On July 29, 2026 Biogen Inc. (Nasdaq: BIIB) reported second quarter 2026 financial results.

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"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])

On July 29, 2026 Johnson & Johnson (NYSE: JNJ) reported the successful completion of its acquisition of Firefly Bio, Inc., a biotechnology company advancing its proprietary Firelink degrader antibody conjugate (DAC) platform, for $1 billion in cash. The Firelink DAC platform expands Johnson & Johnson’s oncology portfolio and advances its ambition to develop targeted therapies for some of the most prevalent and difficult-to-treat solid tumors, including KRAS-driven cancers, where patients continue to face significant unmet need1.

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With the close of the transaction, Johnson & Johnson further deepens its capabilities in next-generation antibody engineering and broadens its strategy for tackling complex tumor biology. The Firelink DAC platform is designed to deliver highly selective protein degraders directly to cancer cells, enabling targeted activity while preserving healthy tissue—a key limitation of many current treatment approaches.

"The completion of this acquisition marks an important step in advancing new approaches to better address difficult-to-treat solid tumors," said John Reed, M.D., Ph.D., Executive Vice President, Innovative Medicine, Research & Development, Johnson & Johnson. "By bringing together Firefly Bio’s differentiated technology with our deep expertise in oncology and antibody engineering, we are well positioned to accelerate the development of more precise and effective therapies. We are excited to welcome the talented Firefly Bio team to Johnson & Johnson as we continue this work together."

Johnson & Johnson is at the forefront of oncology therapies

Anchored in decades of oncology leadership, Johnson & Johnson is redefining standards of care and expanding what is possible for people living with cancer. Integrating Firefly Bio’s capabilities further strengthens this commitment, enabling new approaches to address some of the most challenging solid tumors, including those driven by KRAS.

About the agreement

The transaction will be accounted for as an asset acquisition, resulting in an in-process research and development charge of approximately $1 billion in the third quarter of 2026. Johnson & Johnson expects the transaction to dilute adjusted operational earnings per share and adjusted earnings per share by approximately $0.46 in 2026 and approximately $0.08 in 2027. Please refer to the Current Report on Form 8-K furnished to the SEC on the date of this press release for updated full year 2026 guidance.

(Press release, Johnson & Johnson, JUL 29, 2026, View Source [SID1234669504])

On July 29, 2026 Boston Scientific Corporation (NYSE: BSX) reported net sales of $5.442 billion during the second quarter of 2026, growing 7.5 percent on a reported basis and 7.0 percent on an operational1 and organic2 basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $907 million or $0.61 per share (EPS), compared to $797 million or $0.53 per share a year ago, and achieved adjusted3 EPS of $0.86 for the period, compared to $0.75 a year ago.

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"Our team delivered a solid quarter while continuing to navigate a dynamic environment," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "We are focused on disciplined execution and prioritizing investments in our highest-impact opportunities, and we remain confident in Boston Scientific’s long-term growth, anchored by our category leadership strategy and our commitment to meaningful innovation for patients and physicians."

Second quarter financial results and recent developments:

Reported net sales of $5.442 billion, representing an increase of 7.5 percent on a reported basis, compared to the company’s guidance range of 5.5 to 7.5 percent; and 7.0 percent on an operational and organic basis, compared to the company’s guidance range of 5 to 7 percent, all compared to the prior year period.
Reported GAAP net income attributable to Boston Scientific common stockholders of $0.61 per share, and achieved adjusted EPS of $0.86 per share, compared to the guidance range of $0.82 to $0.84 per share.
Achieved the following net sales growth in each reportable segment, compared to the prior year period:
MedSurg: 5.9 percent reported, 5.4 percent operational and organic
Cardiovascular: 8.3 percent reported, 7.8 percent operational and organic
Achieved the following net sales growth in each region, compared to the prior year period:
United States (U.S.): 6.2 percent reported and operational
Europe, Middle East and Africa (EMEA): 6.1 percent reported and 4.2 percent operational
Asia-Pacific (APAC): 11.2 percent reported and operational
Latin America and Canada (LACA): 22.4 percent reported and 16.2 percent operational
Completed the previously announced $2 billion accelerated share repurchase program, repurchasing approximately 40 million shares.
Invested $1.5 billion in MiRus LLC, which is developing and commercializing proprietary biomaterials, implants and procedural solutions for the treatment of cardiovascular and orthopedic diseases, including the SIEGEL Balloon Expandable Transcatheter Aortic Valve Replacement (TAVR) system, in return for an approximately 34% equity stake and exclusive option to acquire the MiRus TAVR business.4
Presented late-breaking findings at EuroPCR from the FRACTURE Investigational Device Exemption trial, which met its primary endpoints with the SEISMIQ 4CE Coronary Intravascular Lithotripsy Catheter, demonstrating high rates of freedom from major adverse cardiac events at 30 days as well as procedural success in patients with severely calcified coronary artery disease.4
Announced clinical trial results that were presented in late-breaking sessions at Heart Rhythm 2026 including:
The AVANT GUARD study of FARAPULSE Pulsed Field Ablation (PFA) for the treatment of persistent atrial fibrillation (AF) in patients who had not previously been treated for their condition. Data met all safety and effectiveness endpoints and demonstrated statistical superiority of FARAPULSE PFA over anti-arrhythmic drugs with significantly higher primary effectiveness.
The ELEVATE-PF feasibility study of the FARAFLEX Mapping and PFA Catheter — a novel large focal, high-density map-and-ablate catheter — in patients with paroxysmal and persistent AF. The trial demonstrated strong lesion durability validated by cardiac remapping, with no reported cases of pulmonary vein stenosis, hemolysis, coronary spasm or clinical stroke.4
Commenced enrollment in the pivotal FARADIGM clinical trial to evaluate the safety and effectiveness of the FARAFLEX Mapping and PFA Catheter for treating patients with paroxysmal and persistent AF.4
Received U.S. Food and Drug Administration 510(k) clearance for the TruSelect 2.6 Microcatheter, expanding Boston Scientific’s embolization portfolio with a device designed to provide physicians with a single solution for navigation and efficient embolic delivery during minimally invasive procedures.
1.

Operational net sales growth excludes the impact of foreign currency fluctuations.

2.

Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales.

3.

Adjusted EPS excludes the impact of certain charges (credits) as defined below within the "Use of Non-GAAP Financial Measures" section.

4.

The SIEGEL Balloon Expandable TAVR system, the SEISMIQ 4CE Coronary Intravascular Lithotripsy Catheter and the FARAFLEX Mapping and PFA Catheter are investigational devices. Limited by Federal (or U.S.) law to investigational use only. Not available for sale.

Net sales for the second quarter by business and region:

View News Release Full Screen

Increase/(Decrease)

Three Months Ended

June 30,

Reported
Basis

Impact of
Foreign
Currency
Fluctuations

Operational

Basis

Impact of
Certain
Acquisitions
/Divestitures

Organic
Basis

(in millions)

2026

2025

Endoscopy

$ 793

$ 737

7.6 %

(0.7) %

7.0 %

— %

7.0 %

Urology

684

676

1.1 %

(0.3) %

0.8 %

— %

0.8 %

Neuromodulation

341

303

12.7 %

(0.6) %

12.2 %

— %

12.2 %

MedSurg

1,818

1,716

5.9 %

(0.5) %

5.4 %

— %

5.4 %

Cardiovascular

3,624

3,345

8.3 %

(0.6) %

7.8 %

— %

7.8 %

Net Sales

$ 5,442

$ 5,061

7.5 %

(0.5) %

7.0 %

— %

7.0 %

Increase/(Decrease)

Three Months Ended

June 30,

Reported
Basis

Impact of
Foreign
Currency
Fluctuations

Operational

Basis

(in millions)

2026

2025

U.S.

$ 3,426

$ 3,224

6.2 %

— %

6.2 %

EMEA

932

878

6.1 %

(1.9) %

4.2 %

APAC

878

790

11.2 %

(0.0) %

11.2 %

LACA

206

169

22.4 %

(6.2) %

16.2 %

Net Sales

$ 5,442

$ 5,061

7.5 %

(0.5) %

7.0 %

Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely.

Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of certain acquisitions/divestitures are not
prepared in accordance with U.S. GAAP.

Guidance for Full Year and Third Quarter 2026

The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 5.5 to 6.5 percent on a reported basis and 5 to 6 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company now estimates adjusted EPS, excluding certain charges (credits), of $3.28 to $3.32.

