Biogen Inc. · BIIB · FY2026 Q2 · Calendar Q3 2026

BIIB Raises Guidance as Growth Portfolio Broadens Beyond MS

The supplied analysis supports a more constructive operating trajectory for BIIB: growth products now exceed the legacy MS franchise, high-dose SPINRAZA conversion is ahead of internal expectations, and management raised guidance. The thesis remains dependent on commercial access, Apellis execution, and clinical pipeline delivery.

Reported Before market openNASDAQHealthcare $33.30B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $3.60 Consensus $2.94
EPS surprise +22.4% Reported versus consensus
Reported revenue $2.74B Consensus $2.46B
Revenue surprise +11.2% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.8% Event window
SPY move -1.5% Same window
Abnormal move +3.3% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift +5.7% Up to 20 sessions
BIIBSPY benchmark

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Transcript intelligence

What changed

Compared with the prior quarter, management moved from maintained guidance to raised guidance, while the Apellis transaction closed and its assets contributed to the growth portfolio. The Q2 analysis also identified faster-than-expected SPINRAZA conversion and the launch of LEQEMBI IQLIK home dosing as new or strengthened drivers.

Guidance delta

Management raised full-year guidance to a mid-single-digit increase in revenue; the analysis also notes a diluted non-GAAP EPS impact of $0.85 in 2026 and expected accretion in 2027.

Key takeaways

  • Management said high-dose SPINRAZA conversion is running faster than internal expectations across markets.
  • LEQEMBI IQLIK home dosing and the acquired SYFOVRE and Empaveli franchises are central to the growth portfolio.
  • The company highlighted five late-stage readouts across lupus, AMR, and Dravet syndrome.
  • The outlook is stronger, but reimbursement, integration, competition, and clinical execution remain key variables.

Management priorities

  • Continue global rollout and patient conversion for high-dose SPINRAZA.
  • Launch LEQEMBI IQLIK with field-team training and payer engagement.
  • Integrate Apellis assets while supporting SYFOVRE and Empaveli growth.
  • Advance late-stage studies and add early-stage pipeline programs.

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Earnings History

Estimate Beat Miss Match
BIIB EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $3.47 Q1 '24 actual $3.67, beat Q2 '24 estimate $4.07 Q2 '24 actual $5.28, beat Q3 '24 estimate $3.77 Q3 '24 actual $4.08, beat Q2 '25 estimate $3.90 Q2 '25 actual $5.47, beat Q3 '25 estimate $3.88 Q3 '25 actual $4.81, beat Q4 '25 estimate $1.63 Q4 '25 actual $1.99, beat Q1 '26 estimate $3.05 Q1 '26 actual $3.57, beat Q2 '26 estimate $2.94 Q2 '26 actual $3.60, beat Q3 '26 estimate $2.03 Q4 '26 estimate $3.54 Q1 '27 estimate $3.65
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Analyst Consensus ?

