli, but what that can do for a whole mythology franchise at Biogen. And we're pretty excited about that, I have to say. And I think, you know, all the conversations that we've been having with the Appellus team leading up to a potential integration, I think there's, first of all, there's incredible talent in the Appellus team. But I think it's …
Biogen views Regeneron's GA candidate as a potential competitor, but notes its systemic delivery mechanism and unproven proof-of-concept as potential weaknesses.
Thanks. So, high-level question on Sifovir. If you can talk to it, I know the transaction hasn't closed, but can you comment at a high level on evolving competitive dynamics, particularly with other agents that are in development that are focused in terms of their primary outcome measures on visual acuity as opposed to lesion burden? So help us just understand, you know, how are you thinking about where Sifovir is going to fit in this evolving landscape and ultimately what kind of data you can point to regarding the product, regarding its impact on visual acuity. Thank you.
… a very highly prevalent, irreversible, and progressive disease that leads to blindness. I think the median time point is about six, six and a half years. And the gold standard for assessing efficacy has been lesion growth. And I think that is where SIFOV has very compelling data, 42% statistically significant reduction in lesion growth. That's kind of at the time of launch. But subsequently, Appellus has also presented five-year long-term data that shows that you can actually slow down progression by 1.5 years. That's obviously really meaningful in that timeframe of six years. I totally agree that there is competitive dynamics here. I think with iZervay, the other product that's on the market, it targets C5s. which is upstream of C3, which is the target for Siphobre. And we haven't really seen that long-term data as of now from IsoVe. But moving into what's on the horizon from a competitive landscape, I think we are seeing more targeting of C5 again. That's one. The other is that with Nexon, we haven't seen that the phase two data were very persuasive. And actually, it did not impact geographic atrophy lesion growth, which we believe is the standard, gold standard. And Chris mentioned that the lesion growth is really important to focus on. Eventually, the best corrected visual equity would be impacted. But at the outset, that's not really the goal because the eye adjusts to peripheral vision. And that's an important aspect to kind of keep in mind. And when we saw the data from an exon, this was obviously a very important aspect of our diligence We saw that actually the BCVA for placebo really went down, and therefore, you know, the drug arm looked good, but I think it remains to be seen. With regards to Regeneron, I know that competition as well, also targets C5, and it's systemic, and it's a combination. So we believe there also Sifogre, because it's targeted to the eye, it really enables that tissue delivery, which we believe is really important. And Regeneron, the proof of concept, still has to come. So we'll wait for that. But we do know that actually with a very similar mechanism of action, failed in phase two in GA. So I think a lot to watch out for. But we feel really that the data are compelling. And it's going to be a very huge effort for us from an educational, medical, scientific leadership to make the case on why it's important to treat now.
CMS has added blood-based biomarkers as a reimbursable confirmation test for Leqembi, addressing a major physician hesitation. — This policy change lowers a barrier to Leqembi adoption, potentially accelerating its uptake and increasing competitive pressure on Eli Lilly's Kisunla.
Good morning. Thanks for taking my question. On Lekembe, could you update us on the adoption and use of blood-based biomarkers? whether you're seeing patients who completed Kisunla switch to Lecumbe maintenance.
Sure. Thank you. Blood-based biomarkers have been growing, you know, almost in the same clip as that we've been seeing in the past over 2025, which we know they've had really rapid adoption. However, haven't typically been used for confirmation solely. But what we are seeing, there is a PCP pilot that is going on right now, as you know, with Biogen and ACI. And we do have early indicators that from that pilot, we're seeing a higher usage now of blood-based biomarkers in the PCP than what we do to the territories who do not have that pilot running. So we're showing that once we educate, they are doing it more and more. Also, more importantly, recently CMS did add that blood-based biomarkers can be used as a confirmation when you go into their database. So when you go and use the drug, you can actually get it reimbursed. I know last year that was a big question that physicians had, and now that has also been put into place. So I believe moving forward, we are going to see that blood-based biomarkers will be used more and more for confirmation what they are today. The adoption will be a little bit slow, but awareness is extremely high. So I do think the more that they use it, test and try it, the more they'll be used for confirmation. When you move towards something, the question that you asked about Kusunla, in this first quarter of the year is when you'll expect to see the tranche of patients that started on Kusunla that are now hitting their 18-month mark. And so quarter one is when you will see the patients now typically stopping the product and for us to start getting the feedback. I can say that physicians are asking, what do we do? Some patients, and if you look at market research, patients in general who are on either of the products want to stay on product. There is a fear of coming off and having a decline in their cognition. And we do have several accounts that are looking at how do they switch them to Lekembe. As you know, we cannot provide data on that because we don't have data, but we do have physicians that are looking at can we switch them to maintenance or to subcube maintenance of Lekembe.
Biogen is confident in Apellis's marketed products (Syfovre, Empaveli) and team, seeing them as a platform to build a nephrology franchise and drive growth.
… And now, you know, really with the advent of the FDA acceptance of proteinuria as a biomarker, a lot of companies have come into this space. And IGAM is obviously the biggest market in this. And so, as we think about recruiting for felzartamab and our prelaunch activities, You're finding that, you know, you've got a lot of companies out there that are recruiting in nephrology. I mean, Vertex is, Vera is, just to name a few, for example. And so within Povelli and with the addition of the Appellus team, we have a whole team ready to go in nephrology. And we'll be present in the nephrology offices, building those relationships, going to Congresses now with a marketed product and not a future product. And so we believe both in the growth of Empaveli, but what that can do for a whole mythology franchise at Biogen. And we're pretty excited about that, I have to say. And I think, you know, all the conversations that we've been having with the Appellus team leading up to a potential integration, I think there's, first of all, there's incredible talent in the Appellus team. But I think it's also fair to say that within Biogen, I think we can probably bring more resources to …