Key facts
- Biogen exceeded Q2 profit and revenue expectations.
- Rare-disease drug sales drove Biogen's growth.
- Sales of older multiple sclerosis drugs declined.
- Leqembi, an Alzheimer's drug, saw a 15% increase in global sales.
- Biogen lowered its 2026 adjusted earnings per share forecast.
- The acquisition of Apellis Pharmaceuticals is expected to reduce annual profit by $0.85 per share.
Biogen exceeded Wall Street's expectations for its second-quarter profit and revenue, largely due to robust demand for its specialized medicines targeting rare diseases. The company reported adjusted earnings of $3.60 per share on revenue of $2.74 billion, surpassing analyst estimates of $2.95 per share and $2.46 billion, respectively.
Despite the upbeat quarterly results, Biogen revised its 2026 adjusted earnings per share forecast downward to a range of $12 to $13, from its previous projection of $14.25 to $15.25. This adjustment reflects an anticipated $3.85 per share impact from acquisition-related charges, including an 85-cent-per-share hit from its $5.6 billion acquisition of Apellis Pharmaceuticals earlier this year. The Apellis deal provided Biogen with access to two approved rare disease drugs.
Sales of Biogen's Alzheimer's drug, Leqembi, developed in partnership with Eisai, rose 15% year-over-year to approximately $184 million. The company anticipates further patient uptake following recent U.S. approvals for a more convenient under-the-skin formulation. In contrast, sales of Biogen's established multiple sclerosis drugs, such as Tecfidera, fell 13% to $963 million compared to the previous year, highlighting ongoing pressure on its legacy portfolio.