Jun 2026 (Q2 FY26) — Jul 29, 2026
Biogen Q2 FY26 — Apellis Integration and Pipeline Catalysts Drive Growth Outlook
Read the full callBiogen (BIIB) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Biogen earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,478 | +1.9% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. | ||
| Net profit | 320 | +32.8% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
22 of 27 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Regulatory outcome on LEQEMBI subcutaneous for initiation | Receive regulatory outcome | Sep 2024 | we are pleased to have received FDA approval for IQLIK initiation earlier this month. | Achieved |
| Q2 FY26 Acquired IPR&D charges | $145 million | Mar 2026 | As we previously announced, we recorded $164 million of acquired IPR&D and milestone charges associated with our investments in the development pipeline in the second quarter of 2026 | Missed |
| FY26 Non-GAAP Diluted EPS | $15.25 - $16.25 | Dec 2025 | Our updated 2026 full year non-GAAP diluted EPS range is now between $12 and $13. | Revised Down |
5 of BIOGEN INC.'s 55 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 52 more targets are in the full ledger.
Claimed
- Growth product portfolio generated over $1 billion in revenue, up 24% year-over-year and 25% quarter-over-quarter, exceeding the legacy MS portfolio.
- SPINRAZA high-dose conversion is progressing faster than expected, with anecdotal switchbacks from oral products, contributing to $402 million in revenue, up 2% year-over-year.
- LEQEMBI IQLIK initiation received FDA approval, offering one-dosing for Alzheimer's treatment and potentially broadening patient eligibility.
- Apellis acquisition (SYFOVRI and EMPAVELI) contributed $128 million in combined revenue post-acquisition (May 14), accelerating the return to growth.
- Total second quarter core pharmaceutical revenue was $1.8 billion, up 4% year-over-year, demonstrating strong commercial execution.
Qualified
- VUMERITY revenue was down 7% year-over-year to $197 million, partly driven by inventory dynamics.
- Non-GAAP core operating expenses increased 20% year-over-year, reflecting approximately $95 million of Apellis operating expenses post-acquisition and R&D investments.
- The Apellis transaction is expected to result in approximately $0.85 of non-GAAP diluted EPS dilution in FY26, primarily from financing costs.
- Acquired IPR&D and milestone charges totaled $164 million in Q2 FY26, including a $100 million upfront for felzartamab rights in China.
Price
$233.48 +0.36% · +$0.83
Performance +63.3% 1Y
1Y: $143 on 17 Oct 2025 → $233.48. High $235.35 (15 Oct 2026), low $143 (17 Oct 2025).
- Previous close
- $232.65
- 52-week range
- $146.22 – $235.35
- One year
- +59.23%
Overview
- Symbol
- BIIB
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
22 of 27 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Regulatory outcome on LEQEMBI subcutaneous for initiation | Receive regulatory outcome | Sep 2024 | we are pleased to have received FDA approval for IQLIK initiation earlier this month. | Achieved |
| Q2 FY26 Acquired IPR&D charges | $145 million | Mar 2026 | As we previously announced, we recorded $164 million of acquired IPR&D and milestone charges associated with our investments in the development pipeline in the second quarter of 2026 | Missed |
| FY26 Non-GAAP Diluted EPS | $15.25 - $16.25 | Dec 2025 | Our updated 2026 full year non-GAAP diluted EPS range is now between $12 and $13. | Revised Down |
Claimed
- Growth product portfolio generated over $1 billion in revenue, up 24% year-over-year and 25% quarter-over-quarter, exceeding the legacy MS portfolio.
- SPINRAZA high-dose conversion is progressing faster than expected, with anecdotal switchbacks from oral products, contributing to $402 million in revenue, up 2% year-over-year.
- LEQEMBI IQLIK initiation received FDA approval, offering one-dosing for Alzheimer's treatment and potentially broadening patient eligibility.
- Apellis acquisition (SYFOVRI and EMPAVELI) contributed $128 million in combined revenue post-acquisition (May 14), accelerating the return to growth.
- Total second quarter core pharmaceutical revenue was $1.8 billion, up 4% year-over-year, demonstrating strong commercial execution.
Qualified
- VUMERITY revenue was down 7% year-over-year to $197 million, partly driven by inventory dynamics.
- Non-GAAP core operating expenses increased 20% year-over-year, reflecting approximately $95 million of Apellis operating expenses post-acquisition and R&D investments.
- The Apellis transaction is expected to result in approximately $0.85 of non-GAAP diluted EPS dilution in FY26, primarily from financing costs.
- Acquired IPR&D and milestone charges totaled $164 million in Q2 FY26, including a $100 million upfront for felzartamab rights in China.
The full ledger
Open BIOGEN INC.’s full ledger
A free account opens 5 company ledgers a month. All 55 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Biogen Q1 FY26 — Growth portfolio +12% as pending Apellis deal reframes trajectory
Read the full callDec 2025 (Q4 FY25) — Feb 6, 2026
Biogen Q4 FY25 — Pipeline Transformation and Growth Product Momentum
Read the full callEvery analysed call
Biogen earnings calls (BIIB)
Financials
What the filings say
Net profit, year on year: +33% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,465 | 2,466 | 2,455 | 2,431 | 2,646 | 2,535 | 2,279 | 2,478 |
| Expenses | 1,766 | 2,015 | 2,163 | 2,120 | 1,902 | 1,977 | 2,335 | 2,100 |
| Interest | 61 | 60 | 60 | 60 | 73 | 67 | 68 | 68 |
| Profit before tax | 699 | 451 | 292 | 311 | 744 | 557 | -56 | 378 |
| Tax rate | 16.5% | 13.9% | 8.5% | 22.7% | 14.7% | 16.3% | 12.7% | 15.4% |
| Net profit | 584 | 389 | 267 | 241 | 635 | 467 | -49 | 320 |
| EPS ($ per share) | 4.01 | 2.67 | — | 1.65 | 4.33 | 3.18 | — | 2.17 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 16,257 | 16,455 | 13,976 | 13,912 | 16,467 | 17,628 | 19,260 | 20,553 |
| Total liabilities | 12,257 | 13,895 | 13,933 | 12,918 | 11,166 | 12,045 | 11,333 | 11,183 |
| Fixed assets | 3,601 | 3,247 | 3,412 | 3,416 | 3,299 | 3,310 | 3,181 | 3,055 |
| Total assets | 25,289 | 27,234 | 24,619 | 23,877 | 24,554 | 26,845 | 28,049 | 29,440 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,188 | 7,079 | 4,230 | 3,640 | 1,384 | 1,547 | 2,876 | 2,205 |
| Cash from investing | -2,046 | 471 | -609 | -564 | 1,577 | -4,101 | -799 | -1,371 |
| Cash from financing | -4,472 | -5,860 | -5,273 | -2,086 | -1,747 | 149 | -683 | -302 |
| Net cash flow | -331 | 1,689 | — | — | — | — | — | — |
| Capital expenditure | -771 | -514 | -425 | -258 | -240 | -277 | -154 | -154 |
| Free cash flow | 5,417 | 6,564 | 3,805 | 3,382 | 1,144 | 1,270 | 2,722 | 2,051 |
BIIB revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +3.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 135% ↑ 23 pt
- Non Us 94% ↓ 35 pt
As BIIB cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
79 filings between Oct 31, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
$585
1 purchase by 1 insider
Sales
$905.4K
4 sales by 2 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 9
- Award — granted as compensation
- 33
- Option exercise — converted options into shares
- 32
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Singhal Priya | — | $665.7K | Feb 9, 2026 |
| Minor Lloyd | — | $239.7K | Aug 4, 2026 |
| Murphy Nicole | $585 | — | Feb 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Godbout Sean Chief Accounting Officer | Tax withheld | 8 | $1.8K |
| Oct 2, 2026 | Godbout Sean Chief Accounting Officer | Option exercise | 27 | $0 |
| Aug 4, 2026 | Minor Lloyd Director | Sale 10b5-1 plan | 593 | $119.2K |
| Aug 3, 2026 | Minor Lloyd Director | Sale 10b5-1 plan | 593 | $120.6K |
| Jun 9, 2026 | Minor Lloyd Director | Award | 1,505 | $0 |
| Jun 9, 2026 | Pangalos Menelas N Director | Award | 1,505 | $0 |
| Jun 9, 2026 | Mantas Jesus B Director | Award | 1,505 | $0 |
| Jun 9, 2026 | Patolawala Monish D Director | Award | 1,505 | $0 |
| Jun 9, 2026 | LANGER SUSAN Director | Award | 1,505 | $0 |
| Jun 9, 2026 | Freire Maria C Director | Award | 2,005 | $0 |
