Biogen posts Q2 2026 results, sets five late-stage readouts over next four quarters

Biogen reported second quarter 2026 total revenue of $2.7 billion, up 3% year-over-year, with its Growth Portfolio generating $1.06 billion, a 24% year-over-year increase.¹

On the pipeline, the company said registrational data for litifilimab in systemic lupus erythematosus is expected by the end of 2026, with additional Phase 3 readouts for litifilimab in cutaneous lupus erythematosus, felzartamab in antibody mediated rejection, and zorevunersen in Dravet syndrome anticipated next year.¹ Biogen also disclosed that diranersen showed proof-of-concept in Alzheimer's disease as the first tau-directed agent to demonstrate clinical efficacy and reduce tau pathology in the brain, and the company plans to move it into Phase 3.¹ Separately, Biogen expects to start a new Phase 2 study of felzartamab in Graves' disease.¹ The pending RayThera deal is expected to add several immunology programs, including a lead program currently in Phase 1.¹

On regulatory and launch news, Biogen highlighted the launch of SPINRAZA HD and FDA approval of LEQEMBI IQLIK for at-home initiation.¹ The company also reported Phase 2 data for BIIB091 in relapsing-remitting multiple sclerosis, saying the asset achieved proof-of-concept and that next steps are being evaluated.¹ In addition, Biogen exercised its option with Ionis for a worldwide exclusive license to BIIB147, a Phase 1-ready antisense oligonucleotide for ALS targeting stathmin-2 pre-mRNA, paying a $15 million one-time license fee.¹

On guidance, Biogen raised its underlying non-GAAP EPS outlook while incorporating deal costs: the underlying full-year 2026 non-GAAP diluted EPS range moved to $15.85 to $16.85, up $0.60, though reported guidance reflects roughly $3.00 of acquired IPR&D and milestone impact and about $0.85 of dilution from the Apellis acquisition, bringing reported guidance to $12.00 to $13.00.¹ The company said it expects roughly $0.85 of dilution to non-GAAP EPS in 2026 from Apellis integration, expects the deal to be accretive to non-GAAP EPS in 2027, and projects transaction run-rate synergies of at least $250 million exiting 2027.¹

On cash position, Biogen held approximately $1.3 billion in cash and cash equivalents and about $8.1 billion in total debt as of June 30, 2026, for net debt of roughly $6.8 billion.¹ Operating cash flow for the quarter was about $449 million, with free cash flow of approximately $408 million after $41 million in capital expenditures.¹