Biogen reported second-quarter 2026 results with total revenue of $2.74 billion, up 3% year‑over‑year, and GAAP diluted EPS of $0.66 and non‑GAAP diluted EPS of $3.60. The company highlighted Growth Portfolio revenue of $1.06 billion (24% year‑over‑year growth) and continued commercial momentum from recently acquired products. Management reiterated a multi‑year late‑stage data flow and updated full‑year 2026 non‑GAAP EPS guidance to $12.00–$13.00 reported (underlying $15.85–$16.85 before acquisition and IPR&D impacts).

Financial Highlights

  • Total revenue: $2,736.0 million for Q2 2026, a 3% increase versus Q2 2025 ($2,645.5 million).
  • Growth Portfolio revenue: $1.06 billion in Q2 2026, representing 24% year‑over‑year growth (company-stated).
  • GAAP diluted EPS: $0.66 for Q2 2026 (versus $4.33 in Q2 2025).
  • Non‑GAAP diluted EPS: $3.60 for Q2 2026 (versus $5.47 in Q2 2025).
  • Free cash flow: $408.0 million for the quarter (net cash from operations $448.9 million less capital expenditures $40.9 million).

Business Highlights

  • Product performance: Growth Portfolio exceeded legacy MS portfolio revenue for the quarter; SPINRAZA, VUMERITY, LEQEMBI, SKYCLARYS, ZURZUVAE and biosimilars all contributed to portfolio momentum.
  • Recent acquisitions: Apellis acquisition closed May 14, 2026 — Biogen recognized full‑quarter revenue for SYFOVRE and EMPAVELI and expects ~0.85 dilution to non‑GAAP EPS for 2026 with accretion in 2027; estimated transaction run‑rate synergies exiting 2027 of at least $250 million.
  • Regulatory and commercial milestones: FDA approved LEQEMBI IQLIK for at‑home initiation dosing; successful launch of SPINRAZA high‑dose regimen with conversion ahead of expectations in launched geographies.
  • Pipeline and development: Five registrational readouts expected over the next four quarters (including litifilimab in SLE by end of 2026); diranersen showed proof‑of‑concept in Alzheimer’s and will advance to Phase 3; planned Phase 2 initiation of felzartamab in Graves' disease; pending RayThera acquisition to add immunology programs.

Original SEC Filing:

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