Biogen Q2 Revenue $2.74B, Up 3% YoY as Leqembi Hits Record Sales

Biogen announced in an SEC Form 8-K filing that its Q2 2026 revenue reached $2.736 billion, beating market expectations.

📊 Price at time of writing (July 29, 2026, 21:01 KST)
$205.61 ▲ +2.73%

Quarterly Highlights

Biogen reported in its fiscal 2026 second-quarter earnings, disclosed on July 29 (local time), revenue of $2.736 billion, up 3% year-over-year. Apellis Pharmaceuticals' new drugs Syfovre and Empaveli — acquired on May 14 — began contributing to revenue for the first time this quarter, while new growth products including the Alzheimer's treatment Leqembi drove a 24% increase in that segment. Biogen CEO Christopher Viehbacher said new growth product revenue surpassed legacy multiple sclerosis (MS) product revenue for the first time, adding that the company's transformation for long-term growth is paying off.

• Revenue: $2.736 billion, up 3% year-over-year
• GAAP EPS: $0.66, down 85% from $4.33 a year earlier — reflecting one-time costs related to the Apellis acquisition
• Adjusted (non-GAAP) EPS, excluding one-time and non-cash charges: $3.60, beating the market estimate by $0.43. Still, this was down 34% from $5.47 a year earlier
• GAAP cost of revenue: $777 million, or 28% of revenue — up from 23% a year earlier

Outlook for Next Quarter

Biogen said it raised its full-year 2026 guidance. However, specific annual revenue and EPS targets were not disclosed in the release. Full-year 2026 adjusted EPS is expected to be reduced by about $0.85 due to the Apellis acquisition, mainly reflecting lower interest income and higher interest expense from acquisition financing. The company said the deal is expected to become accretive to adjusted EPS starting in 2027, and it anticipates at least $250 million in cost savings by the end of 2027.

Market Reaction

Biogen shares rose 2.73% to $205.61. Reuters reported that Biogen posted results that beat market expectations this quarter. According to Investing.com, the adjusted EPS of $3.60 topped Wall Street estimates by $0.43. Endpoints News reported that Leqembi posted its best-ever quarterly sales since launch, helping drive the company's raised annual outlook.

Results by Business Segment

• Growth portfolio (new growth products) overall: $1.06 billion, up 24% year-over-year
• Spinraza (spinal muscular atrophy treatment): $402 million, up 2% year-over-year
• Vumerity (multiple sclerosis treatment): $197 million, down 7% year-over-year
• Leqembi (Alzheimer's treatment) total revenue: $184 million, up 15% year-over-year. Of this, U.S. revenue alone was $97 million
• Skyclarys (Friedreich's ataxia treatment): $168 million, up 29% year-over-year
• Zurzuvae (postpartum depression treatment): $71 million, up 53% year-over-year
• Syfovre (macular degeneration treatment, added via the Apellis acquisition): full-quarter revenue of $162 million, up 8% year-over-year
• Empaveli (paroxysmal nocturnal hemoglobinuria treatment, added via the Apellis acquisition): full-quarter revenue of $46 million, up 123% year-over-year
• Legacy multiple sclerosis (MS) portfolio (Avonex, Plegridy, Tecfidera, Tysabri): $767 million, led by solid Tysabri performance

This article was generated automatically based on the original SEC Form 8-K filing and international media reports, with the goal of delivering key data promptly after the announcement. Readers are advised to review the company's official disclosure before making trading decisions. Prices reflect the time of writing and may differ from current levels.