EarningsQ2 2026 Earnings Report
DE:IDP Q2 2026 EPS Results
Actual EPS€3.14
Consensus EPS€2.56
Beat/MissBeat by +€0.58
One Year Ago EPS€4.77
DE:IDP Q2 2026 Revenue Results
Actual Revenue€2.29B
Expected Revenue€2.15B
Beat/MissBeat by +€141.37M
YoY Revenue Growth+2.38%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
DE:IDP Upcoming Earnings
Biogen's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:IDP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly constructive commercial and pipeline narrative: top-line momentum (Q2 revenue up 3% and strong growth-portfolio performance), immediate contributions from the Apellis acquisition (SYFOVRE and Empaveli) and an active late-stage registrational cadence provide tangible near‑ and mid‑term growth catalysts. Offsetting these positives are notable near-term costs, one-time IPR&D/milestone charges, financing-related EPS dilution in 2026, and elevated leverage following the acquisition. Management emphasized strong execution, multiple upcoming data readouts, and guidance improvement, while acknowledging access, competitive and scientific risks.Company Guidance
Total Revenue and Core Pharmaceuticals Growth
Total revenue for Q2 2026 was $2.7 billion, up 3% year-over-year. Core pharmaceutical revenue was $1.8 billion, up 4% year-over-year and 12% quarter-over-quarter, driven by the growth product portfolio.
Growth Portfolio Outperforming Legacy MS
The growth portfolio generated over $1.0 billion in the quarter, up 24% year-over-year and 25% quarter-over-quarter; Biogen standalone growth products (excluding Apellis) were $933 million, up 9% year-over-year and 10% quarter-over-quarter, now exceeding the legacy MS portfolio.
Apellis Acquisition Contributing Immediately
Apellis products (SYFOVRE and Empaveli) contributed $128 million of combined revenue from the May 14 acquisition date. SYFOVRE revenue for the quarter was $162 million (up 8% year-over-year) with commercial injections up 13% year-over-year; Empaveli was $46 million (up 123% year-over-year). Management expects combined SYFOVRE and Empaveli growth in the mid- to high‑teens through at least 2028.
Guidance Upgrade and EPS Range
Company increased guidance trajectory: underlying business guidance improved by ~60 basis points and total revenue guidance moved from a mid-single-digit percentage decrease to a mid-single-digit percentage increase. Updated 2026 full-year non-GAAP diluted EPS range is $12.00 to $13.00.
Strong Product-Level Performers
Notable product performance: SPINRAZA $402M (up 2% YoY, 7% QoQ), LEQEMBI $184M (up 15% YoY, 9% QoQ), SKYCLARYS $168M (up 29% YoY, 11% QoQ), ZURZUVAE $71M; TYSABRI showing resilience at $451M despite biosimilar pressure.
SPINRAZA High‑Dose Rapid Adoption
SPINRAZA high-dose approvals (Japan, EU, U.S.) have converted faster than expected; high-dose launches exceeded the original SPINRAZA launch in starts and GRADs in the first 13 weeks in markets where launched, and contributed to Q2 revenue and transition dosing revenue.
IQLIK (LEQEMBI) Home Dosing Approval
FDA approval for LEQEMBI IQLIK initiation (subcutaneous) enables home dosing for initiation and maintenance; management expects broader patient eligibility, potential for improved adherence/duration on therapy, and a competitive advantage versus monthly-dosed competitors.
Near-Term and Diversified Late-Stage Pipeline
Biogen has five registrational Phase 3 readouts expected within roughly the next four quarters (two in SLE, one in CLE, one in AMR, and one in Dravet syndrome). Management accelerated felzartamab (AMR) and litifilimab (CLE) Phase 3 readouts into H1 2027 and expects six new early-stage programs this year (three INDs already filed).
Cash Flow and Expected Synergies
Generated $408 million of free cash flow in Q2 and exited with $1.3 billion of cash. Management expects at least $250 million of run-rate synergies by end of 2027 from the Apellis transaction and expects the deal to be accretive to non-GAAP diluted EPS in 2027.
DE:IDP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed