Biogen has dramatically reversed its 2026 revenue guidance, shifting from an anticipated mid-single-digit percentage decrease to an expected mid-single-digit percentage increase.
The pharmaceutical company reported second-quarter 2026 total revenue of $2.7 billion, representing a 3% increase compared with the same period a year earlier.
Core pharmaceutical revenue rose 4% year over year to $1.8 billion, driven by strong performance across Biogen’s expanding growth portfolio.
The company’s growth portfolio generated more than $1 billion in quarterly revenue, up 24% from the prior-year period, marking a significant milestone for the business.
Chief executive Chris Viehbacher noted that Biogen’s growth portfolio now exceeds its legacy multiple sclerosis portfolio in scale and contribution.
The updated full-year guidance incorporates expected performance from growth products and TYSABRI, alongside contributions from SYFOVRE and EMPAVELI following the completed acquisition of Apellis.
Biogen completed its acquisition of Apellis, adding SYFOVRE and EMPAVELI to its commercial portfolio and expanding its growth prospects considerably.
The company now expects full-year non-GAAP diluted earnings per share of between $12 and $13, incorporating approximately $0.85 of dilution from the Apellis transaction linked primarily to financing costs.
Guidance also reflects around $3 per share of impact from acquired in-process research and development and milestone charges related to the Apellis deal.
GAAP net income fell sharply to $97.5 million from $634.8 million a year earlier, with GAAP diluted earnings per share coming in at $0.66 for the quarter.
Despite the decline in GAAP earnings, Biogen reported second-quarter non-GAAP earnings of $3.60 per diluted share, ahead of the $2.94 analysts polled by FactSet had expected.
The Apellis acquisition was funded through $3.6 billion of balance-sheet cash combined with a $2 billion term loan, adding considerable debt to Biogen’s balance sheet.
Biogen ended the second quarter with $1.3 billion in cash and $6.8 billion in net debt, having generated $408 million of free cash flow during the period.
The company anticipates achieving at least $250 million in annualised Apellis synergies by the end of 2027, which it expects will strengthen the financial case for the transaction.
Sales of Spinraza, Zurzuvae, and Skyclarys all grew during the quarter, with Zurzuvae rising approximately 53% and Skyclarys climbing around 29%, partially offsetting declines elsewhere in the portfolio.