Biogen (Biogen (BIIB)) shares climbed Wednesday after the company delivered a second-quarter earnings beat that was hard to ignore. The biotech giant reported adjusted earnings of $3.60 per share, crushing the consensus estimate of $2.96. Revenue came in at $2.736 billion, also topping expectations of $2.458 billion, and grew 3% on a reported basis (2% in constant currency).
It wasn't just one product carrying the load. Biogen's portfolio showed broad strength. Spinraza, the spinal muscular atrophy drug, brought in $402 million, up 2% year-over-year, helped by demand and stocking for the new high-dose regimen. The conversion to high-dose has been ahead of expectations in all launched markets. Vumerity, the multiple sclerosis drug, posted $197 million in revenue, down 7% due to inventory dynamics, but first-half growth still clocked in at 7%.
The Alzheimer's drug Leqembi contributed $184 million in revenue, with U.S. in-market sales of about $97 million. But the real stars were the rare disease and neurology drugs. Skyclarys, the Friedreich's ataxia treatment acquired via the Reata deal, surged 29% to $168 million. Zurzuvae, the postpartum depression drug, jumped 53% to $71 million, driven by demand growth.
Biogen also completed its acquisition of Apellis in March, adding the eye drug Syfovre and the rare disease drug Empaveli to its portfolio. Those two drugs contributed $128 million in revenue and are expected to grow in the mid- to high-teens through 2028.
With momentum building, Biogen raised its full-year 2026 adjusted earnings guidance from $15.25-$16.25 to $15.85-$16.85, well above the consensus of $12.83. The company now expects total revenue to increase by a mid-single-digit percentage for 2026 versus 2025.
On the pipeline front, Biogen shared Phase 2 data for BIIB091 in relapsing-remitting multiple sclerosis, showing proof-of-concept. The company will explore next steps for the asset. In the second quarter, Biogen exercised its option to license BIIB147 from Ionis Pharmaceuticals (Ionis (IONS)). BIIB147 is a Phase 1-ready antisense oligonucleotide targeting stathmin 2 pre-mRNA in people with broad ALS. Biogen paid Ionis a $15 million one-time license fee for worldwide exclusive rights.
Barclays maintained an Equal-Weight rating on Biogen but raised its price target from $185 to $200. Biogen shares were up 1.99% at $209.70 at the time of publication Wednesday.
