Q2 26 EPS
$3.60
BEAT +73.61%
Est. $2.07
Q2 26 Revenue
$2.74B
BEAT +11.37%
Est. $2.46B
vs S&P Since Q2 26
-5.3%
TRAILING MARKET
BIIB +0.7% vs S&P +6.0%
Market Reaction
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 … Read more 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
BIIB 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, source: SEC Filings
BIIB Revenue by Segment
With YoY comparisons, source: SEC Filings
BIIB Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Christopher A. Viehbacher, Q2 2026 Earnings Press Release
BIIB Earnings Trends
BIIB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BIIB EPS Trend
Earnings per share: estimate vs actual
BIIB Revenue Trend
Quarterly revenue: estimate vs actual
BIIB Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.07 | $3.60 | +73.61% | $2.74B | +11.37% |
| Q1 26 BEAT | $2.95 | $3.57 | +20.93% | $2.48B | +10.22% |
| Q4 25 BEAT FY | $1.63 | $1.99 | +22.09% | $2.28B | +3.42% |
| FY Full Year | $15.02 | $15.28 | +1.70% | $9.89B | +0.67% |
| Q3 25 BEAT | $3.88 | $4.81 | +23.88% | $2.53B | +8.20% |
| Q2 25 BEAT | $3.87 | $5.47 | +41.31% | $2.65B | +13.90% |
| Q1 25 MISS | $3.04 | $3.02 | -0.72% | $2.43B | +8.80% |