Biogen (NASDAQ:BIIB) reported stronger-than-expected second-quarter results on Wednesday, with revenue and adjusted earnings exceeding Wall Street forecasts as its expanding portfolio of growth products continued to offset weakness in its legacy multiple sclerosis business.
The biotechnology company posted revenue of $2.74 billion for the quarter, an increase of 3% from a year earlier and well above Bloomberg’s consensus estimate of $2.47 billion.
Product revenue rose 2% to $1.92 billion, comfortably exceeding analysts’ expectations of $1.77 billion.
Adjusted earnings came in at $3.60 per share, down from $5.47 in the prior-year period but ahead of the consensus estimate of $2.89.
Growth Portfolio Becomes Largest Business
Biogen said revenue from its Growth Portfolio increased 24% year over year to $1.06 billion, supported by continued momentum from recently acquired products.
The company noted that its Growth Portfolio generated more revenue during the quarter than its long-established multiple sclerosis franchise, highlighting the ongoing transformation of its business.
Leqembi Sales Continue to Grow
Global in-market sales of Alzheimer’s treatment Leqembi increased 15% from a year earlier to $184 million, although the figure came in slightly below analysts’ expectations of $186.4 million.
In the United States, in-market sales reached $97 million, reflecting continued sequential growth.
During the quarter, the U.S. Food and Drug Administration also approved Leqembi IQLIK for at-home treatment initiation, expanding access to the therapy.
Demand Supports Growth Across Key Products
Among Biogen’s other growth medicines, Spinraza generated revenue of $402 million, up 2% year over year, supported by demand for the high-dose regimen and customer stocking activity, partially offset by shipment timing in certain international markets.
Revenue from Skyclarys increased 29% to $168 million, driven by stronger global demand, while Zurzuvae sales climbed 53% to $71 million as adoption continued to expand.
Meanwhile, Vumerity revenue declined 7% to $197 million, primarily reflecting inventory-related dynamics.
Company Raises Underlying Earnings Outlook
Biogen updated its financial outlook for 2026, citing improving underlying business performance.
The company increased its forecast for underlying non-GAAP diluted earnings per share to a range of $15.85 to $16.85, compared with its previous guidance of $15.25 to $16.25.
Reported non-GAAP diluted earnings per share guidance was revised to between $12.00 and $13.00 to reflect acquisition-related expenses and milestone payments.
Biogen also said it expects full-year 2026 revenue to increase by a mid-single-digit percentage compared with 2025.
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