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How Biogen (BIIB) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · quarter ended 06/30/2026 · reported 07/29/2026
Biogen Inc. is an American multinational biotechnology company based in Cambridge, Massachusetts, United States specializing in the treatment of neurological diseases. · Text: Wikipedia, CC BY-SA 4.0, abridged
More about the company
The company's primary products are dimethyl fumarate (Tecfidera), diroximel fumarate (Vumerity), interferon beta-1a (AVONEX), peginterferon beta-1a (Plegridy), and natalizumab (Tysabri), all for the treatment of multiple sclerosis ; nusinersen (Spinraza) for the treatment of spinal muscular atrophy ; omaveloxolone (Skyclarys) for the treatment of Friedreich's ataxia ; tofersen (Qalsody) for the treatment of ALS; and dimethyl fumarate (Fumaderm) for the treatment of severe plaque psoriasis. The company also produces 5 biosimilars and has collaborations with Genentech for several drugs.
Key growth driver: Alzheimer's collaboration revenue — the fastest-growing revenue line: $63.7, +16% y/y. · by the Q2 2026 report
How does Biogen make money?
Biogen brought in $2.74 billion of revenue in Q2 2026, up 3.4% year over year. The largest source was Product revenue, net: $1.92 billion, or 70% of the total, followed by Revenue from anti-CD20 therapeutic programs ($514M, 19%) and Contract manufacturing, royalty and other revenue ($242M, 9%); other lines add the remaining 2%. Net income for the quarter was $97.5 million, down 84.6% year over year.
Revenue by source, Q2 2026
- Product revenue, net$1.92B · 70% · +2.0%
- Revenue from anti-CD20 therapeutic programs$514M · 19% · +9.9%
- Contract manufacturing, royalty and other revenue$242M · 9% · −0.9%
- Alzheimer's collaboration revenue$63.7M · 2% · +16.0%
Shares of $2.74B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is BIIB’s next earnings date?
We have not yet seen an announcement of the next earnings date from Biogen (BIIB), and no reliable estimate is available. It will appear here once the company sets it.
What time does BIIB report? Usually before market open: the last 4 results releases reached the SEC at 6:10 am, 4:08 pm, 6:05 am, 6:31 am ET.
Last report: Jul 29, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates: company announcements; past dates and times — SEC 8-K filings. Who else reports this week →
All figures in $M.
Revenue
$2,736
+3.4%
Operating income
$151
−81.0%
5.5% margin
Net income
$97.5
−84.6%
$0.66/sh · 3.6% margin
Verdict: revenue grew 3.4% y/y to $2.74B, operating margin 5.5% vs 30.0%, net income $97.5M (−84.6% y/y).
Source and notation
Source: Biogen press release, 8-K EX-99.1 of 07/29/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against the company's 10-Q. Operating income is calculated (revenue less costs and operating expenses): the release does not report it.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- net income fell 85% y/y in Q2 2026
Most likely because operating income was $151M, a 5.5% margin vs 30.0% a year earlier; the effective tax rate was 26.4% vs 14.7% a year earlier. Based on the Q2 2026 report.
The company's report ↗BIIB earnings history: past report dates
| Jul 29, 2026 Wed | 6:10 ambefore market open | Jun 30, 2026 | $2.7B+3% y/y | $0.66−85% y/y |
| Apr 6, 2026 Mon | 6:31 ambefore market open | Mar 31, 2026 | $2.5B+2% y/y | $2.15+31% y/y |
| Jan 13, 2026 Tue | 5:38 pmafter market close | Dec 31, 2025 | ≈$2.3B−7% y/y | ≈−$0.35 |
| Oct 14, 2025 Tue | 4:19 pmafter market close | Sep 30, 2025 | $2.5B+3% y/y | $3.17+19% y/y |
| Jul 7, 2025 Mon | 4:10 pmafter market close | Jun 30, 2025 | $2.6B+7% y/y | $4.33+8% y/y |
| May 1, 2025 Thu | 6:52 ambefore market open | Mar 31, 2025 | $2.4B+6% y/y | $1.64−39% y/y |
| Feb 12, 2025 Wed | 7:06 ambefore market open | Dec 31, 2024 | ≈$2.5B+3% y/y | ≈$1.82+7% y/y |
| Oct 30, 2024 Wed | 6:55 ambefore market open | Sep 30, 2024 | $2.5B−3% y/y | $2.66 |
| Aug 1, 2024 Thu | 6:55 ambefore market open | Jun 30, 2024 | $2.5B+0% y/y | $4.00−2% y/y |
| Apr 24, 2024 Wed | 7:02 ambefore market open | Mar 31, 2024 | $2.3B−7% y/y | $2.70+1% y/y |
| Feb 13, 2024 Tue | 7:07 ambefore market open | Dec 31, 2023 | ≈$2.4B−6% y/y | ≈$1.70−55% y/y |
Show all 11 reports since 2024Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Biogen: 15-year financials
| 2025 | 9,891 | — | 1,293 | 2,051 |
| 2024 | 9,676 | — | 1,632 | 2,722 |
| 2023 | 9,836 | — | 1,161 | 1,270 |
| 2022 | 10,173 | — | 3,047 | 1,144 |
| 2021 | 10,982 | 2,841 | 1,556 | 3,382 |
| 2020 | 13,445 | 4,550 | 4,001 | 3,805 |
| 2019 | 14,378 | 7,043 | 5,889 | 6,564 |
| 2018 | 13,453 | 5,889 | 4,431 | 5,417 |
| 2017 | 12,274 | 5,346 | 2,539 | 3,684 |
| 2016 | 11,449 | 5,152 | 3,703 | 3,971 |
| 2015 | 10,764 | 4,891 | 3,547 | 3,276 |
| 2014 | 9,703 | 3,972 | 2,935 | 2,654 |
| 2013 | 6,932 | 2,516 | 1,862 | 2,099 |
| 2012 | 5,517 | 1,856 | 1,380 | 1,625 |
| 2011 | 5,049 | 1,725 | 1,234 | 1,520 |
Show all 15 yearsShow fewer
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Mar 31, 2026: $18.7B (63% of total assets). Compare with other S&P 500 companies →
Biogen (BIIB) earnings: FAQ
How does Biogen make money?
Biogen brought in $2.74 billion of revenue in Q2 2026, up 3.4% year over year. The largest source was Product revenue, net: $1.92 billion, or 70% of the total, followed by Revenue from anti-CD20 therapeutic programs ($514M, 19%) and Contract manufacturing, royalty and other revenue ($242M, 9%); other lines add the remaining 2%. Net income for the quarter was $97.5 million, down 84.6% year over year.
When is BIIB's next earnings date?
We have not yet seen an announcement of the next earnings date from Biogen (BIIB).
What time does BIIB report earnings?
Biogen usually reports before market open: its latest results release was filed with the SEC at 6:10 am ET on Jul 29, 2026.
When did BIIB last report earnings?
Biogen reported Q2 2026 results on Jul 29, 2026.
Where can I find Biogen's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to BIIB's filings; this page breaks the latest report down in a Sankey chart.
What was BIIB's net income in Q2 2026?
Biogen reported net income of $97.5M for Q2 2026 (−84.6% year over year), under US GAAP.
How has Biogen's revenue changed since 2011?
Per its 10-K filings, revenue grew 2x: $5,049M in 2011 and $9,891M in 2025. The peak was $14,378M in 2019. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report — two independent automated readings of the release had to match, and every number in the text was checked against it. Figures checked against the filing on 10/16/2026. How we make the breakdowns · Report an error
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