Biogen (BIIB) investor relations material

Executive summary

• Q2 2026 revenue grew to $2.74 billion, up 3–3.4% year-over-year, driven by a 24% increase in the Growth Portfolio, which surpassed the legacy MS portfolio for the first time.

• Integration of Apellis added SYFOVRE and EMPAVELI, contributing $128 million in revenue and expected to be accretive to Non-GAAP EPS in 2027.

• Net income dropped sharply to $97.5 million (GAAP), mainly due to higher costs and Apellis-related charges.

• Five registrational Phase 3 data readouts are expected over the next four quarters, supporting long-term growth.

• Early-stage pipeline revitalized, with multiple INDs filed and new programs expected, supported by acquisitions and collaborations.

Financial highlights

• Growth Portfolio revenue reached $1.06 billion (+24% YoY, +25% QoQ); legacy MS portfolio revenue was $767 million (-14% YoY, -2% QoQ).

• GAAP net income was $97.5 million (down 85% YoY); Non-GAAP net income was $536 million (down 33% YoY); GAAP diluted EPS was $0.66, Non-GAAP diluted EPS was $3.60.

• Free cash flow for Q2 2026 was $408 million; cash and equivalents at $1.3 billion; net debt at $6.8 billion.

• Gross margin (GAAP) was 28%; cost of sales was 28% of revenue; Non-GAAP cost of sales was 22%.

• Rare disease revenue rose 10.8% to $601.7 million, led by SKYCLARYS, QALSODY, and SPINRAZA high-dose launches.

Outlook and guidance

• FY 2026 Non-GAAP diluted EPS guidance updated to $12.00–$13.00, reflecting Apellis acquisition and milestone charges.

• FY 2026 total revenue expected to grow by a mid-single digit percentage YoY, driven by the Growth Portfolio.

• Apellis acquisition expected to be accretive to Non-GAAP EPS in 2027, with $250 million+ run-rate synergies by end of 2027.

• Core operating expenses for H2 2026 expected between $2.65 billion and $2.7 billion.

• FY Non-GAAP tax rate expected between 17.5% and 18.5%.