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.
Earnings scorecard
Reported versus consensusMarket reaction
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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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Analyst 52W Price Targets
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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Reduce | Reduce | Maintain | Sep 10, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 3, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 25, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Aug 13, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 4, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 3, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Jul 30, 2026 |
| UBS | Buy | Buy | Maintain | Jul 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 30, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Jul 30, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Jul 30, 2026 |
| 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 |
| Needham | Buy | Buy | Maintain | Jun 29, 2026 |
| Wells Fargo | Overweight | Equal Weight | Upgrade | Apr 20, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Apr 1, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Feb 23, 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 $227.53. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Paul Matteis | $242 | $214.77 | +6.4% | Sep 10, 2026 |
| HSBC | Analyst unavailable | $175 | $210.73 | -23.1% | Sep 10, 2026 |
| Piper Sandler | Analyst unavailable | $245 | $222.67 | +7.7% | Sep 3, 2026 |
| RBC Capital | Analyst unavailable | $260 | $218.12 | +14.3% | Aug 25, 2026 |
| Wolfe Research | Analyst unavailable | $300 | $208.87 | +31.9% | Aug 13, 2026 |
| Morgan Stanley | Terence Flynn | $231 | $206.5 | +1.5% | Jul 30, 2026 |
| H.C. Wainwright | Analyst unavailable | $251 | $205.74 | +10.3% | Jul 30, 2026 |
| RBC Capital | Analyst unavailable | $240 | $204.1 | +5.5% | Jul 30, 2026 |
| UBS | Analyst unavailable | $240 | $204.62 | +5.5% | Jul 30, 2026 |
| Canaccord Genuity | Analyst unavailable | $248 | $209.23 | +9.0% | Jul 30, 2026 |
| Oppenheimer | Jay Olson | $300 | $209.23 | +31.9% | Jul 29, 2026 |
| Guggenheim | Yatin Suneja | $280 | $203.02 | +23.1% | Jul 21, 2026 |
| Wedbush | Analyst unavailable | $201 | $202.04 | -11.7% | Jul 13, 2026 |
| Truist Financial | Analyst unavailable | $235 | $199.15 | +3.3% | Jul 13, 2026 |
| Morgan Stanley | Terence Flynn | $222 | $205.7 | -2.4% | Jul 8, 2026 |
| RBC Capital | Analyst unavailable | $242 | $208.46 | +6.4% | Jul 7, 2026 |
| HSBC | Morten Herholdt | $157 | $213.26 | -31.0% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $224 | $198.67 | -1.6% | Jun 18, 2026 |
| Mizuho Securities | Salim Syed | $221 | $200.05 | -2.9% | Jun 15, 2026 |
| Needham | Analyst unavailable | $255 | $195.34 | +12.1% | Jun 8, 2026 |
| RBC Capital | Brian Abrahams | $227 | $193.08 | -0.2% | May 27, 2026 |
| Piper Sandler | Analyst unavailable | $225 | $191.37 | -1.1% | May 15, 2026 |
| Morgan Stanley | Analyst unavailable | $206 | $188.76 | -9.5% | Apr 30, 2026 |
