Biogen (BIIB) Q2 2026 Earnings
How Did BIIB Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +5.47%.
Did BIIB Beat Earnings? Q2 2026 Results
Yes. Biogen reported Q2 2026 earnings of $3.60 a share on Jul 29, 2026, beating the $2.07 consensus estimate by 73.6%. Revenue was $2.7B against a $2.5B estimate.
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.
- 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
What Is Biogen's 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
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.7B | $2.6B | +3.4% |
| Gross Profit | $2.0B | $1.7B | +15.3% |
| Operating Income | $132.4M | $588.2M | −77.5% |
| Net Income | $97.5M | $634.8M | −84.6% |
BIIB Revenue by Segment
BIIB Revenue by Geography
When Does Biogen Report Next?
Figures from SEC filings and company reports. Not investment advice.