-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
Biogen delivered strong Q1 2026 results with non-GAAP EPS of $3.57 (+18% Y/Y) significantly exceeding the consensus of $2.95, while revenue of $2.478B (+2% Y/Y) beat expectations of $2.2B. Growth products sustained impressive momentum, generating $851M (+12% Y/Y), now representing one-third of total revenue, with LEQEMBI collaboration revenue up 80% Y/Y to $60M and the MS franchise showing better-than-expected resilience at $779M (-4% Y/Y). We view the continued acceleration of growth products as demonstrating successful portfolio diversification away from MS dependence. Management downgraded 2026 non-GAAP EPS guidance to $14.25-$15.25 from $15.25-$16.25, primarily reflecting acquired IPR&D charges. The proposed $5.6B Apellis acquisition, expected to close in Q2 2026, will add SYFOVRE and EMPAVELI to the growth portfolio and is anticipated to be accretive in 2027, in our view. We expect the combined revenue from these assets to grow in the mid-to-high teens for at least the next two years.