| RBC Capital | Brian Abrahams | $222 | $190.78 | -2.4% | Apr 30, 2026 |
| Wedbush | Analyst unavailable | $196 | $194.38 | -13.9% | Apr 30, 2026 |
| Guggenheim | Analyst unavailable | $260 | $194.38 | +14.3% | Apr 30, 2026 |
| Wells Fargo | Mohit Bansal | $250 | $177.35 | +9.9% | Apr 20, 2026 |
| Piper Sandler | Analyst unavailable | $214 | $176.36 | -5.9% | Apr 14, 2026 |
| Morgan Stanley | Analyst unavailable | $200 | $173.48 | -12.1% | Apr 10, 2026 |
| Barclays | Emily Field | $185 | $192.08 | -18.7% | Feb 19, 2026 |
| Mizuho Securities | Analyst unavailable | $236 | $188.99 | +3.7% | Feb 11, 2026 |
| Wedbush | Laura Chico | $187 | $192.72 | -17.8% | Feb 10, 2026 |
| Wolfe Research | Analyst unavailable | $231 | $196 | +1.5% | Feb 9, 2026 |
| RBC Capital | Analyst unavailable | $233 | $195.93 | +2.4% | Feb 9, 2026 |
| Wolfe Research | Analyst unavailable | $215 | $195.45 | -5.5% | Feb 9, 2026 |
| Truist Financial | Danielle Brill | $193 | $201.18 | -15.2% | Feb 9, 2026 |
| Canaccord Genuity | Analyst unavailable | $230 | $201.18 | +1.1% | Feb 9, 2026 |
| Piper Sandler | Analyst unavailable | $177 | $201.18 | -22.2% | Feb 9, 2026 |
| Guggenheim | Yatin Suneja | $246 | $201.18 | +8.1% | Feb 9, 2026 |
| Tudor Pickering | William Pickering | $201 | $201.18 | -11.7% | Feb 9, 2026 |
| H.C. Wainwright | Andrew Fein | $228 | $201.18 | +0.2% | Feb 9, 2026 |
| Wells Fargo | Analyst unavailable | $200 | $201.18 | -12.1% | Feb 8, 2026 |
| Morgan Stanley | Terence Flynn | $190 | $201.18 | -16.5% | Feb 8, 2026 |
| BMO Capital | Evan Seigerman | $196 | $201.18 | -13.9% | Feb 6, 2026 |
| Bernstein | Analyst unavailable | $191 | $179.09 | -16.1% | Feb 3, 2026 |
| Oppenheimer | Jay Olson | $225 | $176.18 | -1.1% | Jan 30, 2026 |
| Truist Financial | Analyst unavailable | $190 | $186.19 | -16.5% | Jan 8, 2026 |
| Goldman Sachs | Salveen Richter | $225 | $186.91 | -1.1% | Jan 8, 2026 |
| UBS | Analyst unavailable | $185 | $182.61 | -18.7% | Jan 6, 2026 |
| Morgan Stanley | Terence Flynn | $156 | $173.9 | -31.4% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $143 | $175.8 | -37.2% | Dec 10, 2025 |
| Piper Sandler | Analyst unavailable | $157 | $168.18 | -31.0% | Nov 21, 2025 |
| Tudor Pickering | William Pickering | $157 | $153.64 | -31.0% | Nov 3, 2025 |
| Bernstein | Analyst unavailable | $157 | $154.27 | -31.0% | Nov 3, 2025 |
| Robert W. Baird | Analyst unavailable | $250 | $151.6 | +9.9% | Oct 31, 2025 |
| Morgan Stanley | Analyst unavailable | $149 | $150 | -34.5% | Oct 10, 2025 |
| Jefferies | Andrew Tsai | $190 | $137.67 | -16.5% | Sep 25, 2025 |
| RBC Capital | Brian Abrahams | $213 | $127.31 | -6.4% | Jun 25, 2025 |
| H.C. Wainwright | Andrew Fein | $187 | $122.41 | -17.8% | May 5, 2025 |
| Oppenheimer | Jay Olson | $205 | $123.53 | -9.9% | May 2, 2025 |
| HSBC | Analyst unavailable | $118 | $119.12 | -48.1% | Apr 28, 2025 |
| Canaccord Genuity | Sumant Kulkarni | $265 | $138.06 | +16.5% | Feb 13, 2025 |
| Citigroup | Geoff Meacham | $160 | $133.43 | -29.7% | Feb 12, 2025 |
| Jefferies | Michael Yee | $180 | $157.78 | -20.9% | Dec 9, 2024 |
| Robert W. Baird | Brian Skorney | $300 | $162.83 | +31.9% | Nov 15, 2024 |
