Biogen (BIIB) Q1 FY26 earnings call

After four declining years through 2023 and two of stabilization, management frames FY26 as the pivot to durable growth: commercial spend re-weighted from legacy MS toward newer franchises, a pending Apellis acquisition that lands the maturing pipeline on a growing rather than flat base, and a multi-year registrational readout cycle beginning this year and running through the decade. Execution, not strategy, is the stated risk.