ConsensusBuy49 ratings
Bullish3163.3%
Neutral1734.7%
Bearish12.0%

Analyst 52W Price Targets

$227.53Current
$157Low
$250.52Average
$415High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 23, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
HSBC Reduce ReduceMaintainSep 10, 2026
Piper Sandler Overweight OverweightMaintainSep 3, 2026
RBC Capital Outperform OutperformMaintainAug 25, 2026
Wolfe Research Outperform Peer PerformUpgradeAug 13, 2026
Mizuho Outperform OutperformMaintainAug 4, 2026
Citigroup Neutral NeutralMaintainAug 3, 2026
Wedbush Neutral NeutralMaintainJul 30, 2026
UBS Buy BuyMaintainJul 30, 2026
TD Cowen Buy BuyMaintainJul 30, 2026
Morgan Stanley Equal Weight Equal WeightMaintainJul 30, 2026
HC Wainwright & Co. Buy BuyMaintainJul 30, 2026
Canaccord Genuity Buy BuyMaintainJul 30, 2026
Barclays Equal Weight Equal WeightMaintainJul 29, 2026
Guggenheim Buy BuyMaintainJul 21, 2026
B of A Securities Neutral NeutralMaintainJul 21, 2026
Truist Securities Buy HoldUpgradeJul 13, 2026
Needham Buy BuyMaintainJun 29, 2026
Wells Fargo Overweight Equal WeightUpgradeApr 20, 2026
Oppenheimer Outperform OutperformMaintainApr 1, 2026
Freedom Broker Hold HoldMaintainFeb 23, 2026
JP Morgan Neutral NeutralMaintainFeb 9, 2026
BMO Capital Market Perform Market PerformMaintainFeb 9, 2026
Stifel Buy HoldUpgradeNov 6, 2025
Bernstein Market Perform Market PerformMaintainNov 3, 2025
Baird Outperform OutperformMaintainMay 2, 2025
Goldman Sachs Buy BuyMaintainApr 23, 2025
Argus Research Hold BuyDowngradeApr 4, 2025
Scotiabank Sector Outperform Sector OutperformMaintainFeb 13, 2025
Jefferies Hold BuyDowngradeDec 9, 2024
Cantor Fitzgerald Overweight OverweightMaintainSep 9, 2024
Raymond James Outperform Market PerformUpgradeDec 7, 2023
Atlantic Equities Neutral NeutralMaintainAug 8, 2023
Cowen & Co. Outperform OutperformMaintainFeb 16, 2023
SVB Leerink Outperform OutperformMaintainOct 26, 2022
William Blair Outperform Market PerformUpgradeJun 8, 2021
Credit Suisse Outperform OutperformMaintainFeb 4, 2021
DZ Bank Buy HoldUpgradeNov 10, 2020
SunTrust Robinson Humphrey Buy BuyMaintainApr 23, 2020
Nomura Buy BuyMaintainFeb 7, 2020
Standpoint Research Hold BuyDowngradeNov 1, 2019
Piper Jaffray Neutral OverweightDowngradeJun 28, 2019
Stifel Nicolaus Hold BuyDowngradeFeb 21, 2019
Argus Hold BuyDowngradeFeb 16, 2018
H.C. Wainwright Buy BuyMaintainJan 26, 2018
Bank of America Buy BuyMaintainOct 18, 2017
Leerink Swann Market Perform OutperformDowngradeMar 16, 2017
PiperJaffray Overweight NeutralUpgradeNov 7, 2016
Deutsche Bank Buy BuyMaintainJul 24, 2014
FBR Capital Outperform OutperformMaintainOct 2, 2013
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Named analyst price targets

