Biogen (NASDAQ:BIIB) Issues Quarterly Earnings Results

Biogen (NASDAQ:BIIB) issued its quarterly earnings results on Wednesday. The biotechnology company reported $3.60 EPS for the quarter, topping the consensus estimate of $2.94 by $0.66, FiscalAI reports. Biogen had a net margin of 13.81% and a return on equity of 12.83%. The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the previous year, the firm posted $5.47 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Biogen updated its FY 2026 guidance to 12.000-13.000 EPS.

Here are the key takeaways from Biogen’s conference call:

• Second-quarter revenue increased 3% year over year to $2.7 billion, driven by 24% growth in the growth portfolio, which surpassed the legacy MS portfolio. Biogen raised its 2026 revenue outlook from a mid-single-digit decline to a mid-single-digit increase and now expects non-GAAP EPS of $12–$13.
• The Apellis acquisition contributed $128 million of SYFOVRE and EMPAVELI revenue after closing on May 14, with Biogen expecting the combined products to grow in the mid-to-high teens through at least 2028. Management also expects at least $250 million in annual run-rate synergies by the end of 2027.
• High-dose SPINRAZA adoption is proceeding faster than expected across launched markets, with new starts and switches exceeding the original SPINRAZA launch pace. LEQEMBI’s home-dosing IQLIK formulation is expected to broaden patient access, while SKYCLARYS, LEQEMBI, ZURZUVAE, and other growth products continued to show demand growth.
• Biogen expects five registrational readouts over the next four quarters, including studies in lupus, antibody-mediated rejection, and Dravet syndrome; several readouts have been accelerated into late 2026 or the first half of 2027. Outcomes for litifilimab and felzartamab could materially affect the company’s longer-term growth trajectory, but remain dependent on clinical trial results.
• The Apellis transaction is expected to dilute 2026 non-GAAP EPS by approximately $0.85 and add $120 million–$130 million to annual other expense in 2026 and 2027 from financing costs and foregone interest income. Biogen ended the quarter with $6.8 billion in net debt, although it plans to repay the remaining acquisition term loan by the end of 2027.

Biogen Trading Up 1.8%

NASDAQ BIIB traded up $3.78 during trading hours on Wednesday, hitting $209.39. 1,197,329 shares of the company’s stock were exchanged, compared to its average volume of 1,288,264. The firm has a market cap of $30.91 billion, a price-to-earnings ratio of 22.46 and a beta of 0.16. Biogen has a 1-year low of $124.56 and a 1-year high of $219.72. The stock has a 50-day simple moving average of $200.25 and a 200 day simple moving average of $190.21. The company has a current ratio of 3.06, a quick ratio of 2.41 and a debt-to-equity ratio of 0.34.

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently modified their holdings of BIIB. Empowered Funds LLC lifted its holdings in Biogen by 64.9% during the first quarter. Empowered Funds LLC now owns 7,054 shares of the biotechnology company’s stock worth $965,000 after acquiring an additional 2,777 shares during the period. Focus Partners Wealth grew its position in shares of Biogen by 172.2% in the first quarter. Focus Partners Wealth now owns 10,173 shares of the biotechnology company’s stock valued at $1,392,000 after purchasing an additional 6,436 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Biogen in the second quarter worth about $216,000. Cerity Partners LLC boosted its holdings in Biogen by 15.3% in the 2nd quarter. Cerity Partners LLC now owns 46,552 shares of the biotechnology company’s stock valued at $5,847,000 after purchasing an additional 6,184 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Biogen by 13.4% in the 2nd quarter. NewEdge Advisors LLC now owns 2,673 shares of the biotechnology company’s stock valued at $336,000 after acquiring an additional 316 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Oppenheimer lifted their price objective on shares of Biogen from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. JPMorgan Chase & Co. lifted their price target on shares of Biogen from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, April 23rd. Zacks Research cut shares of Biogen from a “hold” rating to a “strong sell” rating in a research report on Monday, June 29th. Royal Bank Of Canada boosted their price objective on shares of Biogen from $227.00 to $242.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Finally, Wedbush reiterated a “neutral” rating and issued a $201.00 price target on shares of Biogen in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $221.11.

More Biogen News

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Second-quarter results exceeded expectations. Biogen reported adjusted EPS of $3.60 versus the $2.94 consensus estimate and revenue of $2.74 billion versus expectations of $2.46 billion. Revenue rose 3.4% year over year. Biogen earnings report
• Positive Sentiment: The growth portfolio is becoming a larger earnings driver. Growth Portfolio revenue increased 24% to $1.06 billion, surpassing revenue from the legacy multiple sclerosis portfolio. Newly acquired Apellis products, including SYFOVRE and EMPAVELI, also contributed after the May acquisition. Reuters Biogen earnings article
• Positive Sentiment: Biogen raised its 2026 revenue outlook to mid-single-digit growth, while maintaining non-GAAP EPS guidance of $12 to $13. The outlook reinforces management’s expectation that newer medicines will offset pressure on older products. Biogen raises revenue guidance
• Positive Sentiment: Analyst sentiment remained supportive. Needham reiterated its Buy rating and $256 price target, citing the quarterly beat and upgraded outlook. A separate analyst upgrade also characterized Biogen’s turnaround as sufficiently credible to warrant a Buy rating. Needham Biogen rating
• Neutral Sentiment: Leqembi sales showed progress but narrowly missed expectations. Eisai reported second-quarter global sales of 29.3 billion yen, highlighting continued commercial traction for the Alzheimer’s treatment, though the shortfall may limit near-term enthusiasm. Leqembi second-quarter sales
• Negative Sentiment: Profitability and legacy products remain risks. GAAP net income fell sharply year over year, while multiple sclerosis sales continued to decline. The $12-to-$13 EPS outlook is also below the roughly $13.45 consensus estimate, partly reflecting acquisition-related and in-process research costs. Biogen adjusted earnings outlook

About Biogen

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.