Biogen Q2 revenue beats expectations on strong product demand

Biogen

29/07/2026 11:21

Overview
U.S. biotechnology firm's Q2 revenue rose 3% yr/yr, beating analyst expectations
Non-GAAP diluted EPS for Q2 fell 34% yr/yr, impacted by deal-related charges
Company updated 2026 guidance to mid-single digit percentage revenue growth

Outlook
Biogen expects full-year 2026 revenue to grow by a mid-single digit percentage
Company sees 2026 Non-GAAP diluted EPS between $12.00 and $13.00
Biogen expects combined Non-GAAP R&D and SG&A expense for H2 2026 at $2.65-$2.70 bln

Result Drivers
GROWTH PORTFOLIO - Double-digit revenue growth in products such as SKYCLARYS, ZURZUVAE, and EMPAVELI, as well as contributions from recently acquired products, drove overall revenue gains
PRODUCT DEMAND & LAUNCHES - Increased demand and successful launches, including SPINRAZA HD and international expansion of ZURZUVAE, contributed to revenue growth
APELLIS ACQUISITION IMPACT - Integration of Apellis contributed to revenue via SYFOVRE and EMPAVELI, and increased costs related to SG&A and R&D

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$2.74 bln
$2.46 bln (27 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 24 "strong buy" or "buy", 12 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the pharmaceuticals peer group is "buy"
Wall Street's median 12-month price target for Biogen Inc is $225.00, about 9.4% above its July 28 closing price of $205.61
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads
July 29 - Biogen beats quarterly estimates as newer drugs fuel growth
July 27 - Argenx to buy Forte Biosciences for about $2.2 billion
July 27 - AstraZeneca profit beat, bullish tone ease worries over drug pipeline

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)