Biogen Inc. (BIIB): Top- and bottom-line beat; Updated guidance reflects APLS revenue and synergies

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Equity Research

29 July 2026 | 7:55AM EDT

Biogen Inc. (BIIB): Top- and bottom-line beat; Updated guidance

reflects APLS revenue and synergies

BIIB posted a top- and bottom-line beat, with 2Q total revenue of $2.74bn, above

GSe/Factset consensus of $2.51bn/$2.46bn, driven by Tysabri ($451mn vs.

GSe/FactSet of $391mn/$369mn), Skyclarys ($168mn vs. GSe/FactSet of

$153mn/$158mn), anti-CD20 revenue ($514mn vs. GSe/FactSet of

$470mn/$469mn) and APLS-acquired assets Syfovre and Empaveli (BIIB-recognized

sales of $97mn and $30mn, respectively vs. GSe/FactSet of $77mn/$67mn and

$25mn/$24mn), albeit noting a slight miss on Leqembi (~$184mn vs. GSe/FactSet of

$193mn/$192mn). Non-GAAP EPS of $3.60 was above GSe/Factset consensus of

$1.67/$2.94, reflecting the topline beat and non-GAAP adjustments, including

related to the APLS transaction (e.g., amortization of inventory fair value step-up

(~$201mn) and acquired intangible assets (~$154mn), and restructuring

charges/other cost saving initiatives (~$171mn)).

Management updated FY26 revenue and non-GAAP EPS guidance to include

APLS-related revenue and expenses, anticipating a mid-single digit percentage YoY

increase and $12.00-$13.00, respectively, vs. prior guidance of a YoY

mid-single-digit decline and $14.25-15.25 (GSe/FactSet of $10.0bn (+1%)/10.1bn

(+2%) and $11.47/$12.74, respectively).

Salveen Richter, CFA

+1(212)934-4204 |

Goldman Sachs & Co. LLC

Tommie Reerink, CFA

+1(212)357-2470 |

Goldman Sachs & Co. LLC

Shrunatra Mishra

+1(332)245-7673 |

Goldman Sachs India SPL

Matt Dellatorre, Ph.D.

+1(212)855-0830 |

Goldman Sachs & Co. LLC

Elizabeth Webster, Ph.D.

+1(212)357-9925 |

Goldman Sachs & Co. LLC

Lydia Erdman

+1(212)357-6383 |

Goldman Sachs & Co. LLC

Mark Aleynick, Ph.D.

+1(212)357-6820 |

Goldman Sachs & Co. LLC

Overall, we are constructive on the 2Q print, particularly the updated revenue

guidance now suggesting growth vs. decline - and the new non-GAAP EPS range of

$12.00-$13.00, when removing the impact from the APLS acquisition (~($0.85)) and

IPR&D/milestone charges (~($3.00), indicates $15.85-16.85, thus an underlying

increase from the $15.25-$16.25 range provided in February.

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