The company estimates net sales growth for the third quarter of 2026, versus the prior year period, to be approximately 3 to 5 percent on a reported and organic basis. Third quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates adjusted EPS, excluding certain charges (credits), of $0.80 to $0.82.

The company has not provided reconciliations of the forward-looking adjusted EPS guidance to GAAP guidance as it is unable to predict with reasonable certainty and without unreasonable efforts the impact of certain items such as intangible asset impairment charges, acquisition-related charges, restructuring and restructuring-related charges and litigation-related charges. The combined impact of these items is uncertain, dependent on various factors and cannot be predicted with reasonable certainty, and could be material to our GAAP measures of financial results.

Conference Call Information

Boston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: investors.bostonscientific.com. Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website.

(Press release, Boston Scientific, JUL 29, 2026, View Source [SID1234669487])

On July 29, 2026 Johnson & Johnson1 (NYSE: JNJ) reported strategic agreements and collaboration with Sail Biomedicines (Sail), a biotechnology company developing in vivo CAR-T therapies for immune-mediated diseases. Johnson & Johnson will collaborate with Sail to advance its lead immune-mediated disease program and broader platform technology, with incentives to expand the application of Sail’s in vivo CAR-T platform across additional therapeutic targets over time. Johnson & Johnson2 will also make an equity investment in Sail. Additionally, Johnson & Johnson has been granted an exclusive option to acquire Sail for $2.58 billion.

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In vivo CAR-T therapies represent one of the most promising frontiers in medicine, with the potential to deliver transformative therapies across a range of cancer and immune-mediated diseases. Unlike traditional cell therapies, Sail’s lead program and platform are designed to reprogram a patient’s immune cells directly within the body, with the goal of resetting the immune system and delivering durable disease control. Through this collaboration, Johnson & Johnson and Sail will combine their expertise to advance innovative in vivo CAR-T therapies that have the potential to improve patient outcomes and ultimately deliver curative treatment approaches for people living with complex diseases.

"People living with serious immune-mediated diseases continue to need treatments that can deliver deeper, more durable disease control," said John Reed, Executive Vice President, Innovative Medicine Research & Development, Johnson & Johnson. "Sail’s innovative platform represents an exciting new approach that seeks to harness the power of CAR-T therapy in a simpler, more scalable way. By working together with Sail, we aim to accelerate the development of innovative therapies that have the potential to fundamentally transform how immune-mediated diseases are treated."

Building on its leadership in immunology and established expertise in CAR-T therapy within oncology, Johnson & Johnson continues to invest in emerging technologies with the potential to reshape disease treatment and transform patient outcomes. The agreement with Sail expands the Company’s capabilities in in vivo CAR-T, strengthens its position at the forefront of immune system reprogramming and immune reset, and creates opportunities to advance future programs across a range of complex diseases.

Under the terms of the agreements, Johnson & Johnson would make total initial payments of $785 million3, including a $465 million equity investment, and additional contingent payments of $140 million if certain development milestones are achieved. Subject to Johnson & Johnson’s decision to exercise the option, Johnson & Johnson would make an additional payment of $2.58 billion. Assuming exercise of the option, Johnson & Johnson expects the agreements to dilute adjusted operational earnings per share and adjusted earnings per share by approximately $0.18 in 2026 and approximately $1.28 in 2027. Please refer to the Current Report on Form 8-K furnished to the SEC on the date of this press release for updated full year 2026 guidance.

The transactions are subject to applicable regulatory approvals and/or other conditions.

(Press release, Johnson & Johnson, JUL 29, 2026, View Source [SID1234669505])

On July 29, 2026 Photocure ASA (OSE:PHO) reported Hexvix/Cysview revenues of NOK 140.0 million in the second quarter of 2026 (Q2 2025: NOK 135.6 million), and an adjusted EBITDA of NOK 27.2 million (Q2 2025: NOK 27.0 million) for the company. In 2026, Photocure expects product revenue growth in the range of 8% to 11% on a constant currency basis and adjusted EBITDA margin expansion.

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"Photocure continued to execute well during the second quarter of 2026, delivering sustained commercial momentum across our core business while advancing several strategic initiatives that strengthen our long-term growth profile," says Dan Schneider, President & Chief Executive Officer of Photocure.

