Biogen: 2Q26 Takeaways – Solid Qtr, Focus Remains on Upcoming Pipeline Readouts

研报英文原文证据摘录

Biogen: 2Q26 Takeaways – Solid Qtr, Focus Remains on Upcoming Pipeline Readouts

J P M O R G A N North America Equity Research

29 July 2026

Biogen Neutral

BIIB, BIIB US

2Q26 Takeaways – Solid Qtr, Focus Remains on Price (28 Jul 26):$205.61

Upcoming Pipeline Readouts ▲Price Target (Dec-26):$210.00 Prior (Dec-26):$185.00

Overall, BIIB reported a solid qtr, in our view, with the company’s underlying

business more stable than expected and some upside from newer products. More Pharmaceuticals — Major &

Specialtybroadly, we see the setup for BIIB improving as the company evolves beyond just

a Leqembi story. Here, BIIB’s pipeline has a number of derisking events over the Chris Schott, CFA AC

next 6-18 months – most notably litifilimab SLE data later this year and (1-212) 622-5676

christopher.t.schott@jpmorgan.com

felzartamab (CD38) AMR data in 2027.

Taylor Hanley

• Raising estimates following 2Q beat. BIIB raised its topline guidance and is (1-212) 622-0790

now expecting revenue growth of +MSD% YoY (vs -MSD% prior). While taylor.hanley@jpmchase.com

much of this upside is the inclusion of Apellis in the company’s guidance, the Hardik Parikh, CFA

Sprinraza franchise is benefitting from HD launch trends and some of the (1 212) 622-2875

hardik.k.parikh@jpmorgan.com

legacy products, including Tysabri, have been more resilient than we

Ethan Brown

anticipated. We are updating our model to reflect these trends and now forecast

(1-212) 622-4928

FY26 revenues of $10.4bn (+6% y/y vs +2% prior) and EPS of $12.61 (vs ethan.brown@jpmchase.com

$11.90 prior). Ekaterina V Knyazkova, CFA

• On the qtr, BIIB reported upside from a number of products, and the (1-212) 622-9576

company’s legacy business remains more stable than we anticipated. Sales ekaterina.v.knyazkova@jpmchase.com

J.P.