Biogen’s first-quarter report on Wednesday showed the Cambridge drugmaker getting real traction from its Alzheimer’s therapy Leqembi and topping analyst expectations. Revenue inched up about 2% to roughly $2.5 billion, while adjusted (non-GAAP) earnings climbed to $3.57 a share. That stronger-than-expected commercial showing helped blunt the impact of ongoing declines in the company’s multiple sclerosis franchise.
Quarterly snapshot
In an investor release, Biogen reported total Q1 revenue of $2.48 billion and non-GAAP diluted EPS of $3.57, noting that growth products delivered roughly 12% year-over-year improvement and free cash flow was approximately $594 million for the quarter. The company also updated full-year non-GAAP guidance to $14.25–$15.25 per share after recording acquired IPR&D charges this quarter and expecting additional deal-related charges in Q2.
Leqembi's momentum
Leqembi generated about $168 million in global in-market sales in the quarter, up roughly 74% year-over-year, and analysts point to easing access and greater patient awareness as drivers of the pickup, as reported by The Boston Globe. BMO Capital Markets told the Globe Leqembi “is starting to show real momentum.” Market watchers are also tracking a pending FDA decision on a subcutaneous starter dose that could allow at-home initiation; Investing notes the agency has set a PDUFA date of May 24, 2026.
Apellis acquisition and near-term costs
Biogen said it expects to close its roughly $5.6 billion takeover of Apellis Pharmaceuticals in the second quarter and that the deal should be accretive beginning in 2027, but the company recorded about $0.20 of acquired IPR&D charges in Q1 and expects roughly $0.80 more in Q2, a $1.00 hit that helped trim this year’s EPS view, according to Biogen. Management said the updated guidance excludes the Apellis impact and it will provide guidance inclusive of the transaction with Q2 results.
What investors and patients should watch
Shares moved after the results, with traders sending the stock higher in Wednesday trading as investors balanced commercial momentum against the one-off charges, Reuters reports. Analysts say the next test for Biogen will be whether Leqembi’s uptake holds after a possible subcutaneous starter-dose approval and whether mid-year and late-stage readouts for candidates such as felzartamab and litifilimab can broaden the company’s growth runway. For Cambridge, the quarter serves as a reminder that a single successful launch can reshape expectations, while turning that early momentum into sustained growth will require additional approvals and stronger uptake in more health-system settings.
