Biogen Raises Full-Year Guidance as Growth Portfolio Accelerates
The biotechnology company raised its full-year 2026 revenue outlook to a mid-single digit percentage increase after reporting second-quarter revenue of $2.7 billion.
Biogen (BIIB) reported second-quarter revenue of $2.7 billion, a 3% increase year-over-year. The result reflects a slight acceleration in growth compared to the 2% year-over-year increase recorded in the first quarter.
Non-GAAP diluted earnings per share for the quarter were $3.60, representing a 34% decrease year-over-year. The company's GAAP cost of sales as a percentage of total revenue expanded to 28% in the second quarter, up from 23% in the same period last year.
Revenue from the company's Growth Portfolio rose 24% year-over-year, accelerating from a 12% increase in the first quarter. Skyclarys revenue grew 29% year-over-year to $168 million, up from 22% growth in the prior quarter. Zurzuvae revenue increased 53% year-over-year to $71 million, though this growth slowed from 100% in the first quarter.
Leqembi global in-market sales rose 15% year-over-year to $184 million, a deceleration from the 74% growth reported in the first quarter. Meanwhile, Spinraza revenue increased 2% year-over-year to $402 million, reversing a 12% decline in the first quarter.
Multiple Sclerosis product revenue declined 13% year-over-year to $963 million. Vumerity revenue fell 7% year-over-year to $197 million, following a 29% increase in the first quarter.
Biogen established a Specialized Immunology segment following its acquisition of Apellis on May 14, 2026. The segment contributed $128 million in second-quarter revenue, which included $97 million recognized from Syfovre and $30 million from Empaveli.
The company raised its full-year 2026 total revenue guidance to a mid-single digit percentage increase versus 2025, up from previous guidance of a mid-single digit percentage decline. Underlying Non-GAAP diluted EPS guidance was raised by $0.60 to a range of $15.85 to $16.85, compared to the previous range of $15.25 to $16.25.
The Apellis acquisition is expected to result in approximately $0.85 of dilution to Non-GAAP diluted EPS for the full year 2026.