Analyst Conference Call Summary

biotechnology

conference date: July 29, 2026 @ 5:30 AM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, up % sequentially from $2.48 billion and up % from $ billion in the year-earlier quarter.

Net income $ million, up sequentially from $320 million and up % from $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, up sequentially from $2.15 and up % from $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher A. Viehbacher said: ""

In Q1 2026 the FDA granted Breakthrough Therapy Designation to litifilimab in cutaneous lupus (CLE). Both litifilimab Phase 3 systemic lupus (SLE) studies are fully enrolled and expected to read out in Q4 2026. Lupus is a very competitive area, but physicians are seeing something special. Phase 2 CLE trial showed meaningful reduction in disease.

The Leqembi IQLIK SC-AI initiation (for treatment initiation, already approved for mainenance) is under review in the U.S., Japan, and China. In May FDA PDUFA moved to August 24, 2026. Patients are staying on drug beyond 18 months. Leqembi global end market revenue was $168 million.

2026 begins a multi-year registrational data flow peaking in 2028 to 2030.

Spinraza high dose regimen approved by FDA in April 2026. Salanersen for SMA additional Phase 1b data for children was very strong.

Apellis Pharmaceuticals acquisition completion expected in 2026. Should be accretive to profits in 2027 and increase Biogen's growth rate through the end of the decade. High conviction for Empaveli and Syfovre. Will help with sales to nephrology sector. Expects to fund purchase with $3.6 billion from cash and $2.0 billion additional borrowing.

In April 2026 Biogen agreed to acquire felzartamab development and commercial rights in China from TJ Biopharma. Now has worldwide rights in IgAN and PMN. In Phase 3. Agreed to $100 million upfront, possible $750 million in milestones, plus royalties.

Non-GAAP net income was $ million, up % sequentially from $529 million and up % from $ million year-earlier. Non-GAAP EPS diluted was $, up % sequentially from $3.57 and up % from $ year-earlier.

Total product revenue was $ billion, up % sequentially from $1.75 billion and up % from $ billion year-earlier. That excludes the Rituxan revenue, Alzheimer's collaboration, royalties and other revenue. Contract manufacturing, royalty and other revenue was $ million.

* unconsolidated joint business revenue, Anti-CD20 products
** mainly contract manufacturing

Cash and equivalents (including marketable securities) balance ended at $ billion, up sequentially from $4.28 billion. $ billion debt. $0 million was spent to repurchase shares. $ million cash flow from operations. $ million cap ex. $ million free cash flow.

GAAP Cost of sales was $ million. R&D expense was $ million. Acquired in-process R&D expense $ million. SG&A expense $ million. Amortization of acquired intangible assets $ million. Collaboration profit sharing income $ million. Restructuring charges $ million. Loss on contingent consideration $ million. Other expense $ million. Total cost and expenses $ billion. Leaving income from operations of $ million. Income tax benefit $ million.

See also the Biogen product pipeline. The entire pipeline includes 27 clinical programs.

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