Biogen reported Q2 2026 results driven by its growth portfolio (Spinraza HD, Skyclarys, Leqembi) and the initial contribution from the acquired Apellis products. Management raised full-year revenue guidance and maintained EPS guidance, expressing confidence in the company's return to sustainable growth. Total Q2 revenue was $2.7 billion (+3% YoY), with the growth portfolio up 24% YoY, now exceeding the legacy MS portfolio.
Biogen reported Q2 2026 results driven by its growth portfolio (Spinraza HD, Skyclarys, Leqembi) and the initial contribution from the acquired Apellis products. Management raised full-year revenue guidance and maintained EPS guidance, expressing confidence in the company's return to sustainable growth. Total Q2 revenue was $2.7 billion (+3% YoY), with the growth portfolio up 24% YoY, now exceeding the legacy MS portfolio.
Biogen reported Q2 2026 results driven by its growth portfolio (Spinraza HD, Skyclarys, Leqembi) and the initial contribution from the acquired Apellis products. Management raised full-year revenue guidance and maintained EPS guidance, expressing confidence in the company's…
Total Q2 revenue was $2.7 billion (+3% YoY), with the growth portfolio up 24% YoY, now exceeding the legacy MS portfolio.
Apellis products (Syfovre, Empaveli) contributed $128 million in revenue since the May 14th acquisition close, with Syfovre posting its best month ever in June.
High-dose Spinraza launch is exceeding expectations, converting patients faster than anticipated and showing signs of attracting switchbacks from oral therapies.
Management is clearly upbeat, projecting a return to sustainable revenue growth driven by the strong performance of its growth portfolio, the accretive Apellis acquisition, and a promising late-stage pipeline.
Management highlights strong growth, accelerated pipeline timelines, and positive commercial execution, conveying optimism about the company's trajectory.
“Spinraza high dose is exceeding the original launch of Spinraza in both start forms and grads in the first 13 weeks of launch.”
“We've noticed that actually the discons happen after the first injection. That's where the big bolus comes from... we know exactly what to do for that.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $12.00–$13.00 | $12.50 | MAINTAINED |
| Op marginCORE_OPEX | FY2026 Q2 | $2.65B–$2.7B | $2.675B | GUIDED |
Biogen's partner Stoke has a Phase 3 readout for Dravet Syndrome within the next four quarters, a key pipeline catalyst for Biogen.
“one which is really from our partner at Stoke in Dravet Syndrome. So those are now within the next four quarters.”
… when I talk to the former Appellus, now Biogen employees, one sense is a sense of energy and passion and commitment. So we're very much encouraged by the importance of this acquisition. So the next slide is really again, and Priya's gonna talk a lot more about this, but we've got a growing base and now we've got five registration phase three clinical trial results coming along, obviously two in SLE for lupus, one in CLE for lupus, one for AMR and one which is really from our partner at Stoke in Dravet Syndrome. So those are now within the next four quarters. So these are imminent and could really make a difference to the long-term growth outlook of Biogen. As we talked about before, we're also rebuilding our early stage pipeline. We went three years really without filing an IND. We made some really pretty dramatic moves to overhaul our research organization, how we do research. And the encouraging thing is that I think we are now in a much better place already in our early stage pipeline. Some of that is coming early. We've had three INDs already this year. We've got more to come. You know, we've done a number of key collaborations like Banco Endeavor last year, the …
Biogen made a milestone payment to Ionis for its partnered SMA program, salinersin.
“a milestone payment of $45 million to Ionis in connection with the initiation of the Phase III trial for salinersin in SMA”
Biogen believes its at-home subcutaneous option for Leqembi erodes the competitive advantage of a competitor's (Roche's) monthly IV dosing for Alzheimer's.
“We think there's a competitive advantage because the benefit that the competitor has with one's monthly dosing now seems to be much less when you've got a home subcutaneous option for them.”
… don't think that the patient can get there on their own or there's not a caregiver who's prepared to take the time to get that patient to the infusion centers, those patients are often not offered treatment. So this should perhaps make it easier for a broader section of patients to become eligible for treatment. We think also that there could be a benefit in maintaining patients longer on therapy. And then finally, we think there's a competitive advantage because the benefit that the competitor has with one's monthly dosing now seems to be much less when you've got a home subcutaneous option for them. The second element of the sustainable growth is our pipeline and we'll come on and talk about that in a few minutes. But then the third element is really Cyphovry and Favelli from the acquisition of Appellus. You know, you've seen strong double digit growth for both the full quarter and year to date for the combined sales of those two products. Now, we're only consolidating the revenue from the 14th of May when we close the transaction. But those products are already contributing significantly to our own growth. And I'll take the opportunity here Just to note that if I think …
Biogen discusses the acquired Apellis assets (Syfovre, Empaveli) positively, noting strong performance and integration progress.
“The Apellis acquisition accelerates our return to growth. It adds two best in class commercialized medicines to our growth portfolio”
… is progressing well and both Cyphovry and Ampavelli had strong performance in the quarter. Cyphovry continued to demonstrate market leadership with total revenue in the quarter of $162 million, up 8% year over year and quarter over quarter. with total commercial injections up 13% year over year. Empaveli continues to launch in C3G and primary ICMPGN with total revenue of $46 million up 123% year over year and 12% quarter over quarter. The Apellis acquisition accelerates our return to growth. It adds two best in class commercialized medicines to our growth portfolio. which we expect to contribute materially to our top line growth in the near and long term. We expect Sifovri and Empaveli on a combined basis to grow in the mid to high teens through at least 2028. In addition, we expect this transaction to materially increase our non-GAAP diluted EPS CAGR through the end of this decade. We expect approximately $120 to $130 million of impact to our other income expense line in both 2026 and 2027 associated with interest expense and foregone interest income associated with financing the transaction. We expect to generate at least $250 million of run rate synergies by the end of …