2Q26 Preview - Giving The Kidneys A Rest While We Digest Apellis

Research evidence excerpt

2Q26 Preview - Giving The Kidneys A Rest While We Digest Apellis

Pharmaceuticals (Major) & Large Cap Biotechnology

Biotechnology-Large Cap - Market Weight

2Q26 Preview - Giving The Kidneys A Rest While We July 22, 2026

Digest Apellis

Biogen (BIIB)

The Wolfe Byte

We caught up with Biogen ahead of 2Q, and with AAIC now behind us we suspect the phase 3 catalysts approaching

in 4Q26 will be the key focus. Further, we look for added guidance on the call regarding synergies & impact from

the completed APLS deal. Reiterate Peer Perform.

All eyes on APLS. We'l get our first full look at APLS dilution, including financing costs and underlying P&L dynamics,

which we expect to help investors further digest the acquisition. On 2Q specifically, we thought BIIB sounded positive

on Tysabri, given biosimilar launch is still early days, while Tecfidera erosion is going as expected. Following the mixed

CELIA results from AAIC, next steps for the program will be top of mind, but we expect Biogen (BIIB) to take its time

designing the phase 3 trial. Moreover, looking forward, we'd argue there's an attractive clinical catalyst path ahead,

inclusive of pivotal readouts for litifilimab in SLE (4Q26) & CLE (2027), and felzartamab in AMR (2027).

BIIB 2Q26 Variance Table

BIIB 2Q26E Change 2026E Change

$ in millions Wolfe Consensus Delta q/q y/y Wolfe Consensus Delta

Tecfidera $104 $100 $3 (5%) (46%) $390 $391 ($1)

Vumerity $196 $199 ($3) 9% (8%) $806 $799 $7

Tysabri $378 $370 $8 (14%) (17%) $1,509 $1,503 $5

Multiple Sclerosis $904 $892 $12 (6%) (18%) $3,590 $3,575 $15

Skyclarys $161 $157 $4 7% 23% $652 $616 $37

Spinraza $388 $385 $4 4% (1%) $1,522 $1,510 $12

Royalties & Other Revenues $704 $688 $15 (3%) (8%) $2,890 $2,747 $143

Leqembi profit share $71 $66 $5 20% 30% $299 $282 $17