Biogen Reports $2.736 Billion Revenue in Q2 2026, Acquires Apellis Pharmaceuticals

Biogen Inc. reported a total revenue of $2.736 billion for the second quarter of 2026, marking a 3.4% increase from $2.646 billion in the same period of 2025. The growth was primarily driven by a 2.0% rise in product revenue, which reached $1.916 billion, compared to $1.879 billion in the prior year. Notably, revenue from rare disease products increased by 10.8%, while revenue from multiple sclerosis (MS) products decreased by 13.0%, reflecting ongoing challenges from generic competition, particularly for TECFIDERA. The company’s net income attributable to Biogen Inc. was $97.5 million, or $0.66 per diluted share, a significant decline from $634.8 million, or $4.33 per diluted share, in the same quarter last year.

The financial performance for the first half of 2026 also showed a modest increase in total revenue to $5.214 billion, up from $5.077 billion in the first half of 2025. However, net income for the six months ended June 30, 2026, was $417 million, down from $875 million in the previous year. The decrease in profitability was attributed to a substantial rise in total costs and expenses, which increased by 36.9% to $2.604 billion in the second quarter, driven by higher costs of sales, research and development expenses, and selling, general, and administrative expenses.

Strategically, Biogen completed the acquisition of Apellis Pharmaceuticals on May 14, 2026, for approximately $5.3 billion, which included the addition of two FDA-approved products: SYFOVRE and EMPAVELI. This acquisition is expected to enhance Biogen's revenue growth profile by expanding its portfolio in specialized immunology. The company also entered into agreements to acquire rights to felzartamab in the greater China region and is in the process of acquiring RayThera Inc., which focuses on developing small molecule therapies in immunology.

Operationally, Biogen's total cash, cash equivalents, and marketable securities decreased to approximately $1.3 billion as of June 30, 2026, down from $4.2 billion at the end of 2025, primarily due to the cash outflow related to the Apellis acquisition. The company generated approximately $1.1 billion in net cash flow from operations for the first half of 2026, a significant increase from $420.2 million in the same period last year. Looking ahead, Biogen anticipates continued challenges in its MS product line due to increasing competition and pricing pressures, while it expects growth from its newly acquired products and ongoing investments in its pipeline.