Biogen (NASDAQ:BIIB) Releases Earnings Results, Beats Estimates By $0.66 EPS

Biogen (NASDAQ:BIIB) issued its quarterly earnings data on Wednesday. The biotechnology company reported $3.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.94 by $0.66, FiscalAI reports. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.46 billion. Biogen had a net margin of 13.81% and a return on equity of 12.83%. Biogen’s revenue was up 3.4% compared to the same quarter last year. During the same period last year, the company posted $5.47 earnings per share. 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 Stock Up 5.1%

BIIB stock traded up $10.40 on Wednesday, hitting $216.01. 676,345 shares of the company’s stock were exchanged, compared to its average volume of 1,284,398. The firm has a 50 day moving average price of $200.25 and a two-hundred day moving average price of $190.21. Biogen has a 12-month low of $124.56 and a 12-month high of $219.72. The stock has a market cap of $31.89 billion, a P/E ratio of 23.18 and a beta of 0.16. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.41 and a current ratio of 3.06.

Biogen News Summary

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Biogen reported second-quarter adjusted earnings of $3.60 per share, above analyst expectations of approximately $2.94-$3.04, while revenue reached $2.736 billion, up 3% year over year and ahead of estimates. Biogen Q2 Earnings and Revenues Top Estimates
• Positive Sentiment: The company’s Growth Portfolio generated $1.06 billion in revenue, rising 24% and surpassing its legacy multiple-sclerosis portfolio. Rare-disease products, including SKYCLARYS and ZURZUVAE, as well as newly acquired SYFOVRE and EMPAVELI sales, helped offset declines in older medicines. Biogen Beats Quarterly Estimates as Newer Drugs Fuel Growth
• Positive Sentiment: Biogen raised its full-year 2026 revenue outlook to a mid-single-digit percentage increase from 2025, signaling confidence that newer products can increasingly replace declining legacy revenue. Biogen Raises Revenue Guidance
• Neutral Sentiment: Leqembi sales totaled 29.3 billion yen in the quarter. The Alzheimer’s drug remains a key growth opportunity, but sales narrowly missed expectations, tempering enthusiasm about its near-term contribution. Biogen Q2 Revenue and Adjusted EPS Beat Estimates
• Negative Sentiment: Biogen set 2026 adjusted EPS guidance at $12.00-$13.00, below the approximately $13.45 consensus forecast. GAAP net income also fell sharply to $97.5 million from $634.8 million a year earlier, reflecting ongoing profit pressure. Biogen Cuts Full-Year Adjusted View
• Negative Sentiment: Barclays raised its price target to $200 but retained an “equal weight” rating, indicating limited valuation upside at current levels. Barclays Biogen Price Target Update

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays increased their target price on Biogen from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday. Citigroup raised their price objective on Biogen from $190.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Zacks Research downgraded shares of Biogen from a “hold” rating to a “strong sell” rating in a report on Monday, June 29th. Freedom Capital raised shares of Biogen from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Biogen from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One equities research 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 assigned a Sell rating to the company. According to data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $221.11.

Institutional Investors Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in BIIB. Itau Unibanco Holding S.A. grew its stake in shares of Biogen by 24.4% during the fourth quarter. Itau Unibanco Holding S.A. now owns 337 shares of the biotechnology company’s stock worth $59,000 after acquiring an additional 66 shares during the last quarter. Advisory Services Network LLC increased its stake in Biogen by 3.9% during the 3rd quarter. Advisory Services Network LLC now owns 1,792 shares of the biotechnology company’s stock valued at $251,000 after purchasing an additional 68 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Biogen by 8.1% in the third quarter. CIBC Private Wealth Group LLC now owns 1,189 shares of the biotechnology company’s stock worth $167,000 after buying an additional 89 shares during the last quarter. QTR Family Wealth LLC lifted its stake in shares of Biogen by 5.2% during the fourth quarter. QTR Family Wealth LLC now owns 1,852 shares of the biotechnology company’s stock worth $350,000 after buying an additional 92 shares during the period. Finally, Guardian Investment Management increased its position in shares of Biogen by 1.9% in the 3rd quarter. Guardian Investment Management now owns 5,400 shares of the biotechnology company’s stock valued at $756,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Company Profile

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.