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Companies · BIIB

BIIB Reported this cycle

Biogen

Cambridge, MA Founded 1978 Biotech & Pharma

AI-generated · informational only · not investment advice · verify before relying.

Latest analysis

Updated Jul 29, 2026

Biogen Q2 2026: Apellis acquisition closes, Growth Portfolio crosses legacy MS revenue for first time, five registrational readouts expected in next four quarters

Biogen's Growth Portfolio generated $1.06 billion in Q2 2026 revenue — for the first time exceeding the Legacy MS Portfolio — marking the structural inflection management has targeted since the repositioning began. The Apellis acquisition closed May 14, 2026, adding SYFOVRE and EMPAVELI to the commercial base and immediately contributing $127.8 million in product revenue; Biogen now carries approximately $8.1 billion in total debt and expects approximately $0.85 EPS dilution in 2026 before guiding to accretion in 2027. With five registrational data readouts expected over the next four quarters — including litifilimab in SLE by end of 2026 — Biogen is entering the highest-density clinical catalyst window in its post-Humira repositioning.

Tone: bullish

Revenue

$9.9B

BIIB 10-K · FY 2025

Employees

7,500

Revenue FY2024

$9.7B

Founded

1978

Profile

BIIB 10-K Item 1 · Feb 6, 2026

Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for serious and complex diseases, with a primary emphasis on neurology, specialized immunology and rare diseases. The company markets treatments for multiple sclerosis, spinal muscular atrophy, Friedreich's ataxia and ALS, and co-commercializes LEQEMBI for Alzheimer's disease with Eisai. Biogen supports its pipeline through internal R&D, external collaborations and acquisitions.

Read filing description ↓

Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer's disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions. Our marketed products include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of FA; and QALSODY for the treatment of ALS. We also have collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Supernus on the commercialization of ZURZUVAE for the treatment of PPD. We have certain business and financial rights with respect to RITUXAN, RITUXAN HYCELA, GAZYVA, OCREVUS, LUNSUMIO and COLUMVI pursuant to our collaboration arrangements with Genentech, a wholly owned member of the Roche Group. We commercialize a portfolio of biosimilars of advanced biologics including BENEPALI, IMRALDI and FLIXABI.

Primary products

  • VUMERITY
  • TYSABRI
  • TECFIDERA
  • AVONEX
  • PLEGRIDY
  • SPINRAZA

Business segments

Multiple Sclerosis Rare Disease Alzheimer's Disease Neuropsychiatry Biosimilars Anti-CD20 Therapeutic Programs

End markets

Multiple sclerosis Spinal muscular atrophy Alzheimer's disease Friedreich's ataxia Amyotrophic lateral sclerosis Postpartum depression Non-Hodgkin's lymphoma Chronic lymphocytic leukemia Rheumatoid arthritis IgA nephropathy Primary membranous nephropathy Antibody-mediated rejection Systemic lupus erythematosus Dravet syndrome Parkinson's disease

Geographies

U.S. Europe Asia Middle East Latin America Japan China Canada Brazil Australia

Named competitors

Eli Lilly and Company
“We believe our long-term competitive position depends upon our success in discovering and developing innovative, cost-effective products that serve unmet medical needs, along with our ability to manufacture products efficiently and to launch and market them effectively in a highly competitive environment.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Total revenue increased from $9,675.9 million in 2024 to $9,890.6 million in 2025, driven primarily by growth in anti-CD20 therapeutic program revenue and Alzheimer's collaboration revenue, partially offset by continued declines in MS product revenue.

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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

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