Biogen Q2 2026: revenue up 3.4%, non-GAAP EPS beats, guidance cut
Biogen's second quarter looks better underneath than on the surface: revenue of $2.74 billion rose 3.4% and non-GAAP EPS of $3.60 beat the $3.01 consensus, while reported guidance was cut to $12.00-$13.00 for deal charges. Neutral. Read the underlying business separately from the accounting noise from the Apellis deal, and watch whether gross margin and cash recover.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS fell 85% to $0.66 from $4.33, while non-GAAP EPS dropped 34% to $3.60 from $5.47. The gap is largely accounting: $200.6 million of inventory fair-value step-up amortization, $153.6 million of acquired intangible amortization and $170.5 million of restructuring charges all sit outside non-GAAP. Even the non-GAAP figure beat the $3.01 consensus by $0.59.
Revenue of $2.74 billion rose 3.4% year over year, but only 1.6% at constant currency, so currency flattered the headline. The Growth Portfolio brought in $1.06 billion, up 24%, and exceeded the legacy MS portfolio's $767 million. MS product revenue still fell 13% to $963.3 million, with TECFIDERA down 53% to $90.9 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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