On July 29, 2026 Biogen Inc. (Nasdaq: BIIB) reported second quarter 2026 financial results.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"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," said President and Chief Executive Officer Christopher A. Viehbacher. "At the same time, our scientific leadership continues to translate into commercial momentum, with a successful launch of SPINRAZA HD and historic approval of LEQEMBI IQLIK at-home initiation. As we enter a period of registrational data readouts beginning this year, we are realizing our vision for the New Biogen — one positioned for sustainable growth with a growing commercial business, a multi-year late-stage data flow, and an expanding early-stage pipeline."
Second quarter 2026 Growth Portfolio highlights
•SPINRAZA revenue of $402 million, up 2% year-over-year, driven by demand and stocking for the high-dose regimen partially offset by shipment timing in certain ex-U.S. markets; conversion to the high-dose regimen has been ahead of Company expectations in all launched geographies
•VUMERITY second quarter revenue of $197 million, down 7% year-over-year, primarily impacted by inventory dynamics; first half growth of 7% year-over-year
•LEQEMBI global in-market sales of $184 million, up 15% year-over-year, with U.S. in-market sales of $97 million, representing continued sequential growth; LEQEMBI IQLIK, a first-of-its-kind anti-amyloid treatment offering at-home administration, approved by the FDA as an initiation dose
•SKYCLARYS revenue of $168 million, up 29% year-over-year, primarily related to an increase in global demand mostly driven by the continued launch in Europe and certain other international markets
•ZURZUVAE revenue of $71 million, up 53% year-over-year, driven by demand growth; now launched in Germany, the first commercial launch outside the U.S. for PPD
•SYFOVRE revenue of $162 million for the full second quarter, up 8% year-over-year, showed its strongest quarterly demand since launch. $97 million of revenue recognized by Biogen following the close of the Apellis acquisition on May 14, 2026
•EMPAVELI revenue of $46 million for the full second quarter, up 123% year-over-year, driven by demand growth. $30 million of revenue recognized by Biogen following the close of the Apellis acquisition on May 14, 2026
The Company is now advancing the next potential wave of growth drivers with five registrational readouts from the late-stage pipeline expected over the next four quarters; continuing to build the early-stage pipeline to deliver long-term value
•Registrational data for litifilimab in SLE expected by end of 2026 and additional Phase 3 readouts for litifilimab in CLE, felzartamab in AMR, and zorevunersen in Dravet syndrome anticipated next year
•Diranersen demonstrated proof-of-concept in Alzheimer’s disease as the first tau-directed agent to show clinical efficacy and a reduction of tau pathology in the brain — Biogen plans to advance to Phase 3
•Expected initiation of a new Phase 2 study of felzartamab in Graves’ disease, expanding the potential of felzartamab in autoimmune disease
•Pending RayThera acquisition expected to add multiple immunology programs to Biogen’s portfolio, including a lead program now in Phase 1 development
Apellis acquisition now completed with strong second quarter 2026 revenue performance for SYFOVRE and EMPAVELI. With the integration progressing well, Biogen expects approximately $0.85 dilution to Non-GAAP diluted EPS for full year 2026, driven largely by lower interest income and higher interest expense associated with the transaction financing, and remains on track for the transaction to be accretive to Non-GAAP diluted EPS in 2027. Transaction run rate synergies exiting 2027 are expected to be at least $250 million.
Full year 2026 guidance updated to reflect a strengthening in underlying business performance outlook adjusted for the impact from completed and expected transactions and milestones
Financial Highlights
Q2 ’26 Q2 ’25 △
r (CC*)
Total Revenue (in millions) $2,736 $2,646 3% 2%
GAAP diluted EPS $0.66 $4.33 (85)% N/A
Non-GAAP diluted EPS $3.60 $5.47 (34)% N/A
Note: Percent changes represented as favorable/(unfavorable) versus the prior year period. N/A = not applicable.
* Percentage changes in revenue growth at constant currency (CC) are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the exchange rates from the end of the previous calendar year.
A reconciliation of GAAP to Non-GAAP financial measures can be found in Table 4 at the end of this news release.
Revenue Summary
(in millions) Q2 ’26 Q2 ’25 △
r (CC*)
Multiple sclerosis (MS) product revenue(1)
$963 $1,107 (13)% (14)%
Rare disease revenue(2)
$602 $543 11% 9%
Specialized immunology revenue(3)
$128 $— —% —%
Biosimilars revenue $153 $182 (16)% (20)%
Other product revenue(4)
$71 $47 51% 51%
Total product revenue $1,916 $1,879 2% —%
Revenue from anti-CD20 therapeutic programs $514 $467 10% 10%
Alzheimer’s collaboration revenue(5)
$64 $55 16% 16%
Contract manufacturing, royalty and other revenue $242 $245 (1)% (5)%
Total revenue $2,736 $2,646 3% 2%
•Second quarter 2026 Legacy MS Portfolio, which includes AVONEX, PLEGRIDY, TECFIDERA, and TYSABRI, generated $767 million of revenue, driven by resilient performance from TYSABRI.
Expense Summary
(in millions) Q2 ’26 Q2 ’25 △
GAAP cost of sales*
$777 $605 (28)%
% of Total Revenue 28% 23%
Non-GAAP cost of sales*
$612 $554 (10)%
% of Total Revenue 22% 21%
GAAP R&D expense $530 $399 (33)%
Non-GAAP R&D expense $490 $394 (24)%
GAAP SG&A expense $710 $584 (22)%
Non-GAAP SG&A expense $680 $579 (17)%
GAAP and Non-GAAP acquired IPR&D, upfront and milestone expense $164 $47 NMF
Note: Percent changes represented as favorable/(unfavorable) versus the prior year period
IPR&D = in-process R&D; NMF = no meaningful figure.
