Biogen Q2 revenue beats expectations on strong product demand

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

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.)