The company continued to execute on its plan to expand blue-light cystoscopy (BLC) use in Q2 2026 with the installation of 6 new Saphira towers in the U.S. — 4 new accounts and 2 blue light tower upgrades. Photocure had 436 active accounts in the U.S. at the end of the quarter, an increase of 20% versus the second quarter of 2025. Across Europe, a total of 87 Olympus Visera Elite III BLC capable systems were installed since the launch in Q1 2025 along with 20 upgraded rigid systems YTD from Karl Storz, Richard Wolf and Stryker.

Total revenues ended at NOK 142.5 million in the second quarter of 2026, an increase from NOK 135.6 million in Q2 2025. Reported EBITDA was NOK -2.0 million (NOK 14.8 million). EBIT ended at NOK -9.4 million (NOK -7.5 million). Cash and cash equivalents were NOK 162.4 million at the end of the period.

"One of the most important long-term opportunities for Photocure’s Cysview business remains the ongoing regulatory evolution in the United States. Following the U.S. Food and Drug Administration’s response to the Karl Storz Citizen Petition earlier this year, the Agency confirmed plans to initiate the proposed reclassification of BLC (FDA product code OAY) under its own initiative during the second half of 2026. We believe this represents an important milestone towards establishing a more predictable regulatory framework for BLC equipment and will significantly expand our addressable market by enabling broader participation from equipment manufacturers and accelerating adoption across U.S. healthcare systems," says Schneider and continues:

"A major strategic milestone during the quarter was the acquisition of Vesica Health, following our initial minority investment announced earlier this year. Vesica has developed AssureMDx, a commercial-ready multi-omic urine-based biomarker test for the early detection of bladder cancer with performance characteristics that position it among the leading emerging technologies in the field. The acquisition of Vesica significantly advances our strategy of building a comprehensive precision diagnostics platform by combining non-invasive biomarker testing with our market-leading BLC franchise. Together, these technologies have the potential to improve patient care across the entire diagnostic pathway—from early detection and risk stratification to diagnosis, surveillance and treatment decision-making. Looking ahead, we expect AssureMDx to generate initial revenue in 2027, with reimbursement anticipated by mid-2028 and the potential for an earlier reimbursement pathway as soon as 2027."

During the quarter Photocure also announced a research collaboration with Artera to evaluate AI-enabled digital pathology using Photocure’s BLC registry and the ArteraAI Bladder Test currently under development. Photocure strongly believes that artificial intelligence, BLC advanced imaging, and molecular diagnostics will increasingly work together to support more personalized management of bladder cancer patients, and Photocure is well positioned to participate in this evolution.

"Photocure is entering an exciting new phase of growth. Our core commercial business continues to generate consistent revenue growth supported by increasing procedure volumes, utilization, and equipment expansion. At the same time, multiple strategic catalysts, including FDA reclassification of BLC equipment in the United States, continued innovation across imaging and artificial intelligence, and the integration of Vesica’s multi-omic non-invasive precision diagnostics platform, provide meaningful opportunities to expand our addressable market and strengthen our leadership position in bladder cancer diagnostics," Schneider added.

For 2026, Photocure now expects product revenue growth in the range of 8% to 11% on a constant currency basis, up from the previously expected 7% to 11%, and continued expansion of the adjusted EBITDA margin.

"Our priorities remain clear: execute consistently, expand access to BLC, invest thoughtfully in innovation, and build a broader precision diagnostics platform that improves patient outcomes while creating sustainable long-term shareholder value. We remain confident in our strategy and encouraged about the opportunities that lie ahead for Photocure," Schneider concludes.

Please find the full financial report and presentation enclosed.

Adjusted EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the second quarter 2026 financial report on page 25.

The quarterly report and presentation will be published at 08:00 CEST and will be publicly available at www.photocure.com. Dan Schneider, CEO, Priyam Shah, VP of IR and Dick Peters, VP of Finance & IT will host a live webcast at 14:00 CEST.

The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available through: View Source

The presentation is scheduled to conclude at 14:45 CEST.

(Press release, PhotoCure, JUL 29, 2026, View Source;utm_medium=email_campaign&utm_campaign=newsletter [SID1234669467])