Biogen Boosts Profit Forecast with Growth Across Alzheimer's, Rare Disease Portfolio

Biogen Inc. (NASDAQ:BIIB) stock is trading higher on Wednesday after the company reported second-quarter adjusted earnings of $3.60 per share, beating the consensus of $2.96.

Revenue Tops Expectations On Growth Across Key Products

The Alzheimer’s drug maker reported revenues of $2.736 billion, beating the consensus of $2.458 billion, up 3% on a reported and 2% on a constant currency basis.

Spinraza revenue of $402 million, up 2% year-over-year, driven by demand and stocking for the high-dose regimen, partially offset by shipment timing in certain ex-U.S. markets; conversion to the high-dose

regimen has been ahead of company expectations in all launched geographies.

Vumerity revenue of $197 million, down 7% year-over-year, primarily impacted by inventory dynamics; first half growth of 7% year-over-year.

Leqembi (Alzheimer’s drug) revenue was $184 million, with U.S. in-market sales of around $97 million.

Revenues from Skyclarys (Friedreich’s ataxia drug), acquired via the Reata acquisition, reached $168 million, up 29%.

Zurzuvae’s (postpartum depression drug) revenue of $71 million, up 53%, was driven by demand growth.

Biogen completed the acquisition of Apellis, adding Syfovre and Empaveli to its portfolio, which contributed $128 million in revenue and are expected to grow in the mid- to high-teens through 2028.

Biogen Raises Full-Year Guidance

The company raised its fiscal 2026 adjusted earnings guidance from $15.25-$16.25 to $15.85-$16.85, compared to the consensus of $12.83.

Full-year total revenue is now expected to increase by a mid-single-digit percentage for 2026 vs. 2025.

Pipeline Advances

Biogen also shared Phase 2 data for BIIB091 in relapsing-remitting multiple sclerosis, which showed that BIIB091 has achieved proof-of-concept, and the company will be exploring next steps for the asset.

In the second quarter of 2026, Biogen exercised its option to obtain from Ionis Pharmaceuticals Inc. (NASDAQ:IONS) a worldwide exclusive, royalty-bearing license to develop and commercialize BIIB147, a Phase 1-ready investigational antisense oligonucleotide targeting stathmin 2 pre-mRNA in people with broad ALS.

As part of the option exercise, Biogen paid Ionis a $15 million one-time license fee.

Barclays maintains Equal-Weight on Biogen, while raising the price forecast from $185 to $200.

BIIB Price Action: Biogen shares were up 1.99% at $209.70 at the time of publication on Wednesday, according to Benzinga Pro data.

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