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Biogen BIIB Q2 2026 earnings

Reported July 29, 2026 · Before market open

Revenue$2.7BBeat by $275.6M
Adjusted EPS$3.60Beat by $0.66
Revenue estimate$2.5B
EPS estimate$2.94
“This quarter is a reflection of the significant progress Biogen has made repositioning the company for long-term growth. Not only did our growth portfolio revenue exceed that of our legacy MS portfolio, delivering 24% of year-over-year growth, we also delivered strong revenue performance from our two recently acquired products, providing an opportunity for our pipeline to build on a growing business, At the same time, our scientific leadership continues to translate into commercial momentum, with a successful launch of SPINRAZA HD and historic approval of LEQEMBI IQLIK at-home initiation. As we enter a period of registrational data readouts beginning this year, we are realizing our vision for the New Biogen — one positioned for sustainable growth with a growing commercial business, a multi-year late-stage data flow, and an expanding early-stage pipeline.”
Management

Next report

Oct 29, 2026 (in 2 months)
Revenue estimate$2.6B
EPS estimate$2.04

Financials

Q2 2026

Income statement

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Revenue$2.7B+3.4%
Gross profit$2.0B-4.0%
Net income$97.5M-84.6%
EPS (diluted)$0.66-84.8%

Balance sheet

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Cash & equivalents$1.3B-53.4%
Total debt$7.6B+14.6%
Total equity$18.8B+6.9%
Total assets$32.1B+13.3%

Cash flow

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Operating cash flow$448.9M+179%
CapEx$40.9M+53.8%
Free cash flow$408.0M+204%

Valuation & ratios

Valuation

as of 08/27/26
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Market cap$32.66B+63.4%
Enterprise value$38.93B+63.4%
P/E37×+23.9×
P/S3.3×+1.3×

Profitability

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Gross margin74%-1.4pp
Net margin8.8%-6.5pp
FCF margin26.9%+7.1pp

Returns & leverage

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Return on equity4.8%-4.3pp
Debt / equity0.4×0.0×
Current ratio1.9×-0.6×

Segments

By product

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TYSABRI$450.8M-0.8%
SPINRAZA$401.9M+2.3%
VUMERITY$196.5M-7.4%
AVONEX$170.0M-4.3%
SKYCLARYS$167.9M+28.9%

By segment

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Reportable Segment$2.7B+3.4%

FAQ

When did Biogen report Q2 2026 earnings?
Biogen (BIIB) reported Q2 2026 earnings on July 29, 2026 before market open.
What were Biogen's Q2 2026 revenue and EPS?
Biogen reported revenue of $2.7B and adjusted eps of $3.60 for Q2 2026.
Did Biogen beat estimates in Q2 2026?
Revenue beat the consensus estimate of $2.5B by $275.6M. EPS beat the consensus estimate of $2.94 by $0.66.
How did Biogen's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 3.4% from $2.6B a year earlier.
Where can I find Biogen's Q2 2026 SEC filings?
You can read the 8-K earnings release (0000875045-26-000073) and the 10-Q periodic report (0000875045-26-000075) directly on SEC EDGAR. The filing index links above go to sec.gov.