Biogen (NASDAQ:BIIB) Announces Earnings Results, Beats Expectations By $0.66 EPS

Key Points

• Biogen beat quarterly expectations: Adjusted EPS was $3.60 versus the $2.94 consensus, while revenue rose 3.4% year over year to $2.74 billion.
• Growth products strengthened the outlook: The growth portfolio increased revenue 24%, supported by newer medicines and the Apellis acquisition, prompting Biogen to raise its 2026 revenue outlook to a mid-single-digit increase.
• Costs and earnings guidance remain concerns: The Apellis deal is expected to dilute 2026 adjusted EPS by about $0.85, while the company’s $12–$13 EPS guidance is below consensus; shares nevertheless rose 5.1% following the results.

Biogen (NASDAQ:BIIB - Get Free Report) issued its earnings results on Wednesday. The biotechnology company reported $3.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.66, FiscalAI reports. Biogen had a return on equity of 12.83% and a net margin of 13.81%.The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the firm earned $5.47 earnings per share. Biogen'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 5.1%

Shares of Biogen stock traded up $10.40 during midday trading on Wednesday, reaching $216.01. 676,345 shares of the company's stock traded hands, compared to its average volume of 1,284,398. The stock has a 50 day moving average of $200.25 and a 200-day moving average of $190.21. Biogen has a 12 month low of $124.56 and a 12 month high of $219.72. The company has a market cap of $31.89 billion, a PE 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.

Hedge Funds Weigh In On Biogen

Hedge funds have recently added to or reduced their stakes in the company. WFA of San Diego LLC bought a new stake in Biogen during the second quarter valued at about $32,000. Strive Financial Group LLC bought a new position in shares of Biogen during the fourth quarter valued at approximately $35,000. DV Equities LLC purchased a new stake in shares of Biogen in the fourth quarter worth approximately $36,000. Meeder Asset Management Inc. lifted its stake in shares of Biogen by 323.5% during the 4th quarter. Meeder Asset Management Inc. now owns 216 shares of the biotechnology company's stock worth $38,000 after acquiring an additional 165 shares during the last quarter. Finally, Summit Securities Group LLC grew its position in Biogen by 346.9% in the 4th quarter. Summit Securities Group LLC now owns 219 shares of the biotechnology company's stock valued at $39,000 after acquiring an additional 170 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Key Biogen News

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BIIB shares. UBS Group raised shares of Biogen from a "neutral" rating to a "buy" rating and upped their price objective for the company from $185.00 to $225.00 in a research note on Wednesday, April 22nd. Wall Street Zen upgraded shares of Biogen from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Oppenheimer upped their price target 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. Weiss Ratings raised Biogen from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Finally, Citigroup lifted their price objective on Biogen from $190.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $221.11.

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.

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