Analyst Consensus ?
ConsensusBuy48 ratings
Bullish3062.5%
Neutral1735.4%
Bearish12.1%
Biogen Inc. · BIIB · FY2026 Q1 · Calendar Q2 2026
Biogen Beats Q1 Estimates as Growth Products Surge 12% YoY
Biogen delivered a strong Q1 FY2026, beating consensus on both revenue ($2.48B vs $2.29B estimate) and EPS ($3.57 vs $3.05 estimate). Growth-product sales reached $850M, up 12% YoY, led by LEQEMBI and SKYCLARYS. The pending Apellis acquisition and a deep pipeline with multiple data readouts through 2027-2028 frame an execution-heavy year. Management reaffirmed guidance, signaling confidence in the current trajectory. The stock rose ~6% on the report with volume 1.8x baseline.
Reported Before market openNASDAQHealthcare
$30.89B market cap
90quality score
Company context
Snapshot as of publicationBiogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications addressing multiple sclerosis (MS), such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. For spinal muscular atrophy (SMA), Biogen provides SPINRAZA, while FUMADERM is available for the treatment of plaque psoriasis. Among its other key offerings is ADUHELM, specifically developed for Alzheimer's disease. The company also markets a selection of biosimilar drugs, including BENEPALI (an etanercept biosimilar akin to ENBREL), IMRALDI (an adalimumab biosimilar comparable to HUMIRA), and FLIXABI (an infliximab biosimilar referencing REMICADE).…
Earnings scorecard
Reported versus consensus
Reported EPS
$3.57
Consensus $3
EPS surprise
+17.0%
Reported versus consensus
Reported revenue
$2.48B
Consensus $2.29B
Revenue surprise
+8.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$203.91Current
$143Low
$245.56Average
$405High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 29, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 21, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jul 21, 2026 |
| Truist Securities | Buy | Hold | Upgrade | Jul 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 8, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 7, 2026 |
| Needham | Buy | Buy | Maintain | Jun 29, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 15, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | May 15, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 1, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Apr 30, 2026 |
| UBS | Buy | Neutral | Upgrade | Apr 22, 2026 |
| Wells Fargo | Overweight | Equal Weight | Upgrade | Apr 20, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Apr 2, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Apr 1, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Apr 1, 2026 |
| HSBC | Reduce | Reduce | Maintain | Mar 17, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Feb 23, 2026 |
| TD Cowen | Buy | Buy | Maintain | Feb 9, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Feb 9, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Feb 9, 2026 |
| Stifel | Buy | Hold | Upgrade | Nov 6, 2025 |
| Bernstein | Market Perform | Market Perform | Maintain | Nov 3, 2025 |
| Baird | Outperform | Outperform | Maintain | May 2, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 23, 2025 |
| Argus Research | Hold | Buy | Downgrade | Apr 4, 2025 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Feb 13, 2025 |
