Biogen (NASDAQ:BIIB) Posts Earnings Results, Beats Estimates By $0.66 EPS

Biogen (NASDAQ:BIIB) announced its earnings results on Wednesday. The biotechnology company reported $3.60 earnings per share for the quarter, beating the consensus estimate of $2.94 by $0.66, FiscalAI reports. Biogen had a net margin of 13.81% and a return on equity of 12.83%. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period last year, the firm earned $5.47 earnings per share. Biogen’s revenue was up 3.4% compared to the same quarter last year. 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 Price Performance

Shares of BIIB stock traded down $5.13 during trading hours on Thursday, hitting $204.10. 187,480 shares of the company’s stock were exchanged, compared to its average volume of 1,289,258. Biogen has a fifty-two week low of $124.56 and a fifty-two week high of $219.72. The firm has a market cap of $30.13 billion, a P/E ratio of 21.94 and a beta of 0.16. The company has a quick ratio of 2.41, a current ratio of 3.06 and a debt-to-equity ratio of 0.34. The firm has a 50 day moving average of $200.68 and a two-hundred day moving average of $190.37.

Hedge Funds Weigh In On Biogen

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

Trending Headlines about Biogen

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Biogen reported second-quarter revenue of $2.74 billion, up 3.4% year over year and above the approximately $2.46 billion consensus estimate. Adjusted EPS of $3.60 also exceeded expectations near $2.94, helped by strong demand for rare-disease treatments and the company’s growth portfolio. Reuters article
• Positive Sentiment: The growth portfolio generated roughly $1.06 billion in quarterly revenue, up 24% year over year and exceeding sales from Biogen’s legacy multiple sclerosis portfolio. SKYCLARYS, ZURZUVAE, and products acquired through the Apellis transaction contributed to the improved mix. Seeking Alpha article
• Positive Sentiment: Management raised its 2026 revenue expectations to mid-single-digit growth and pointed to pipeline progress, including Alzheimer’s-related developments, reinforcing the potential for a longer-term turnaround. Needham reiterated its Buy rating and maintained a $256 price target. TipRanks article
• Neutral Sentiment: Zacks Research upgraded Biogen (BIIB) from “Strong Sell” to “Hold,” signaling improved sentiment but not a bullish recommendation. Zacks.com
• Negative Sentiment: Biogen’s reported profit fell sharply from the prior year, while full-year non-GAAP EPS guidance of $12 to $13 remains below the roughly $13.45 consensus estimate. Legacy multiple sclerosis products also continued to decline, and Leqembi sales narrowly missed expectations. Wall Street Journal article

Analyst Upgrades and Downgrades

Several analysts have weighed in on BIIB shares. Royal Bank Of Canada boosted their price target on Biogen from $227.00 to $242.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded shares of Biogen from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Citigroup upped their price target on shares of Biogen from $190.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, May 1st. HSBC reiterated a “reduce” rating and set a $157.00 price objective on shares of Biogen in a research note on Monday, July 6th. Finally, Morgan Stanley dropped their target price on Biogen from $224.00 to $222.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and a consensus target price of $221.71.

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.