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BIIB · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 3.4% y/y to $2.74B, operating margin 5.5% vs 30.0%, net income $97.5M (−84.6% y/y).
Net income attributable to Biogen Inc.
$97.5M
down 84.6% y/y
Total revenue
$2,736M
up 3.4% y/y
Operating income (calculated)
$151M
down 81.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Product revenue, net | $1,916 · +2.0% |
| