Biogen beats quarterly estimates as newer drugs fuel growth

Biogen reported second-quarter profit and revenue that topped Wall Street estimates on Wednesday, driven by strong demand for its rare-disease medicines, while sales of its legacy multiple sclerosis drugs stayed under pressure.

On an adjusted basis, it earned $3.60 per share for the quarter ended June 30, compared with an expectation of $2.95 per share.

Quarterly revenue came in at $2.74 billion, above an estimate of $2.46 billion.

Despite an upbeat quarter, Biogen cut its 2026 adjusted per-share profit forecast to between $12 and $13 from between $14.25 and $15.25 per share earlier, reflecting a $3.85 per share impact from acquisition-related charges.

Analysts were expecting 2026 profit of $12.72 per share, according to data compiled by LSEG.

The drugmaker said its $5.6 billion buyout of Apellis Pharmaceuticals earlier this year would account for an 85-cent-per-share hit to annual profit.

The deal, Biogen's largest since its 2023 buyout of Reata Pharmaceuticals, gave it a foothold in kidney disease treatment and access to two approved rare disease drugs, which generated a combined revenue of about last year.