Biogen Inc.

Biogen reported second-quarter core pharmaceutical revenue of $1.8 billion, up 4% year over year and 12% quarter over quarter. Total revenue was $2.7 billion, up 3% year over year. Growth portfolio revenue was over $1 billion, up 24% year over year and 25% quarter over quarter; standalone growth products were $933 million, up 9% year over year and 10% quarter over quarter. SPINRAZA revenue was $402 million, VUMERITY $197 million, LEQEMBI end-market revenue $184 million, SKYCLARYS $168 million, ZURZUVAE $71 million, TYSABRI $451 million, SYFOVRE $162 million, and Empaveli $46 million. Non-GAAP cost of sales was 22% of revenue versus 21% last year, free cash flow was $408 million, cash was $1.3 billion, and net debt was $6.8 billion. Management increased full-year 2026 revenue guidance from a mid-single-digit percentage decrease to a mid-single-digit percentage increase and updated non-GAAP diluted EPS guidance to $12 to $13. The company said core operating expenses in the second half of 2026 are expected to be between $2.65 billion and $2.7 billion, and it still expects about $0.85 of non-GAAP EPS dilution from the Apellis transaction in 2026, with accretion in 2027.

Christopher Viehbacher framed the quarter as evidence that Biogen is rebuilding into a broader growth company rather than a legacy MS story. He highlighted three pillars: an expanding growth portfolio, a late-stage pipeline with several registrational readouts over the next four quarters, and the Apellis acquisition adding immediate commercial assets. His tone was confident and strategic, emphasizing execution, portfolio breadth, and the potential for sustainable revenue growth over the next decade.

Robin Kramer emphasized strong commercial execution and a portfolio shift that is starting to show up in the numbers. She cited $1.8 billion of core pharma revenue, growth portfolio revenue above $1 billion, $128 million from SYFOVRE and Empaveli after the May 14 close, and $408 million of free cash flow. She also outlined transaction impacts, including about $120 million to $130 million of other income and expense in both 2026 and 2027, at least $250 million of run-rate synergies by the end of 2027, about $0.85 of 2026 EPS dilution from Apellis financing costs, and a plan to repay the remaining term loan by the end of 2027. Her guidance update pointed to stronger top-line expectations, with 2026 non-GAAP EPS now targeted at $12 to $13.

Analysts focused heavily on SPINRAZA high-dose adoption, the upcoming lupus data, the commercial trajectory of SYFOVRE, and LEQEMBI IQLIK access and demand. Management said SPINRAZA high-dose is exceeding the original launch pace, with most current conversions coming from the lower dose but with early switchbacks from Evrysdi and new starts from babies/new patients. On lupus, Priya said Biogen is not speculating on the size of the placebo-adjusted effect needed for success, but remains confident in the trial design and the drug’s differentiated mechanism; on LEQEMBI IQLIK, Alisha said scripts are already being written ahead of availability by the end of August, while Part D access and prior authorization dynamics remain important variables.