Biogen Beats Q2 Estimates as Rare Disease Portfolio and Leqembi Drive Growth, Raises 2026 Revenue Outlook
Key Insights
Biogen reported Q2 2026 adjusted earnings of $3.60 per share on revenue of $2.74 billion, surpassing analyst estimates of $2.95 and $2.46 billion respectively.
The company raised its full-year 2026 revenue guidance to mid-single-digit growth from a prior forecast of mid-single-digit decline, citing rare disease portfolio strength.
Global sales of Alzheimer's drug Leqembi rose 15% year-over-year to approximately $184 million, with a new subcutaneous formulation expected to boost uptake.
Biogen reported second-quarter 2026 financial results that exceeded Wall Street expectations, fueled by robust demand for its rare disease medicines and steady uptake of its Alzheimer's drug Leqembi, even as its legacy multiple sclerosis (search) franchise continued to face headwinds. The Cambridge, Massachusetts-based drugmaker posted adjusted earnings of $3.60 per share on revenue of $2.74 billion for the quarter ended June 30, handily beating analyst consensus estimates of $2.95 per share and $2.46 billion, respectively.
Shares of Biogen rose nearly 5% following the announcement.
Rare Disease Portfolio Anchors Turnaround
Sales from Biogen's rare disease portfolio climbed 11% year-over-year to $602 million, underscoring the segment's growing importance to the company's growth strategy. The portfolio includes spinal muscular atrophy (search) treatment Spinraza, Friedreich's ataxia (search) drug Skyclarys, and two newly acquired rare disease therapies from the Apellis Pharmaceuticals buyout.
CEO Chris Viehbacher expressed confidence that the company's marketed growth products are sufficient to restore Biogen's growth trajectory. "Biogen's marketed growth products, including rare-disease drugs Skyclarys and Spinraza together with the Apellis drugs, are already in themselves enough to help Biogen get back to a growth story," Viehbacher said during an analyst call.
He added that the company's late-stage pipeline, featuring the experimental lupus (search) drug litifilimab and kidney-disease candidate felzartamab, now builds "on top of a growing basis instead of a stable basis."
Revenue Outlook Brightens Despite EPS Guidance Cut
In a notable shift, Biogen raised its full-year 2026 revenue forecast, now expecting a mid-single-digit percentage increase from 2025 levels. This marks a significant reversal from its previous guidance, which had projected a mid-single-digit percentage decline.
However, the company lowered its 2026 adjusted per-share profit forecast to a range of $12 to $13, down from the prior range of $14.25 to $15.25. The reduction reflects a $3.85 per share impact from acquisition-related charges, including an 85-cent-per-share hit attributable to the $5.6 billion acquisition of Apellis Pharmaceuticals earlier this year.
Analysts had been projecting 2026 adjusted earnings of $12.72 per share, according to data compiled by LSEG.
The Apellis deal, Biogen's largest since its 2023 acquisition of Reata Pharmaceuticals (search), provides entry into the kidney disease (search) treatment space and adds two approved rare disease drugs that generated combined revenue of approximately $689 million in 2025.
Leqembi Gains Traction with Subcutaneous Formulation
Global sales of Leqembi, the Alzheimer's disease (search) therapy co-developed with Japan's Eisai, rose 15% year-over-year to approximately $184 million. The drug's launch had been tempered by early concerns over cost, efficacy, and side effects, but demand is now gaining momentum.
Biogen anticipates that recent U.S. approvals for a more convenient subcutaneous formulation of Leqembi will further accelerate patient uptake, potentially expanding the addressable market by enabling administration outside of infusion centers.
Multiple Sclerosis (search) Franchise Under Pressure
Sales of Biogen's legacy multiple sclerosis (search) drugs, including Tecfidera, fell 13% year-over-year to $963 million, reflecting ongoing generic competition and pricing pressure across the aging portfolio. The decline underscores the urgency behind Biogen's pivot toward rare disease and neuroscience innovation.
RBC Capital analysts characterized Biogen's performance as showing "better-than-expected resilience into a more catalyst-rich next 12 to 18 months," suggesting that the company's base business is stabilizing as newer products gain commercial traction.