Biogen Inc.

What they do

Biogen discovers, develops, manufactures and commercializes biological products for neurological and immunological diseases, and co-commercializes LEQEMBI with Eisai, sharing R&D, selling costs, profits and losses equally. It also holds rights to certain anti-CD20 antibodies through agreements with Genentech and collaborates with UCB, Ionis and Supernus. As of December 31, 2025, Biogen had approximately 7,500 employees worldwide, with about 4,200 in the U.S.

Revenue drivers

• Legacy MS portfolio (TECFIDERA, TYSABRI, VUMERITY) — TECFIDERA faces multiple generic entrants in North America, Brazil and certain European countries at deeply discounted prices, and Biogen expects TECFIDERA revenue to continue to decline; a TYSABRI biosimilar was approved in the U.S. and E.U. in 2023. VUMERITY second quarter 2026 revenue was $197 million, down 7% year-over-year.
• Growth Portfolio (SPINRAZA, SKYCLARYS, ZURZUVAE, QALSODY, LEQEMBI share, SYFOVRE, EMPAVELI) — The Growth Portfolio generated $1.06 billion of revenue in second quarter 2026, up 24% year-over-year, and exceeded legacy MS portfolio revenue. It includes SPINRAZA ($402 million, up 2%), SKYCLARYS ($168 million, up 29%), ZURZUVAE ($71 million, up 53%), SYFOVRE ($162 million full quarter, of which $97 million recognized by Biogen post-acquisition) and EMPAVELI ($46 million full quarter, of which $30 million recognized post-acquisition).
• LEQEMBI collaboration with Eisai — LEQEMBI global in-market sales were $184 million in second quarter 2026, up 15% year-over-year, with U.S. in-market sales of $97 million. Biogen records its 50% share of net revenue and cost of sales, including royalties, from the collaboration; all costs and profits or losses are shared equally with Eisai.
• Genentech anti-CD20 rights — Agreements with Genentech entitle Biogen to certain business and financial rights with respect to RITUXAN, RITUXAN HYCELA, GAZYVA, OCREVUS, LUNSUMIO and COLUMVI, as well as the option to add other potential anti-CD20 therapies.

Recent performance

Second quarter 2026 total revenue was $2.7 billion, up 3% year-over-year, with Growth Portfolio revenue of $1.06 billion, up 24% year-over-year. GAAP diluted EPS was $0.66 and non-GAAP diluted EPS was $3.60. SPINRAZA revenue rose 2% to $402 million on high-dose regimen demand and stocking, while VUMERITY fell 7% to $197 million on inventory dynamics. The Apellis acquisition closed on May 14, 2026, and Biogen recognized $97 million of SYFOVRE revenue and $30 million of EMPAVELI revenue in the quarter post-close.

Strategy

Biogen is repositioning toward sustainable revenue growth, with the Growth Portfolio now exceeding legacy MS revenue. It is advancing late-stage programs with five registrational readouts expected over the next four quarters, including litifilimab in SLE by end of 2026 and additional Phase 3 readouts for litifilimab in CLE, felzartamab in AMR and zorevunersen in Dravet syndrome next year. Diranersen showed proof-of-concept in Alzheimer's disease as a tau-directed agent and Biogen plans to advance it to Phase 3, and a new Phase 2 study of felzartamab in Graves' disease is expected. The company completed the Apellis acquisition and expects a pending RayThera acquisition to add multiple immunology programs, including a lead Phase 1 program. Biogen initiated a technology transfer to manufacture LEQEMBI in the U.S., which was approved in January 2026.

Risks

• TECFIDERA generic erosion — Multiple TECFIDERA generic entrants in North America, Brazil and certain European countries sell at deeply discounted prices, significantly reducing TECFIDERA revenue, which Biogen expects to continue declining.
• TYSABRI biosimilar competition — A TYSABRI biosimilar was approved in the U.S. and E.U. in 2023, and Biogen expects future TYSABRI sales to continue to be adversely affected.
• International trade and tariffs — U.S. baseline tariffs, U.S.-China tariffs and retaliation, and a Section 232 investigation into pharmaceutical imports create uncertainty and could affect costs; key products TECFIDERA, VUMERITY and LEQEMBI are mainly manufactured outside the U.S.
• Clinical and regulatory development risk — Biogen states that drug development involves a high degree of risk and investment and that the status, timing and scope of its development programs are subject to change.

Outlook

Management expects five registrational readouts from the late-stage pipeline over the next four quarters, with registrational data for litifilimab in SLE expected by end of 2026 and additional Phase 3 readouts for litifilimab in CLE, felzartamab in AMR and zorevunersen in Dravet syndrome anticipated next year. The Apellis acquisition is expected to dilute non-GAAP diluted EPS by approximately $0.85 for full year 2026, driven largely by lower interest income and higher interest expense from transaction financing, with accretion to non-GAAP diluted EPS expected in 2027.