Companies /Healthcare

Biogen Inc

NASDAQ: BIIB Drug Manufacturers - General
$221.69
â–² $0.62 (+0.28%) today
Markets open · 12:53pm ET

Q2 2026 Earnings

Reported Jul 29, 2026, 6:10am ET · SEC source
$3.60
Beat +73.61%
EPS · est. $2.07
$2.7B
Beat +11.37%
Revenue · est. $2.5B
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%+9%Jul 29Jul 30report 6:10am ETearnings−0.5%+2.7%
0+3%+6%+9%Jul 29Jul 30earnings−0.5%+2.7%
BIIB +2.7%S&P 500 −0.5%
0+4%+8%Jul 29Jul 30report 6:10am ETearnings+0.6%+2.7%
0+4%+8%Jul 29Jul 30earnings+0.6%+2.7%
BIIB +2.7%NASDAQ +0.6%
0+3%Jul 28Aug 5report 6:10am ETearnings+3.8%+0.8%
0+3%Jul 28Aug 5earnings+3.8%+0.8%
BIIB +0.8%S&P 500 +3.8%
−3%0+3%+6%Jul 28Aug 5report 6:10am ETearnings+6.1%+0.8%
−3%0+3%+6%Jul 28Aug 5earnings+6.1%+0.8%
BIIB +0.8%NASDAQ +6.1%
+1.76%
Day of report
−0.62%
Next session
−1.24%
One week

Did BIIB Beat Earnings? Q2 2026 Results

Biogen delivered a standout second quarter for fiscal 2026, posting non-GAAP EPS of $3.60 against a consensus estimate of $2.07, a beat of 73.61% that extended the company's streak of consecutive EPS beats to four straight quarters. Revenue of $2.74 billion topped estimates of $2.46 billion by 11.37% and grew 3.4% year-over-year, with the single most consequential driver being the May 14 close of the Apellis acquisition, which added SYFOVRE and EMPAVELI to the portfolio and contributed a combined $127 million in Biogen-recognized revenue during the partial quarter. The Growth Portfolio crossed $1.06 billion in quarterly revenue, now exceeding legacy MS product revenue, while SKYCLARYS grew 29% to $168 million and ZURZUVAE surged 53% to $71 million on its first commercial launch in Germany. GAAP EPS fell sharply to $0.66 from $4.33 a year ago, weighed down by acquisition-related charges including $200.60 million in inventory fair value step-up amortization. Looking ahead, Biogen raised its underlying non-GAAP EPS guidance by $0.60 to a range of $15.85 to $16.85 for the full year, with mid-single-digit revenue growth expected and five registrational pipeline readouts anticipated over the next four quarters.

Key Takeaways
  • Growth Portfolio revenue exceeded legacy MS portfolio, generating $1.06 billion with 24% YoY growth
  • SPINRAZA high-dose regimen conversion ahead of expectations in all launched geographies
  • SKYCLARYS growth driven by continued European and international market launches
  • ZURZUVAE demand growth and first commercial launch outside the U.S. in Germany
  • SYFOVRE showed strongest quarterly demand since launch
  • EMPAVELI revenue grew 123% year-over-year driven by demand growth
  • Anti-CD20 therapeutic programs revenue grew 10% year-over-year
  • TYSABRI showed resilient performance within legacy MS portfolio

“This quarter is a reflection of the significant progress Biogen has made repositioning the company for long-term growth. Not only did our growth portfolio revenue exceed that of our legacy MS portfolio, delivering 24% of year-over-year growth, we also delivered strong revenue performance from our two recently acquired products, providing an opportunity for our pipeline to build on a growing business.”

Biogen CEO, on the earnings call

Forward Guidance & Outlook

Biogen updated full year 2026 guidance with underlying Non-GAAP diluted EPS raised to $15.85–$16.85 (up $0.60), while reported guidance is $12.00–$13.00 after approximately $3.00 in acquired IPR&D/milestone charges and approximately $0.85 in Apellis acquisition dilution. Full year total revenue is now expected to increase by a mid-single digit percentage versus 2025, driven by continued Growth Portfolio momentum. Combined Non-GAAP R&D and SG&A expense is expected to be between $2.65 billion and $2.70 billion for the second half of 2026. The Apellis acquisition is expected to be accretive to Non-GAAP diluted EPS in 2027 with at least $250 million in run-rate synergies exiting 2027. Five registrational readouts from the late-stage pipeline are expected over the next four quarters, including litifilimab in SLE by end of 2026.

BIIB YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$800.0M$1.6B$2.4B$2.6B$2.7BRevenue$1.7B$2.0BGross Profit$588.2M$132.4MOperating Income$634.8M$97.5MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income

BIIB Revenue by Segment

Multiple Sclerosis Products$963.3M−13.0%
Multiple Sclerosis (MS) Products
Rare Disease$601.7M+10.8%
Anti-CD20 Therapeutic Programs$513.5M+9.9%
TYSABRI$450.8M−0.8%
SPINRAZA$401.9M+2.0%
OCREVUS
Contract Manufacturing, Royalty and Other Revenue

BIIB Revenue by Geography

United States$1.1B+18.4%
Rest of World$801.9M−14.5%

Figures from SEC filings and company reports. Not investment advice.