Biogen (NASDAQ:BIIB) Issues Quarterly Earnings Results

Biogen (NASDAQ:BIIB) released its quarterly earnings data on Wednesday. The biotechnology company reported $3.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.94 by $0.66, FiscalAI reports. The business had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.46 billion. Biogen had a return on equity of 11.18% and a net margin of 8.32%.The company’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.47 EPS. 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 Trading Down 1.6%

NASDAQ BIIB traded down $3.31 during trading on Friday, hitting $204.62. The stock had a trading volume of 297,293 shares, compared to its average volume of 1,287,466. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.41 and a current ratio of 1.87. The stock has a market capitalization of $30.21 billion, a price-to-earnings ratio of 36.20 and a beta of 0.16. Biogen has a one year low of $124.56 and a one year high of $219.72. The stock has a 50 day simple moving average of $201.05 and a 200 day simple moving average of $190.52.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating on shares of Biogen in a research report on Tuesday, July 14th. Sanford C. Bernstein decreased their price objective on Biogen from $201.00 to $200.00 in a research report on Thursday, April 30th. Royal Bank Of Canada dropped their target price on Biogen from $242.00 to $240.00 and set an “outperform” rating for the company in a report on Thursday. Rothschild & Co Redburn boosted their target price on Biogen from $180.00 to $190.00 in a research report on Thursday, April 30th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Biogen in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $223.36.

Biogen News Roundup

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Biogen’s second-quarter results exceeded Wall Street expectations: revenue rose 3.4% year over year to $2.74 billion, while adjusted EPS of $3.60 surpassed the $2.94 consensus estimate. The company also raised its 2026 outlook. Biogen beats quarterly estimates as newer drugs fuel growth
• Positive Sentiment: Growth products—including newer Alzheimer’s and rare-disease therapies—continued to offset declining sales from Biogen’s legacy multiple-sclerosis portfolio. The Apellis acquisition is also expected to contribute to longer-term revenue and earnings growth. Biogen’s newer drugs power second quarter beat
• Positive Sentiment: Analyst sentiment improved following the report. TD Cowen raised its price target to $225 and assigned a Buy rating, while Morgan Stanley increased its target to $231. Barclays reportedly expects further upside, and Needham reiterated its $256 Buy target. Barclays analyst expects Biogen stock to rise
• Neutral Sentiment: Wedbush raised its target to $215 but maintained a Neutral rating; Morgan Stanley also kept an Equal Weight rating. This indicates analysts see additional value but remain cautious about execution and valuation. Analyst price-target updates
• Negative Sentiment: Underlying profitability weakened substantially. Reported net income fell to $97.5 million and diluted EPS declined to $0.66 from $4.33 a year earlier; six-month net income also dropped sharply. Acquisition-related in-process research and development costs contributed to the pressure. Biogen profitability analysis

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BIIB. T. Rowe Price Investment Management Inc. grew its position in Biogen by 9.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,170,907 shares of the biotechnology company’s stock valued at $206,068,000 after acquiring an additional 103,425 shares during the last quarter. Compound Planning Inc. purchased a new stake in shares of Biogen in the fourth quarter valued at approximately $577,000. Axxcess Wealth Management LLC bought a new position in Biogen in the fourth quarter worth approximately $401,000. Corient Private Wealth LLC grew its stake in Biogen by 32.9% in the fourth quarter. Corient Private Wealth LLC now owns 46,318 shares of the biotechnology company’s stock worth $8,152,000 after purchasing an additional 11,456 shares in the last quarter. Finally, Strive Financial Group LLC purchased a new position in Biogen during the 4th quarter worth $35,000. Institutional investors own 87.93% of the company’s stock.

About Biogen

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.