Key Moments
- Biogen’s second-quarter adjusted earnings of $3.60 per share and revenue of $2.74 billion exceeded Wall Street expectations.
- The company reduced its 2026 adjusted earnings outlook to a range of $12 to $13 per share, citing a $3.85-per-share impact from acquisition-related charges.
- Leqembi global sales rose 15% year over year to about $184 million, while legacy multiple sclerosis drug sales declined 13% to $963 million.
Quarterly Performance and Outlook
On July 29, Biogen reported that its second-quarter profit and revenue surpassed analyst forecasts, supported by robust demand for its rare-disease therapies. This strength helped counter ongoing weakness in the company’s older multiple sclerosis (MS) franchise.
For the quarter ended June 30, Biogen posted adjusted earnings of $3.60 per share, topping the consensus expectation of $2.95 per share. Quarterly revenue reached $2.74 billion, ahead of the projected $2.46 billion.
Despite the better-than-expected quarter, Biogen trimmed its 2026 adjusted earnings per share (EPS) target. The company now anticipates 2026 adjusted EPS between $12 and $13, down from its prior range of $14.25 to $15.25. The revised guidance incorporates a $3.85-per-share drag from acquisition-related charges. Analysts had been forecasting 2026 profit of $12.72 per share, based on data compiled by LSEG.
Impact of Strategic Acquisitions
Biogen highlighted that its $5.6 billion acquisition of Apellis Pharmaceuticals earlier this year is expected to reduce annual profit by $0.85 per share. The Apellis transaction is Biogen’s largest deal since its 2023 acquisition of Reata Pharmaceuticals.
Through the Apellis purchase, Biogen gained an entry point into treatments for kidney disease and obtained two already-approved rare-disease medications. Those two drugs together generated approximately $689 million in revenue last year.
| Metric / Item | Detail |
|---|---|
| Apellis acquisition value | $5.6 billion |
| Annual EPS impact of Apellis deal | $0.85 per share |
| Total acquisition-related EPS impact in 2026 guidance | $3.85 per share |
| Revenue from two acquired rare-disease drugs (last year) | About $689 million |
Alzheimer’s Franchise and Product Pipeline
Investors are monitoring whether Biogen’s recent transactions and newer therapies, including its Alzheimer’s treatment Leqembi, can restore growth and help the company manage intensifying competition and pricing pressure on its aging MS brands.
Global sales of Leqembi, which Biogen develops in partnership with Eisai, increased 15% from a year earlier to about $184 million. The company noted that demand strengthened after initial concerns about cost, efficacy, and side effects weighed on the product’s early launch.
Biogen stated that it expects recently granted U.S. approvals for a more convenient under-the-skin version of Leqembi to support further adoption among patients.
Multiple Sclerosis Portfolio Under Pressure
While newer and rare-disease products contributed to growth, Biogen’s legacy MS portfolio continued to face headwinds. Sales of older MS drugs, including Tecfidera, declined 13% year over year to $963 million.
| Segment / Product | Latest Reported Performance |
|---|---|
| Leqembi global sales | About $184 million, up 15% year over year |
| Legacy MS drugs (including Tecfidera) | $963 million, down 13% year over year |
| Total quarterly revenue | $2.74 billion (vs. estimate of $2.46 billion) |
| Adjusted EPS for the quarter | $3.60 (vs. expectation of $2.95) |
As Biogen works through competitive and pricing challenges in its established MS business, the company’s recent acquisitions and emerging therapies, particularly in rare diseases and Alzheimer’s, remain central to its strategy for future growth.
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