Upside is calculated against the persisted current price $227.53. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Stifel NicolausPaul Matteis$242$214.77 +6.4%Sep 10, 2026
HSBCAnalyst unavailable$175$210.73 -23.1%Sep 10, 2026
Piper SandlerAnalyst unavailable$245$222.67 +7.7%Sep 3, 2026
RBC CapitalAnalyst unavailable$260$218.12 +14.3%Aug 25, 2026
Wolfe ResearchAnalyst unavailable$300$208.87 +31.9%Aug 13, 2026
Morgan StanleyTerence Flynn$231$206.5 +1.5%Jul 30, 2026
H.C. WainwrightAnalyst unavailable$251$205.74 +10.3%Jul 30, 2026
RBC CapitalAnalyst unavailable$240$204.1 +5.5%Jul 30, 2026
UBSAnalyst unavailable$240$204.62 +5.5%Jul 30, 2026
Canaccord GenuityAnalyst unavailable$248$209.23 +9.0%Jul 30, 2026
OppenheimerJay Olson$300$209.23 +31.9%Jul 29, 2026
GuggenheimYatin Suneja$280$203.02 +23.1%Jul 21, 2026
WedbushAnalyst unavailable$201$202.04 -11.7%Jul 13, 2026
Truist FinancialAnalyst unavailable$235$199.15 +3.3%Jul 13, 2026
Morgan StanleyTerence Flynn$222$205.7 -2.4%Jul 8, 2026
RBC CapitalAnalyst unavailable$242$208.46 +6.4%Jul 7, 2026
HSBCMorten Herholdt$157$213.26 -31.0%Jul 6, 2026
Morgan StanleyAnalyst unavailable$224$198.67 -1.6%Jun 18, 2026
Mizuho SecuritiesSalim Syed$221$200.05 -2.9%Jun 15, 2026
NeedhamAnalyst unavailable$255$195.34 +12.1%Jun 8, 2026
RBC CapitalBrian Abrahams$227$193.08 -0.2%May 27, 2026
Piper SandlerAnalyst unavailable$225$191.37 -1.1%May 15, 2026
Morgan StanleyAnalyst unavailable$206$188.76 -9.5%Apr 30, 2026
RBC CapitalBrian Abrahams$222$190.78 -2.4%Apr 30, 2026
WedbushAnalyst unavailable$196$194.38 -13.9%Apr 30, 2026
GuggenheimAnalyst unavailable$260$194.38 +14.3%Apr 30, 2026
Wells FargoMohit Bansal$250$177.35 +9.9%Apr 20, 2026
Piper SandlerAnalyst unavailable$214$176.36 -5.9%Apr 14, 2026
Morgan StanleyAnalyst unavailable$200$173.48 -12.1%Apr 10, 2026
BarclaysEmily Field$185$192.08 -18.7%Feb 19, 2026
Mizuho SecuritiesAnalyst unavailable$236$188.99 +3.7%Feb 11, 2026
WedbushLaura Chico$187$192.72 -17.8%Feb 10, 2026
Wolfe ResearchAnalyst unavailable$231$196 +1.5%Feb 9, 2026
RBC CapitalAnalyst unavailable$233$195.93 +2.4%Feb 9, 2026
Wolfe ResearchAnalyst unavailable$215$195.45 -5.5%Feb 9, 2026
Truist FinancialDanielle Brill$193$201.18 -15.2%Feb 9, 2026
Canaccord GenuityAnalyst unavailable$230$201.18 +1.1%Feb 9, 2026
Piper SandlerAnalyst unavailable$177$201.18 -22.2%Feb 9, 2026
GuggenheimYatin Suneja$246$201.18 +8.1%Feb 9, 2026
Tudor PickeringWilliam Pickering$201$201.18 -11.7%Feb 9, 2026
H.C. WainwrightAndrew Fein$228$201.18 +0.2%Feb 9, 2026
Wells FargoAnalyst unavailable$200$201.18 -12.1%Feb 8, 2026
Morgan StanleyTerence Flynn$190$201.18 -16.5%Feb 8, 2026
BMO CapitalEvan Seigerman$196$201.18 -13.9%Feb 6, 2026
BernsteinAnalyst unavailable$191$179.09 -16.1%Feb 3, 2026
OppenheimerJay Olson$225$176.18 -1.1%Jan 30, 2026
Truist FinancialAnalyst unavailable$190$186.19 -16.5%Jan 8, 2026
Goldman SachsSalveen Richter$225$186.91 -1.1%Jan 8, 2026
UBSAnalyst unavailable$185$182.61 -18.7%Jan 6, 2026
