A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Biogen reported 2026-Q2 total revenue of $2,736.0 million (+3.4% YoY), driven by the addition of Apellis products and growth in rare disease therapies, though net profitability fell sharply due to acquisition step-up costs and higher operating and IPR&D expenses.
In 2026-Q2, Biogen generated $2.74B in total revenue (+3.4% YoY) as new specialized immunology assets from the $5.1B Apellis acquisition offset MS revenue declines, while higher acquisition and IPR&D costs lowered EPS.
Last 4 quarters: 4 beats
Reported EPS of $3.60 versus the $3.05 analyst consensus — a +18.0% beat for Jun 2026.
Biogen completed the acquisition of Apellis Pharmaceuticals on May 14, 2026, for $5.1B net of cash acquired (funded via cash and $2.4B in net borrowings), adding $127.8M in specialized immunology product revenue from SYFOVRE and EMPAVELI in 2026-Q2.
Source: 10-Q Item 2 MD&A, p.51, 56-57
Total revenue increased 3.4% YoY to $2,736.0M in 2026-Q2, supported by 10.8% growth in rare disease products ($58.7M increase) and ZURZUVAE sales ($70.8M), which offset a 13.0% ($143.9M) drop in Multiple Sclerosis (MS) product revenue due to generic competition for TECFIDERA.
Source: 10-Q Item 2 MD&A, p.56
Total cost and expense increased 36.9% ($702.1M) YoY to $2,602.1M in 2026-Q2, driven by higher cost of sales (+28.4%), R&D (+32.7%), SG&A (+21.6%), and $164.0M in acquired IPR&D/milestone expenses, resulting in a $3.67 (84.8%) drop in diluted EPS.
Source: 10-Q Item 2 MD&A, p.56
Cash, cash equivalents, and marketable securities decreased to $1.3B as of June 30, 2026, from $4.2B as of December 31, 2025, due to the $5.1B net outlay for Apellis, while operating cash flow for the first six months improved to $1.1B compared to $420.2M in 2025.
Source: 10-Q Item 2 MD&A, p.56
Competition from generic entrants for TECFIDERA following patent revocation in Europe and biosimilar versions of TYSABRI significantly reduced product revenues and could continue to cause price and volume declines.
Source: 10-Q Item 1A, p.84-86
Implementation of the Inflation Reduction Act (IRA), including Medicare Part D redesign and potential drug price negotiations, along with executive orders regarding Most Favored Nation pricing, pose ongoing risks to commercial pricing and sales margins.
Source: 10-Q Item 1A, p.86-88
Commercial success depends heavily on effectively integrating recent acquisitions like Apellis and achieving anticipated synergies, as well as advancing pipeline assets without costly clinical trial failures or delays.
Source: 10-Q Item 1A, p.85-86
Newly implemented U.S. Section 232/301 tariffs on imported pharmaceuticals and raw materials, alongside reliance on international partners, could increase manufacturing costs or lead to supply chain delays.
Source: 10-Q Item 1A, p.52-53, 84-88
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Biogen (BIIB) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the BIIB earnings preview — expected date, analyst estimates and what to watch →
In 2026-Q2, Biogen reported total revenue of $2,736.0 million, representing a 3.4% increase compared to $2,645.5 million in 2025-Q2. However, diluted earnings per share decreased by $3.67 (84.8% decline) due to higher operating expenses, inventory fair value amortization, and $164.0 million in acquired IPR&D and milestone payments.
Biogen completed its acquisition of Apellis on May 14, 2026, for $5.1 billion net of cash acquired, adding $127.8 million in specialized immunology product revenue from SYFOVRE and EMPAVELI. The transaction reduced cash and marketable securities to $1.3 billion as of June 30, 2026, and generated $112.8 million in inventory step-up amortization costs in Q2.
Biogen's MS product revenue declined 13.0% year-over-year in 2026-Q2 (down $143.9 million), primarily due to generic competition for TECFIDERA following patent revocations in Europe and North America, as well as patient transitions away from Interferon products.
Biogen (BIIB) is next expected to report earnings on Oct 28, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
Biogen delivered a solid Q1 2026 with revenue up 1.9% YoY to $2.48B, while net income surged 32.8% to $319.5M and operating cash flow nearly tripled to $645.5M, reflecting improved profitability and working capital management.
Biogen (BIIB) posted modest 2.2% revenue growth to $9.89B in FY2025, but net income fell 20.8% to $1.29B, pressured by higher costs and increased long-term debt, while operating cash flow declined sharply by 23.3%.
Other companies in Biotechnology