| Jefferies | Hold | Buy | Downgrade | Dec 9, 2024 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Sep 9, 2024 |
| Raymond James | Outperform | Market Perform | Upgrade | Dec 7, 2023 |
| Atlantic Equities | Neutral | Neutral | Maintain | Aug 8, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 16, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Oct 26, 2022 |
| William Blair | Outperform | Market Perform | Upgrade | Jun 8, 2021 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 4, 2021 |
| DZ Bank | Buy | Hold | Upgrade | Nov 10, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 23, 2020 |
| Nomura | Buy | Buy | Maintain | Feb 7, 2020 |
| Standpoint Research | Hold | Buy | Downgrade | Nov 1, 2019 |
| Piper Jaffray | Neutral | Overweight | Downgrade | Jun 28, 2019 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Feb 21, 2019 |
| Argus | Hold | Buy | Downgrade | Feb 16, 2018 |
| H.C. Wainwright | Buy | Buy | Maintain | Jan 26, 2018 |
| Bank of America | Buy | Buy | Maintain | Oct 18, 2017 |
| Leerink Swann | Market Perform | Outperform | Downgrade | Mar 16, 2017 |
| PiperJaffray | Overweight | Neutral | Upgrade | Nov 7, 2016 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 24, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Oct 2, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $203.91. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Oppenheimer | Jay Olson | $300 | $209.23 | +47.1% | Jul 29, 2026 |
| Guggenheim | Yatin Suneja | $280 | $203.02 | +37.3% | Jul 21, 2026 |
| Wedbush | Analyst unavailable | $201 | $202.04 | -1.4% | Jul 13, 2026 |
| Truist Financial | Analyst unavailable | $235 | $199.15 | +15.2% | Jul 13, 2026 |
| Morgan Stanley | Terence Flynn | $222 | $205.7 | +8.9% | Jul 8, 2026 |
| RBC Capital | Analyst unavailable | $242 | $208.46 | +18.7% | Jul 7, 2026 |
| HSBC | Morten Herholdt | $157 | $213.26 | -23.0% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $224 | $198.67 | +9.9% | Jun 18, 2026 |
| Mizuho Securities | Salim Syed | $221 | $200.05 | +8.4% | Jun 15, 2026 |
| Needham | Analyst unavailable | $255 | $195.34 | +25.1% | Jun 8, 2026 |
| RBC Capital | Brian Abrahams | $227 | $193.08 | +11.3% | May 27, 2026 |
| Piper Sandler | Analyst unavailable | $225 | $191.37 | +10.3% | May 15, 2026 |
| Morgan Stanley | Analyst unavailable | $206 | $188.76 | +1.0% | Apr 30, 2026 |
| RBC Capital | Brian Abrahams | $222 | $190.78 | +8.9% | Apr 30, 2026 |
| Wedbush | Analyst unavailable | $196 | $194.38 | -3.9% | Apr 30, 2026 |
| Guggenheim | Analyst unavailable | $260 | $194.38 | +27.5% | Apr 30, 2026 |
| Wells Fargo | Mohit Bansal | $250 | $177.35 | +22.6% | Apr 20, 2026 |
| Piper Sandler | Analyst unavailable | $214 | $176.36 | +4.9% | Apr 14, 2026 |
| Morgan Stanley | Analyst unavailable | $200 | $173.48 | -1.9% | Apr 10, 2026 |
| Barclays | Emily Field | $185 | $192.08 | -9.3% | Feb 19, 2026 |
| Mizuho Securities | Analyst unavailable | $236 | $188.99 | +15.7% | Feb 11, 2026 |
| Wedbush | Laura Chico | $187 | $192.72 | -8.3% | Feb 10, 2026 |
| Wolfe Research | Analyst unavailable | $231 | $196 | +13.3% | Feb 9, 2026 |
| RBC Capital | Analyst unavailable | $233 | $195.93 | +14.3% | Feb 9, 2026 |
| Wolfe Research | Analyst unavailable | $215 | $195.45 | +5.4% | Feb 9, 2026 |
