AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue rose 3.4% to $2.74B, but net income fell 85% to $97.5M as Apellis acquisition costs — inventory step-up amortization, $165M restructuring, and a 26.4% tax rate — overwhelmed underlying growth.
Biggest Revenue Drivers
Product revenue, net$1,916.4M+2.0% YoY
MS decline offset by rare disease launch growth and newly acquired specialized immunology products
Revenue from anti-CD20 therapeutic programs$513.5M+9.9% YoY
Driven by OCREVUS royalty sales growth in the U.S.
Biggest Revenue Drivers
Total revenue: $2,736.0M+3.4% YoY
Product revenue, net$1,916.4M+2.0% YoY
MS decline offset by rare disease launch growth and newly acquired specialized immunology products
Within Product revenue, net
Multiple Sclerosis$963.3M-13.0% YoY
TECFIDERA down 53% on generic entrants; Interferon declining as patients shift to oral/higher-efficacy therapies
Rare Disease$601.7M+10.8% YoY
SKYCLARYS and QALSODY launch growth plus demand for high-dose SPINRAZA regimen
Specialized Immunology$127.8M
SYFOVRE and EMPAVELI revenue recognized since the May 14, 2026 Apellis acquisition closed
Revenue from anti-CD20 therapeutic programs$513.5M+9.9% YoY
Driven by OCREVUS royalty sales growth in the U.S.
Largest Expense Items
Cost of sales (excl. amortization/impairment)$776.9M+28.4% YoY
Higher amortization from acquired inventory fair-value step-up (SKYCLARYS, SYFOVRE, EMPAVELI) and higher revenue
Selling, general and administrative$709.7M+21.6% YoY
Inclusion of Apellis commercial operations plus increased sales and marketing spend on product launches
Acquired IPR&D, upfront and milestone expense$164.0M+251.9% YoY
Driven by $100.0M upfront payment to TJ Bio and Ionis milestone/option payments
Margins: Cost of sales, R&D and SG&A all grew faster than revenue due to Apellis acquisition-related inventory step-up amortization and integration costs, while restructuring charges and a spike in the effective tax rate to 26.4% (from non-deductible acquisition expenses) drove net income down sharply despite revenue growth.
Watch Items from the Filing
Diluted EPS fell 84.8% YoY to $0.66 from $4.33 despite revenue growth, driven by Apellis acquisition costs, restructuring charges, and a higher tax rate.
Global TECFIDERA revenue fell 53.0% YoY to $90.9M after EU patent revocation opened the door to generic entrants; further declines expected.
Three wholesalers accounted for 29.9%, 16.5%, and 10.9% of gross product revenue in Q2 2026, indicating customer concentration.
The $5.3B Apellis acquisition was funded partly by a $2.0B term loan and $400M revolver draw, pushing total borrowings to $8.1B and adding $800M of current debt.
A new 100% Section 232 tariff on patented pharmaceuticals/biologics takes effect July-September 2026; company does not expect a material 2026 impact but flags substantial uncertainty.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
27 transactions in BIIB reported by 10 members of Congress under the STOCK Act, most recent trade Sep 24, 2026. Reported transactions, not recommendations.
About BIOGEN INC. (BIIB): stock profile, AI score and financials
BIOGEN INC. (BIIB) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores BIIB at 59.9/100 on a composite quality score built from its SEC filings, placing it at rank #896 of 2,925 stocks — the top half of the AI-ranked universe. BIIB scores in the top quartile across earnings quality (92.7), revenue scale (86.5), institutional flow (85.8). Areas of concern include revenue growth (30.5), which score below median versus the broader universe. Shareholder dilution risk is elevated at 32.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), BIOGEN INC. reports quarterly revenue of $2.7B, net income of $97.5M, an operating margin of 4.8%. Top institutional holders of BIIB by reported 13-F value include FMR, BlackRock, PRIMECAP MANAGEMENT, based on the most recent SEC filings. BIIB trades on the Nasdaq exchange and files with the SEC under CIK 875045. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BIIB daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BIOGEN INC. directly from SEC EDGAR.