Morgan StanleyTerence Flynn$156$173.9 -31.4%Dec 12, 2025
HSBCAnalyst unavailable$143$175.8 -37.2%Dec 10, 2025
Piper SandlerAnalyst unavailable$157$168.18 -31.0%Nov 21, 2025
Tudor PickeringWilliam Pickering$157$153.64 -31.0%Nov 3, 2025
BernsteinAnalyst unavailable$157$154.27 -31.0%Nov 3, 2025
Robert W. BairdAnalyst unavailable$250$151.6 +9.9%Oct 31, 2025
Morgan StanleyAnalyst unavailable$149$150 -34.5%Oct 10, 2025
JefferiesAndrew Tsai$190$137.67 -16.5%Sep 25, 2025
RBC CapitalBrian Abrahams$213$127.31 -6.4%Jun 25, 2025
H.C. WainwrightAndrew Fein$187$122.41 -17.8%May 5, 2025
OppenheimerJay Olson$205$123.53 -9.9%May 2, 2025
HSBCAnalyst unavailable$118$119.12 -48.1%Apr 28, 2025
Canaccord GenuitySumant Kulkarni$265$138.06 +16.5%Feb 13, 2025
CitigroupGeoff Meacham$160$133.43 -29.7%Feb 12, 2025
JefferiesMichael Yee$180$157.78 -20.9%Dec 9, 2024
Robert W. BairdBrian Skorney$300$162.83 +31.9%Nov 15, 2024
OppenheimerJay Olson$255$181.18 +12.1%Oct 31, 2024
Morgan StanleyTerence Flynn$204$181.18 -10.3%Oct 31, 2024
Raymond JamesChristopher Raymond$315$181.18 +38.4%Oct 30, 2024
Goldman SachsSalveen Richter$290$181.18 +27.5%Oct 30, 2024
BMO CapitalEvan Seigerman$230$188.16 +1.1%Oct 17, 2024
UBSAshwani Verma$202$188.74 -11.2%Oct 3, 2024
WedbushLaura Chico$205$199.36 -9.9%Sep 23, 2024
Robert W. BairdBrian Skorney$294$212.7 +29.2%Jul 29, 2024
Goldman SachsSalveen Richter$342$211.17 +50.3%Jul 26, 2024
Piper SandlerChristopher Raymond$307$211.17 +34.9%Jul 26, 2024
RBC CapitalBrian Abrahams$282$214.16 +23.9%Jul 26, 2024
Piper SandlerChristopher Raymond$313$236.8 +37.6%Jul 12, 2024
Morgan StanleyTerence Flynn$311$232.75 +36.7%Jul 11, 2024
ScotiabankGeorge Farmer$275$230.28 +20.9%Jun 12, 2024
BMO CapitalEvan David Seigerman$260$220 +14.3%May 23, 2024
Stifel NicolausPaul Matteis$275$225.21 +20.9%May 22, 2024
Raymond JamesChristopher Raymond$335$225.21 +47.2%May 22, 2024
Morgan StanleyMatthew Harrison$331$224.48 +45.5%May 22, 2024
WedbushLaura Chico$215$204.65 -5.5%Apr 25, 2024
H.C. WainwrightAndrew Fein$300$201.99 +31.9%Apr 25, 2024
RBC CapitalBrian Abrahams$317$201.99 +39.3%Apr 25, 2024
OppenheimerJay Olson$270$190.52 +18.7%Apr 19, 2024
BarclaysCarter Gould$215$206.38 -5.5%Apr 3, 2024
WedbushLaura Chico$269$271.23 +18.2%Aug 7, 2023
GuggenheimYatin Suneja$350$311.11 +53.8%May 1, 2023
Atlantic EquitiesAnalyst unavailable$295$305.17 +29.7%Dec 1, 2022
JefferiesAnalyst unavailable$350$308.44 +53.8%Nov 30, 2022
WedbushAnalyst unavailable$247$302.84 +8.6%Nov 30, 2022
BarclaysAnalyst unavailable$313$291.41 +37.6%Nov 30, 2022
Truist FinancialAnalyst unavailable$350$301.86 +53.8%Nov 15, 2022
GuggenheimAnalyst unavailable$270$286.86 +18.7%Nov 11, 2022
J.P. MorganAnalyst unavailable$275$264.28 +20.9%Sep 30, 2022
NeedhamAmi Fadia$250$271.16 +9.9%Sep 28, 2022
WedbushAnalyst unavailable$217$277.58 -4.6%Sep 28, 2022
Wells FargoAnalyst unavailable$350$270.28 +53.8%Sep 28, 2022
RBC CapitalAnalyst unavailable$321$275.88 +41.1%Sep 28, 2022