| Truist Financial | Danielle Brill | $193 | $201.18 | -5.4% | Feb 9, 2026 |
| Canaccord Genuity | Analyst unavailable | $230 | $201.18 | +12.8% | Feb 9, 2026 |
| Piper Sandler | Analyst unavailable | $177 | $201.18 | -13.2% | Feb 9, 2026 |
| Guggenheim | Yatin Suneja | $246 | $201.18 | +20.6% | Feb 9, 2026 |
| Tudor Pickering | William Pickering | $201 | $201.18 | -1.4% | Feb 9, 2026 |
| H.C. Wainwright | Andrew Fein | $228 | $201.18 | +11.8% | Feb 9, 2026 |
| Wells Fargo | Analyst unavailable | $200 | $201.18 | -1.9% | Feb 8, 2026 |
| Morgan Stanley | Terence Flynn | $190 | $201.18 | -6.8% | Feb 8, 2026 |
| BMO Capital | Evan Seigerman | $196 | $201.18 | -3.9% | Feb 6, 2026 |
| Bernstein | Analyst unavailable | $191 | $179.09 | -6.3% | Feb 3, 2026 |
| Oppenheimer | Jay Olson | $225 | $176.18 | +10.3% | Jan 30, 2026 |
| Truist Financial | Analyst unavailable | $190 | $186.19 | -6.8% | Jan 8, 2026 |
| Goldman Sachs | Salveen Richter | $225 | $186.91 | +10.3% | Jan 8, 2026 |
| UBS | Analyst unavailable | $185 | $182.61 | -9.3% | Jan 6, 2026 |
| Morgan Stanley | Terence Flynn | $156 | $173.9 | -23.5% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $143 | $175.8 | -29.9% | Dec 10, 2025 |
| Piper Sandler | Analyst unavailable | $157 | $168.18 | -23.0% | Nov 21, 2025 |
| Tudor Pickering | William Pickering | $157 | $153.64 | -23.0% | Nov 3, 2025 |
| Bernstein | Analyst unavailable | $157 | $154.27 | -23.0% | Nov 3, 2025 |
| Robert W. Baird | Analyst unavailable | $250 | $151.6 | +22.6% | Oct 31, 2025 |
| Morgan Stanley | Analyst unavailable | $149 | $150 | -26.9% | Oct 10, 2025 |
| Jefferies | Andrew Tsai | $190 | $137.67 | -6.8% | Sep 25, 2025 |
| RBC Capital | Brian Abrahams | $213 | $127.31 | +4.5% | Jun 25, 2025 |
| H.C. Wainwright | Andrew Fein | $187 | $122.41 | -8.3% | May 5, 2025 |
| Oppenheimer | Jay Olson | $205 | $123.53 | +0.5% | May 2, 2025 |
| HSBC | Analyst unavailable | $118 | $119.12 | -42.1% | Apr 28, 2025 |
| Canaccord Genuity | Sumant Kulkarni | $265 | $138.06 | +30.0% | Feb 13, 2025 |
| Needham | Ami Fadia | $270 | $133.43 | +32.4% | Feb 12, 2025 |
| Jefferies | Michael Yee | $180 | $157.78 | -11.7% | Dec 9, 2024 |
| Robert W. Baird | Brian Skorney | $300 | $162.83 | +47.1% | Nov 15, 2024 |
| Oppenheimer | Jay Olson | $255 | $181.18 | +25.1% | Oct 31, 2024 |
| Morgan Stanley | Terence Flynn | $204 | $181.18 | +0.0% | Oct 31, 2024 |
| Raymond James | Christopher Raymond | $315 | $181.18 | +54.5% | Oct 30, 2024 |
| Goldman Sachs | Salveen Richter | $290 | $181.18 | +42.2% | Oct 30, 2024 |
| BMO Capital | Evan Seigerman | $230 | $188.16 | +12.8% | Oct 17, 2024 |
| UBS | Ashwani Verma | $202 | $188.74 | -0.9% | Oct 3, 2024 |
| Wedbush | Laura Chico | $205 | $199.36 | +0.5% | Sep 23, 2024 |
| Robert W. Baird | Brian Skorney | $294 | $212.7 | +44.2% | Jul 29, 2024 |
| Goldman Sachs | Salveen Richter | $342 | $211.17 | +67.7% | Jul 26, 2024 |
| Piper Sandler | Christopher Raymond | $307 | $211.17 | +50.6% | Jul 26, 2024 |
| RBC Capital | Brian Abrahams | $282 | $214.16 | +38.3% | Jul 26, 2024 |
| Piper Sandler | Christopher Raymond | $313 | $236.8 | +53.5% | Jul 12, 2024 |
| Morgan Stanley | Terence Flynn | $311 | $232.75 | +52.5% | Jul 11, 2024 |
| Scotiabank | George Farmer | $275 | $230.28 | +34.9% | Jun 12, 2024 |
