Description

Biogen Inc.’s Guidance Reversal: Can Apellis Turn Transition Into Durable Growth?

Biogen Inc.’s second quarter 2026 results reflect a period of transition and growth acceleration, marked by the successful integration of the Apellis acquisition and progress across its diversified product portfolio. Total core pharmaceutical revenue rose 4% year-over-year to $1.8 billion, driven primarily by the company’s growth products, which now outperform the legacy multiple sclerosis (MS) portfolio. The addition of Apellis’ SYFOVRE and EMPAVELI, contributing $128 million post-acquisition revenue, bolstered this growth segment, which showed strong double-digit increases. SPINRAZA revenues grew modestly by 2% year-over-year to $402 million, supported by rapid adoption of the high-dose formulation across multiple markets including the U.S., Europe, and Japan. The shift to a higher dose regimen appears to be outpacing initial expectations, with early signs of patient and physician enthusiasm, including some patients switching back from competitor oral treatments.