Biogen reported second-quarter profit and revenue that exceeded Wall Street estimates, driven by strong demand for rare-disease medicines, while sales of its legacy multiple sclerosis drugs remained under pressure.
Adjusted earnings for the quarter ended June 30, above the expected $2.95 per share.
Quarterly revenue reached $2.74 billion, topping the estimated $2.46 billion. Sales of Biogen's Alzheimer's drug Leqembi, developed with Eisai, rose 15% from a year earlier to about $184 million. The company expects recent U.S. approvals for a more convenient under-the-skin formulation to drive patient uptake.
However, Biogen lowered its 2026 adjusted per-share profit forecast to between $12 and $13 from the previous range of $14.25 to $15.25, citing a $3.85 per share impact from acquisition-related charges. Analysts had expected 2026 profit of $12.72 per share, according to LSEG data.
Biogen's buyout of Apellis Pharmaceuticals, which added kidney disease treatments and two approved rare disease drugs.
The Apellis acquisition gave Biogen a foothold in kidney disease treatment and access to two approved rare disease drugs, which together generated about $689 million in revenue last year. The buyout is expected to reduce annual profit by 85 cents per share. Meanwhile, sales of legacy multiple sclerosis drug Tecfidera fell 13% to $963 million compared to the previous year.