“$8.4 Billion M&A Success” … Biogen Posts Highest Quarterly Revenue in Three Years

Biogen signaled a comeback by dramatically shifting its 2026 revenue outlook from “decrease” to “increase,” fueled by strong growth across its new-drug portfolio.

According to Fierce Pharma, which cited Biogen’s second-quarter earnings report on the 29th (local time), the company posted second-quarter revenue of $2.74 billion. This was its highest quarterly revenue since the third quarter of 2021. Accordingly, Biogen raised its 2026 revenue guidance from a “mid-single-digit decrease” to a “mid-single-digit increase.”

Biogen CEO Chris Viehbacher described it as “a quarter that demonstrates we have made significant progress in putting the company back on a long-term growth trajectory.”

The key driver of the turnaround was Apellis Pharmaceuticals, acquired in May for $5.6 billion (approximately 8.4 trillion won). Through the acquisition, Biogen secured the geographic atrophy treatment Syfovre and the rare disease treatment Empaveli, whose combined sales increased 22% from the previous quarter.

The steep growth of three new drugs launched in 2023 also contributed. Sales of the Alzheimer disease treatment Leqembi rose 15% year over year to $184 million. Skyclarys, a treatment for Friedreich ataxia, increased 29% to $168 million, while Zurzuvae, a treatment for postpartum depression, surged 53% to $71 million.

A new high-dose formulation of Spinraza, a treatment for spinal muscular atrophy (SMA), also marked a successful launch. Alicia Alaimo, president of Biogen’s North America business, said, “During its first 13 weeks on the market, the high-dose formulation of Spinraza is surpassing the record set when Spinraza was originally launched.”

Spinraza was the first treatment for SMA to enter the market, but its sales declined after peaking at $2.1 billion in 2019 amid the emergence of competing drugs such as Roche’s Evrysdi and Novartis’ Zolgensma. However, second-quarter sales were $402 million, up 2% year over year, showing signs of a rebound.

Biogen’s top-selling product is currently Tysabri, a treatment for multiple sclerosis (MS). Tysabri maintained solid performance in the second quarter, generating sales of $451 million.

“Three and a half years ago, we were dealing only with neurologists, but now we are meeting with rheumatologists, dermatologists and nephrologists,” CEO Viehbacher emphasized. “The breadth of our portfolio has grown significantly.”