Piper SandlerAnalyst unavailable$280$197.79 +23.1%Sep 28, 2022
BMO CapitalEvan David Seigerman$360$197.79 +58.2%Sep 28, 2022
NeedhamAmi Fadia$250$197.79 +9.9%Sep 28, 2022
Robert W. BairdBrian Skorney$340$197.79 +49.4%Sep 28, 2022
Truist FinancialAnalyst unavailable$265$195.92 +16.5%Sep 22, 2022
Stifel NicolausAnalyst unavailable$223$215.38 -2.0%Sep 12, 2022
Cowen & Co.Analyst unavailable$270$214.1 +18.7%Jul 21, 2022
Truist FinancialAnalyst unavailable$270$213.15 +18.7%Jul 21, 2022
BarclaysAnalyst unavailable$200$212.95 -12.1%Jul 21, 2022
OppenheimerAnalyst unavailable$230$216.68 +1.1%Jul 18, 2022
BarclaysAnalyst unavailable$210$205.7 -7.7%May 4, 2022
Leerink PartnersAnalyst unavailable$270$221.36 +18.7%Apr 21, 2022
Wells FargoMohit Bansal$265$212.55 +16.5%Apr 18, 2022
BarclaysCarter Gould$219$212.55 -3.7%Apr 16, 2022
NeedhamAmi Fadia$262$210.62 +15.1%Apr 11, 2022
WedbushLaura Chico$185$214.75 -18.7%Apr 9, 2022
JefferiesMichael Yee$300$211.64 +31.9%Apr 7, 2022
Robert W. BairdBrian Skorney$224$211.64 -1.6%Apr 7, 2022
Piper SandlerChristopher Raymond$200$211.64 -12.1%Apr 7, 2022
RBC CapitalBrian Abrahams$244$207.61 +7.2%Apr 5, 2022
Bank of America SecuritiesGeoff Meacham$225$211.68 -1.1%Mar 28, 2022
BMO CapitalEvan Seigerman$238$197.36 +4.6%Mar 15, 2022
Canaccord GenuitySumant Kulkarni$285$211.01 +25.3%Feb 28, 2022
GuggenheimYatin Suneja$200$209.81 -12.1%Feb 22, 2022
Truist FinancialRobyn Karnauskas$320$214.55 +40.6%Feb 16, 2022
NeedhamAmi Fadia$290$214.59 +27.5%Feb 13, 2022
Mizuho SecuritiesSalim Syed$207$221.3 -9.0%Feb 7, 2022
Morgan StanleyMatthew Harrison$330$221.53 +45.0%Feb 4, 2022
BarclaysCarter Gould$235$221.53 +3.3%Feb 4, 2022
Wolfe ResearchTim Anderson$217$221.53 -4.6%Feb 4, 2022
Wells FargoMohit Bansal$235$221.53 +3.3%Feb 4, 2022
Cowen & Co.Phil Nadeau$285$221.53 +25.3%Feb 4, 2022
J.P. MorganCory Kasimov$236$220.17 +3.7%Feb 3, 2022
NeedhamAmi Fadia$292$225.21 +28.3%Jan 30, 2022
JefferiesMichael Yee$325$239.3 +42.8%Jan 16, 2022
Cantor FitzgeraldAlethia Young$209$225.34 -8.1%Jan 12, 2022
BernsteinAaron Gal$400$244.14 +75.8%Jan 3, 2022
Goldman SachsSalveen Richter$271$224.11 +19.1%Dec 6, 2021
UBSColin Bristow$405$266.57 +78.0%Oct 20, 2021
Atlantic EquitiesSteve Chesney$415$395.37 +82.4%Jun 8, 2021
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Company context

Snapshot as of publication

Biogen 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).…

Historical context

All BIIB earnings

Healthcare peers this season

Latest reports in the same sector

Latest beats and misses

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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-07-29T16:07:47.985132+00:00
  2. FN2 earnings calendar · 2026-09-03T01:23:14.877038+00:00
  3. Polygon adjusted daily market bars · 2026-09-23T21:00:52.517685+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T21:00:52.514982+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 · As of 2026-09-23. For educational purposes only; not investment advice.