BIIB US S&P 500Russell 1000 Earnings call
Biogen (BIIB) · Q2 2026 results and valuation
Share price: $253.40 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter
Net income down 69.5% on the previous quarter, guidance raised. Tone in line with last period.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−69.5%
Net income vs Q1 2026
Guidance raised
Net income 97.5M vs 319.5M
Revenue +10.4%
Against the same quarter last year (Q2 2025) it is −84.6%, so it is not just seasonal.
2 · How management spoke
Unchanged
Language tone vs last period
Language: typical — about as upbeat as in Q1 2026.
3 · What stood out
Guidance
Earnings-per-share guidance now reflects a transaction expected to materially increase per-share earnings growth through the end of the decade.
Valuation
Is Biogen undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −0.9% growth a year (3-year revenue growth), the model's fair value is $168.04 a share — the stock trades 51% above it. Today's price assumes 5.4% growth a year.
Current price
$253.40
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+5.4% for 10 yrs
Fair value / share
$168.04
Buy below
$126.03
Price vs fair value
Overvalued 51%
Price vs buy-below price
Overvalued 101%
Read between the lines
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Guidance ↑
Biogen is pleased to be increasing its total revenue guidance from a mid-single-digit percentage decrease to a mid-single-digit percentage increase.
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Figure
You know, Biogen has got lupus here as a potential $8 billion market.
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Fading
Free cash flow of $594 million was overshadowed by roughly $1.1 billion directed to pipeline development and product launches.
Source quote
“As a result, we generated $594 million of free cash flow in the quarter, allowing us to further support the business... We also maintained our cost discipline while supporting our late-stage pipeline development and product launches with approximately $1.1 billion of non-GAAP core operating expenses in the first quarter of 2026. which we believe represents a capital allocation opportunity that will further bolster both our top line and bottom line growth prospects and...”
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Fading
Biogen generated $594 million in free cash flow this quarter, enabling investments in growth and an upcoming appellate transaction, though management's emphasis on line growth prospects has noticeably diminished.
Source quote
“which we believe represents a capital allocation opportunity that will further bolster both our top line and bottom line growth... ...we generated $594 million of free cash flow in the quarter, allowing us to further support the business and invest in future growth, including the expected appellate transaction. I'll speak more about the transaction in a few moments.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Typical — about as upbeat as in Q1 2026.
Sentences that drove the tone
“As we deliver the new Biogen, a large part of our transformation and near-term opportunity for growth comes from our late-stage pipeline, and I am excited about this future.”
“And reflecting the strong execution of our teams, and enrollment momentum, we have also accelerated the expected Phase 3 readouts for felzartamab in AMR and litifilimab in CLE with data...”
“And that is the group of products that now, exceed our legacy MS portfolio and grew strongly in the quarter.”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:BIIB, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.74B | 2.48B | +10.4% | 2.65B | +3.4% |
| Gross profit | 1.96B | — | 2.04B | −4.0% | |
| Operating income | 482.8M | 377.7M | +27.8% | 744.0M | −35.1% |
| Net income | 97.5M | 319.5M | −69.5% | 634.8M | −84.6% |
| EPS | 0.66 | 2.15 | −69.3% | 4.33 | −84.8% |
| P/E today 24.0 | — | 19.7 | — | 12.0 | — |
Topics
Most discussed now
- New It is the first of its kind Alzheimer's treatment, so now offering home dosing for both initiation and maintenance.
- New Biogen is now entering a multiyear registrational cycle beginning with SLE data by the end of this year and followed...
- New However, it was enriched for where Biogen believes litifilimab will have the strongest actions based on its mechanism of action.
- New Biogen thinks that, yes, the felzartamab mechanism of addressing plasma cells and the anti-CD38 will have an impact in both...
- Biogen has seen considerable efficacy benefits come from the high-dose of SPINRAZA.
Faded since Q1 2026
- Fading In Alzheimer's disease, new real-world data for Leqembi show strong treatment persistence with nearly 80% of patients remaining on...
- Fading Biogen saw a continuation of sequential market growth in key markets, including the U.S., Japan and China.
- Fading LEQEMBI market revenue was $168 million for the first quarter of 2026, up 74% year-over-year.
- Fading That's where, as I say, the early stage research stage pre-IND and perhaps Phase I is where the focus is...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Material agreement; Acquisition or disposal; New financial obligation; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Other events · SEC 8-K
- Director or officer change · SEC 8-K