| BMO Capital | Evan David Seigerman | $260 | $220 | +27.5% | May 23, 2024 |
| Stifel Nicolaus | Paul Matteis | $275 | $225.21 | +34.9% | May 22, 2024 |
| Raymond James | Christopher Raymond | $335 | $225.21 | +64.3% | May 22, 2024 |
| Morgan Stanley | Matthew Harrison | $331 | $224.48 | +62.3% | May 22, 2024 |
| Wedbush | Laura Chico | $215 | $204.65 | +5.4% | Apr 25, 2024 |
| H.C. Wainwright | Andrew Fein | $300 | $201.99 | +47.1% | Apr 25, 2024 |
| RBC Capital | Brian Abrahams | $317 | $201.99 | +55.5% | Apr 25, 2024 |
| Oppenheimer | Jay Olson | $270 | $190.52 | +32.4% | Apr 19, 2024 |
| Barclays | Carter Gould | $215 | $206.38 | +5.4% | Apr 3, 2024 |
| Wedbush | Laura Chico | $269 | $271.23 | +31.9% | Aug 7, 2023 |
| Guggenheim | Yatin Suneja | $350 | $311.11 | +71.6% | May 1, 2023 |
| Atlantic Equities | Analyst unavailable | $295 | $305.17 | +44.7% | Dec 1, 2022 |
| Jefferies | Analyst unavailable | $350 | $308.44 | +71.6% | Nov 30, 2022 |
| Wedbush | Analyst unavailable | $247 | $302.84 | +21.1% | Nov 30, 2022 |
| Barclays | Analyst unavailable | $313 | $291.41 | +53.5% | Nov 30, 2022 |
| Truist Financial | Analyst unavailable | $350 | $301.86 | +71.6% | Nov 15, 2022 |
| Guggenheim | Analyst unavailable | $270 | $286.86 | +32.4% | Nov 11, 2022 |
| J.P. Morgan | Analyst unavailable | $275 | $264.28 | +34.9% | Sep 30, 2022 |
| Atlantic Equities | Steve Chesney | $200 | $271.16 | -1.9% | Sep 28, 2022 |
| Wedbush | Analyst unavailable | $217 | $277.58 | +6.4% | Sep 28, 2022 |
| Wells Fargo | Analyst unavailable | $350 | $270.28 | +71.6% | Sep 28, 2022 |
| RBC Capital | Analyst unavailable | $321 | $275.88 | +57.4% | Sep 28, 2022 |
| Piper Sandler | Analyst unavailable | $280 | $197.79 | +37.3% | Sep 28, 2022 |
| Mizuho Securities | Salim Syed | $270 | $197.79 | +32.4% | Sep 28, 2022 |
| Needham | Ami Fadia | $250 | $197.79 | +22.6% | Sep 28, 2022 |
| Robert W. Baird | Brian Skorney | $340 | $197.79 | +66.7% | Sep 28, 2022 |
| Truist Financial | Analyst unavailable | $265 | $195.92 | +30.0% | Sep 22, 2022 |
| Stifel Nicolaus | Analyst unavailable | $223 | $215.38 | +9.4% | Sep 12, 2022 |
| Cowen & Co. | Analyst unavailable | $270 | $214.1 | +32.4% | Jul 21, 2022 |
| Truist Financial | Analyst unavailable | $270 | $213.15 | +32.4% | Jul 21, 2022 |
| Barclays | Analyst unavailable | $200 | $212.95 | -1.9% | Jul 21, 2022 |
| Oppenheimer | Analyst unavailable | $230 | $216.68 | +12.8% | Jul 18, 2022 |
| Barclays | Analyst unavailable | $210 | $205.7 | +3.0% | May 4, 2022 |
| Leerink Partners | Analyst unavailable | $270 | $221.36 | +32.4% | Apr 21, 2022 |
| Wells Fargo | Mohit Bansal | $265 | $212.55 | +30.0% | Apr 18, 2022 |
| Barclays | Carter Gould | $219 | $212.55 | +7.4% | Apr 16, 2022 |
| Needham | Ami Fadia | $262 | $210.62 | +28.5% | Apr 11, 2022 |
| Wedbush | Laura Chico | $185 | $214.75 | -9.3% | Apr 9, 2022 |
| Jefferies | Michael Yee | $300 | $211.64 | +47.1% | Apr 7, 2022 |
| Robert W. Baird | Brian Skorney | $224 | $211.64 | +9.9% | Apr 7, 2022 |
| Piper Sandler | Christopher Raymond | $200 | $211.64 | -1.9% | Apr 7, 2022 |
| RBC Capital | Brian Abrahams | $244 | $207.61 | +19.7% | Apr 5, 2022 |
| Bank of America Securities | Geoff Meacham | $225 | $211.68 | +10.3% | Mar 28, 2022 |
| BMO Capital | Evan Seigerman | $238 | $197.36 | +16.7% | Mar 15, 2022 |