| Jun 9, 2026 | HAWKINS WILLIAM A Director | Award | 1,505 | $0 |
| Jun 9, 2026 | SHERWIN STEPHEN A Director | Award | 1,505 | $0 |
| Jun 9, 2026 | Rowinsky Eric K Director | Award | 1,505 | $0 |
| Jun 9, 2026 | Pangalos Menelas N Director | Option exercise | 2,370 | $0 |
| May 1, 2026 | Keeney Adam Head of Corporate Development | Tax withheld | 455 | $85.1K |
| May 1, 2026 | Keeney Adam Head of Corporate Development | Option exercise | 939 | $0 |
| Apr 1, 2026 | Godbout Sean Chief Accounting Officer | Tax withheld | 54 | $9.9K |
| Apr 1, 2026 | Godbout Sean Chief Accounting Officer | Option exercise | 181 | $0 |
| Feb 12, 2026 | Murphy Nicole Head of Pharm Ops and Tech | Purchase | 3 | $585 |
| Feb 9, 2026 | Singhal Priya Head of Development | Sale 10b5-1 plan | 2,660 | $531.5K |
| Feb 6, 2026 | Godbout Sean Chief Accounting Officer | Tax withheld | 76 | $15.3K |
| Feb 6, 2026 | Godbout Sean Chief Accounting Officer | Option exercise | 257 | $0 |
| Feb 6, 2026 | ALEXANDER SUSAN H EVP Chief Legal Officer | Tax withheld | 1,514 | $304.6K |
| Feb 6, 2026 | ALEXANDER SUSAN H EVP Chief Legal Officer | Option exercise | 4,916 | $0 |
| Feb 6, 2026 | ALEXANDER SUSAN H EVP Chief Legal Officer | Tax withheld | 931 | $187.3K |
| Feb 6, 2026 | Kramer Robin Chief Financial Officer | Option exercise | 789 | $0 |
| Feb 6, 2026 | Keeney Adam Head of Corporate Development | Tax withheld | 994 | $200.0K |
| Feb 6, 2026 | Keeney Adam Head of Corporate Development | Option exercise | 3,278 | $0 |
| Feb 6, 2026 | ALEXANDER SUSAN H EVP Chief Legal Officer | Option exercise | 1,940 | $0 |
| Feb 6, 2026 | Godbout Sean Chief Accounting Officer | Option exercise | 305 | $0 |
| Feb 6, 2026 | ALEXANDER SUSAN H EVP Chief Legal Officer | Tax withheld | 1,059 | $213.0K |
| Feb 6, 2026 | ALEXANDER SUSAN H EVP Chief Legal Officer | Option exercise | 2,190 | $0 |
| Feb 6, 2026 | Grogan Jane Head of Research | Tax withheld | 584 | $117.5K |
| Feb 6, 2026 | Keeney Adam Head of Corporate Development | Option exercise | 1,802 | $0 |
| Feb 6, 2026 | Grogan Jane Head of Research | Tax withheld | 407 | $81.9K |
| Feb 6, 2026 | Gregory Ginger EVP, Human Resources | Tax withheld | 1,132 | $227.7K |
| Feb 6, 2026 | Izzar Rachid Head of Global Product Strat. | Tax withheld | 775 | $155.9K |
| Feb 6, 2026 | Izzar Rachid Head of Global Product Strat. | Option exercise | 3,043 | $0 |
| Feb 6, 2026 | Gregory Ginger EVP, Human Resources | Option exercise | 3,746 | $0 |
| Feb 6, 2026 | Grogan Jane Head of Research | Option exercise | 1,385 | $0 |
| Feb 6, 2026 | Gregory Ginger EVP, Human Resources | Tax withheld | 666 | $134.0K |
| Feb 6, 2026 | Grogan Jane Head of Research | Option exercise | 1,873 | $0 |
| Feb 6, 2026 | Gregory Ginger EVP, Human Resources | Option exercise | 1,802 | $0 |
| Feb 6, 2026 | Izzar Rachid Head of Global Product Strat. | Option exercise | 2,044 | $0 |
| Feb 6, 2026 | Izzar Rachid Head of Global Product Strat. | Tax withheld | 805 | $161.9K |
| Feb 6, 2026 | Keeney Adam Head of Corporate Development | Tax withheld | 589 | $118.5K |
| Feb 6, 2026 | Gregory Ginger EVP, Human Resources | Tax withheld | 791 | $159.1K |
| Feb 6, 2026 | Gregory Ginger EVP, Human Resources | Option exercise | 1,635 | $0 |
| Feb 6, 2026 | Godbout Sean Chief Accounting Officer | Tax withheld | 180 | $36.2K |
| Feb 6, 2026 | Godbout Sean Chief Accounting Officer | Option exercise | 517 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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