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Biogen Tops Estimates Amid Rare Disease Strength
29 Jul
Summary
- Biogen's second-quarter profit and revenue exceeded Wall Street expectations.
- The company reduced its 2026 adjusted profit forecast due to acquisition charges.
- Sales of Alzheimer's drug Leqembi saw a 15% year-over-year increase.
Biogen announced strong second-quarter financial results, with both profit and revenue exceeding Wall Street estimates. This performance was primarily driven by high demand for the company's portfolio of rare-disease medications. Despite the upbeat quarter, Biogen revised its 2026 adjusted earnings per share forecast downward.
The company now anticipates 2026 adjusted earnings to be between $12 and $13 per share, a reduction from its previous projection of $14.25 to $15.25 per share. This adjustment reflects an estimated $3.85 per share impact from acquisition-related expenses, notably the $5.6 billion acquisition of Apellis Pharmaceuticals.
Revenue from Biogen's Alzheimer's drug Leqembi, developed in partnership with Eisai, climbed 15% year-over-year to approximately $184 million. The company anticipates that recent U.S. approvals for a more convenient subcutaneous formulation of Leqembi will further boost patient adoption and sales.
In contrast, sales from Biogen's established multiple sclerosis drugs experienced a decline, falling 13% compared to the prior year. The acquisition of Apellis Pharmaceuticals, Biogen's largest deal since buying Reata Pharmaceuticals, is expected to bolster its presence in kidney disease treatment.