| Oppenheimer | Jay Olson | $255 | $181.18 | +12.1% | Oct 31, 2024 |
| Morgan Stanley | Terence Flynn | $204 | $181.18 | -10.3% | Oct 31, 2024 |
| Raymond James | Christopher Raymond | $315 | $181.18 | +38.4% | Oct 30, 2024 |
| Goldman Sachs | Salveen Richter | $290 | $181.18 | +27.5% | Oct 30, 2024 |
| BMO Capital | Evan Seigerman | $230 | $188.16 | +1.1% | Oct 17, 2024 |
| UBS | Ashwani Verma | $202 | $188.74 | -11.2% | Oct 3, 2024 |
| Wedbush | Laura Chico | $205 | $199.36 | -9.9% | Sep 23, 2024 |
| Robert W. Baird | Brian Skorney | $294 | $212.7 | +29.2% | Jul 29, 2024 |
| Goldman Sachs | Salveen Richter | $342 | $211.17 | +50.3% | Jul 26, 2024 |
| Piper Sandler | Christopher Raymond | $307 | $211.17 | +34.9% | Jul 26, 2024 |
| RBC Capital | Brian Abrahams | $282 | $214.16 | +23.9% | Jul 26, 2024 |
| Piper Sandler | Christopher Raymond | $313 | $236.8 | +37.6% | Jul 12, 2024 |
| Morgan Stanley | Terence Flynn | $311 | $232.75 | +36.7% | Jul 11, 2024 |
| Scotiabank | George Farmer | $275 | $230.28 | +20.9% | Jun 12, 2024 |
| BMO Capital | Evan David Seigerman | $260 | $220 | +14.3% | May 23, 2024 |
| Stifel Nicolaus | Paul Matteis | $275 | $225.21 | +20.9% | May 22, 2024 |
| Raymond James | Christopher Raymond | $335 | $225.21 | +47.2% | May 22, 2024 |
| Morgan Stanley | Matthew Harrison | $331 | $224.48 | +45.5% | May 22, 2024 |
| Wedbush | Laura Chico | $215 | $204.65 | -5.5% | Apr 25, 2024 |
| H.C. Wainwright | Andrew Fein | $300 | $201.99 | +31.9% | Apr 25, 2024 |
| RBC Capital | Brian Abrahams | $317 | $201.99 | +39.3% | Apr 25, 2024 |
| Oppenheimer | Jay Olson | $270 | $190.52 | +18.7% | Apr 19, 2024 |
| Barclays | Carter Gould | $215 | $206.38 | -5.5% | Apr 3, 2024 |
| Wedbush | Laura Chico | $269 | $271.23 | +18.2% | Aug 7, 2023 |
| Guggenheim | Yatin Suneja | $350 | $311.11 | +53.8% | May 1, 2023 |
| Atlantic Equities | Analyst unavailable | $295 | $305.17 | +29.7% | Dec 1, 2022 |
| Jefferies | Analyst unavailable | $350 | $308.44 | +53.8% | Nov 30, 2022 |
| Wedbush | Analyst unavailable | $247 | $302.84 | +8.6% | Nov 30, 2022 |
| Barclays | Analyst unavailable | $313 | $291.41 | +37.6% | Nov 30, 2022 |
| Truist Financial | Analyst unavailable | $350 | $301.86 | +53.8% | Nov 15, 2022 |
| Guggenheim | Analyst unavailable | $270 | $286.86 | +18.7% | Nov 11, 2022 |
| J.P. Morgan | Analyst unavailable | $275 | $264.28 | +20.9% | Sep 30, 2022 |
| Needham | Ami Fadia | $250 | $271.16 | +9.9% | Sep 28, 2022 |
| Wedbush | Analyst unavailable | $217 | $277.58 | -4.6% | Sep 28, 2022 |
| Wells Fargo | Analyst unavailable | $350 | $270.28 | +53.8% | Sep 28, 2022 |
| RBC Capital | Analyst unavailable | $321 | $275.88 | +41.1% | Sep 28, 2022 |
| Piper Sandler | Analyst unavailable | $280 | $197.79 | +23.1% | Sep 28, 2022 |
| BMO Capital | Evan David Seigerman | $360 | $197.79 | +58.2% | Sep 28, 2022 |
| Needham | Ami Fadia | $250 | $197.79 | +9.9% | Sep 28, 2022 |
| Robert W. Baird | Brian Skorney | $340 | $197.79 | +49.4% | Sep 28, 2022 |
| Truist Financial | Analyst unavailable | $265 | $195.92 | +16.5% | Sep 22, 2022 |