| Canaccord Genuity | Sumant Kulkarni | $285 | $211.01 | +39.8% | Feb 28, 2022 |
| Guggenheim | Yatin Suneja | $200 | $209.81 | -1.9% | Feb 22, 2022 |
| Truist Financial | Robyn Karnauskas | $320 | $214.55 | +56.9% | Feb 16, 2022 |
| Needham | Ami Fadia | $290 | $214.59 | +42.2% | Feb 13, 2022 |
| Mizuho Securities | Salim Syed | $207 | $221.3 | +1.5% | Feb 7, 2022 |
| Morgan Stanley | Matthew Harrison | $330 | $221.53 | +61.8% | Feb 4, 2022 |
| Barclays | Carter Gould | $235 | $221.53 | +15.2% | Feb 4, 2022 |
| Wolfe Research | Tim Anderson | $217 | $221.53 | +6.4% | Feb 4, 2022 |
| Wells Fargo | Mohit Bansal | $235 | $221.53 | +15.2% | Feb 4, 2022 |
| Cowen & Co. | Phil Nadeau | $285 | $221.53 | +39.8% | Feb 4, 2022 |
| J.P. Morgan | Cory Kasimov | $236 | $220.17 | +15.7% | Feb 3, 2022 |
| Needham | Ami Fadia | $292 | $225.21 | +43.2% | Jan 30, 2022 |
| Jefferies | Michael Yee | $325 | $239.3 | +59.4% | Jan 16, 2022 |
| Cantor Fitzgerald | Alethia Young | $209 | $225.34 | +2.5% | Jan 12, 2022 |
| Bernstein | Aaron Gal | $400 | $244.14 | +96.2% | Jan 3, 2022 |
| Goldman Sachs | Salveen Richter | $271 | $224.11 | +32.9% | Dec 6, 2021 |
| UBS | Colin Bristow | $405 | $266.57 | +98.6% | Oct 20, 2021 |
| Atlantic Equities | Steve Chesney | $415 | $395.37 | +103.5% | Jun 8, 2021 |
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What changed
This quarter's beat was driven by LEQEMBI and SKYCLARYS momentum, the launch of high-dose SPINRAZA with approximately 20% of patients already switching, and broader geographic expansion. The pending Apellis acquisition, expected to add SYFOVRE and Empaveli and be EPS-accretive by 2027, marks a strategic step into ophthalmology and immunology. Biogen also secured China rights for felzartamab, broadening its nephrology franchise in the world's second-largest pharma market. A CMS coverage decision for blood-based biomarkers in Alzheimer's adds potential tailwind for LEQEMBI adoption.
Guidance delta
Guidance was maintained. Management reaffirmed the full-year outlook, emphasizing continued investment in R&D and commercial execution alongside disciplined cost management. No upward or downward revision was indicated.
Key takeaways
- Growth products generated $850M in Q1, up 12% YoY, led by LEQEMBI and SKYCLARYS.
- Revenue of $2.48B and EPS of $3.57 beat consensus estimates by 8.4% and 17.1%, respectively.
- High-dose SPINRAZA received U.S., Japan, and European approvals with ~20% of patients already switching.
- Pending Apellis acquisition is expected to add SYFOVRE and Empaveli and be EPS-accretive by 2027.
- Free cash flow of $594M and $4.7B in cash provide a solid balance sheet for pipeline investment.
Management priorities
- Global rollout of high-dose SPINRAZA
- Subcutaneous LEQEMBI (IQLIK) PDUFA submission in May and subsequent launch
- Continued launch and market expansion of SYFOVRE following the Apellis acquisition
- Expansion of felzartamab commercialization in China and worldwide
- Pipeline data readouts through 2026-2028, including BIIB080, litifilimab, and Empaveli
Related earnings events
HealthcareSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T13:00:58.953461+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T13:00:58.949766+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.