* Excluding amortization and impairment of acquired intangible assets
•The increase in second quarter 2026 GAAP and Non-GAAP cost of sales as a percentage of total revenue was driven primarily by product mix.
•The increase in second quarter 2026 GAAP R&D expense included approximately $38 million of step-up amortization related to SKYCLARYS inventory used in clinical trials. The increase in second quarter 2026 GAAP and Non-GAAP R&D expense was driven by higher spend on clinical trials, including felzartamab, salanersen and litifilimab, as well as the inclusion of operating expenses from Apellis, and a reduction in R&D funding received from Royalty Pharma.
•The increase in second quarter 2026 GAAP and Non-GAAP SG&A was primarily due to the inclusion of the commercial and management operations of Apellis subsequent to the acquisition of the company and an increase in operational spending on sales and marketing activities in support of our U.S. and international product launches.
•Second quarter 2026 GAAP and Non-GAAP acquired IPR&D, upfront and milestone expense was $164 million.
Other Financial Highlights
•Second quarter 2026 GAAP and Non-GAAP collaboration profit sharing was a net expense of approximately $69 million, which includes approximately $45 million related to Biogen’s collaboration with Samsung Bioepis, and approximately $24 million related to Biogen’s collaboration with Supernus Pharmaceuticals, Inc. for the commercialization of ZURZUVAE in the U.S.
•Second quarter 2026 GAAP other expense was approximately $19 million driven by net interest expense partially offset by net unrealized gains on equity securities. Second quarter 2026 Non-GAAP other expense was approximately $60 million primarily driven by net interest expense. Net interest expense includes financing costs related to the Apellis transaction.
•Second quarter 2026 GAAP and Non-GAAP effective tax rates were 26.4% and 17.2%, respectively. Second quarter 2025 GAAP and Non-GAAP effective tax rates were 14.7% and 13.5%, respectively. The year-over-year increase in the GAAP effective tax rate was primarily driven by non-deductible expenses related to the Apellis acquisition. The year-over-year increase in both GAAP and Non-GAAP effective tax rates were impacted by the favorable deferred tax impacts of decreases in foreign withholding taxes recorded in the second quarter of 2025.
Financial Position and Cash Flows
•Second quarter 2026 net cash flow from operations was approximately $449 million. Capital expenditures were approximately $41 million, and free cash flow, a Non-GAAP financial measure defined as net cash flow from operations less capital expenditures, was approximately $408 million.
•As of June 30, 2026, Biogen had cash and cash equivalents totaling approximately $1.3 billion and approximately $8.1 billion in total debt, resulting in net debt of approximately $6.8 billion.
•For the second quarter of 2026, the Company’s weighted average diluted shares were approximately 149 million.
Full Year 2026 Financial Guidance
Biogen is updating its full year 2026 financial guidance to reflect a strengthening in underlying business performance outlook with reported guidance adjusted for the impact from completed and expected transactions and milestones. Full year 2026 Non-GAAP diluted EPS range is expected as follows:
FY 2026 Non-GAAP Diluted EPS Guidance February 2026 April 2026 July 2026 Change
Underlying guidance $15.25 to $16.25 $15.25 to $16.25 $15.85 to $16.85 +$0.60
Approximate impact from acquired IPR&D and milestone charges – ($1.00) ~($3.00) ~($2.00)
Expected dilution from the Apellis acquisition – – ~($0.85) ~($0.85)
Reported Guidance $15.25 to $16.25 $14.25 to $15.25 $12.00 to $13.00
Full year total revenue is now expected to increase by a mid-single digit percentage for 2026 as compared to 2025 driven by continued revenue growth from our Growth Portfolio.
Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be between $2.65 billion and $2.70 billion for the second half of 2026.
This guidance also assumes that foreign exchange rates as of July 24, 2026, will remain in effect for the remainder of the year, net of hedging activities.
Other than the acquired IPR&D and milestone impact expressly stated above, this financial guidance does not include any other potential future acquired IPR&D and milestone charges, impact from potential acquisitions or business development transactions or pending and future litigation or any impact of potential healthcare reform, as all are difficult to predict. Other important financial considerations will be provided on the conference call and webcast.
Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2026 that could cause any of these assumptions and expectations to change and/or actual results to vary from this financial guidance.
Biogen does not provide guidance for GAAP reported financial measures (other than revenue) or a
reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the Company is unable without unreasonable effort to predict with reasonable certainty the financial impact of items such as the transaction, integration, and certain other costs related to acquisitions or large business development transactions; unusual gains and losses; potential future asset impairments; gains and losses from equity security investments; and the ultimate outcome of pending or future litigation. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results.
Other Key Recent Events
•Today Biogen announced Phase 2 data for BIIB091 in relapsing-remitting multiple sclerosis, which showed that BIIB091 has achieved proof-of-concept and the Company will be exploring next steps for the asset.
•In the second quarter of 2026, Biogen exercised its option to obtain from Ionis a worldwide exclusive, royalty-bearing license to develop and commercialize BIIB147, a Phase 1 ready investigational antisense oligonucleotide targeting stathmin-2 pre-mRNA in people with broad ALS. As part of the option exercise, Biogen paid Ionis a $15 million one-time license fee recorded in acquired IPR&D upfront and milestone expense.
Conference Call and Webcast
The Company’s earnings conference call for the second quarter will be broadcast via the internet at 8:30 a.m. ET on July 29, 2026 and will be accessible through the Investors section of Biogen’s website, www.biogen.com. Supplemental information in the form of a slide presentation is also accessible at the same location on the internet and will be subsequently available on the website for at least 90 days.
(Press release, Biogen, JUL 29, 2026, View Source [SID1234669486])