| Stifel Nicolaus | Analyst unavailable | $223 | $215.38 | -2.0% | Sep 12, 2022 |
| Cowen & Co. | Analyst unavailable | $270 | $214.1 | +18.7% | Jul 21, 2022 |
| Truist Financial | Analyst unavailable | $270 | $213.15 | +18.7% | Jul 21, 2022 |
| Barclays | Analyst unavailable | $200 | $212.95 | -12.1% | Jul 21, 2022 |
| Oppenheimer | Analyst unavailable | $230 | $216.68 | +1.1% | Jul 18, 2022 |
| Barclays | Analyst unavailable | $210 | $205.7 | -7.7% | May 4, 2022 |
| Leerink Partners | Analyst unavailable | $270 | $221.36 | +18.7% | Apr 21, 2022 |
| Wells Fargo | Mohit Bansal | $265 | $212.55 | +16.5% | Apr 18, 2022 |
| Barclays | Carter Gould | $219 | $212.55 | -3.7% | Apr 16, 2022 |
| Needham | Ami Fadia | $262 | $210.62 | +15.1% | Apr 11, 2022 |
| Wedbush | Laura Chico | $185 | $214.75 | -18.7% | Apr 9, 2022 |
| Jefferies | Michael Yee | $300 | $211.64 | +31.9% | Apr 7, 2022 |
| Robert W. Baird | Brian Skorney | $224 | $211.64 | -1.6% | Apr 7, 2022 |
| Piper Sandler | Christopher Raymond | $200 | $211.64 | -12.1% | Apr 7, 2022 |
| RBC Capital | Brian Abrahams | $244 | $207.61 | +7.2% | Apr 5, 2022 |
| Bank of America Securities | Geoff Meacham | $225 | $211.68 | -1.1% | Mar 28, 2022 |
| BMO Capital | Evan Seigerman | $238 | $197.36 | +4.6% | Mar 15, 2022 |
| Canaccord Genuity | Sumant Kulkarni | $285 | $211.01 | +25.3% | Feb 28, 2022 |
| Guggenheim | Yatin Suneja | $200 | $209.81 | -12.1% | Feb 22, 2022 |
| Truist Financial | Robyn Karnauskas | $320 | $214.55 | +40.6% | Feb 16, 2022 |
| Needham | Ami Fadia | $290 | $214.59 | +27.5% | Feb 13, 2022 |
| Mizuho Securities | Salim Syed | $207 | $221.3 | -9.0% | Feb 7, 2022 |
| Morgan Stanley | Matthew Harrison | $330 | $221.53 | +45.0% | Feb 4, 2022 |
| Barclays | Carter Gould | $235 | $221.53 | +3.3% | Feb 4, 2022 |
| Wolfe Research | Tim Anderson | $217 | $221.53 | -4.6% | Feb 4, 2022 |
| Wells Fargo | Mohit Bansal | $235 | $221.53 | +3.3% | Feb 4, 2022 |
| Cowen & Co. | Phil Nadeau | $285 | $221.53 | +25.3% | Feb 4, 2022 |
| J.P. Morgan | Cory Kasimov | $236 | $220.17 | +3.7% | Feb 3, 2022 |
| Needham | Ami Fadia | $292 | $225.21 | +28.3% | Jan 30, 2022 |
| Jefferies | Michael Yee | $325 | $239.3 | +42.8% | Jan 16, 2022 |
| Cantor Fitzgerald | Alethia Young | $209 | $225.34 | -8.1% | Jan 12, 2022 |
| Bernstein | Aaron Gal | $400 | $244.14 | +75.8% | Jan 3, 2022 |
| Goldman Sachs | Salveen Richter | $271 | $224.11 | +19.1% | Dec 6, 2021 |
| UBS | Colin Bristow | $405 | $266.57 | +78.0% | Oct 20, 2021 |
| Atlantic Equities | Steve Chesney | $415 | $395.37 | +82.4% | Jun 8, 2021 |
Track every rating change on BIIB the moment it posts. Free to start.
Start freeCompany 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).…
Historical context
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Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
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Sources
- Earnings call transcript and parsed analysis · 2026-07-29T16:07:47.985132+00:00
- FN2 earnings calendar · 2026-09-03T01:23:14.877038+00:00
- Polygon adjusted daily market bars · 2026-09-23T21:00:52.517685+00:00
- 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.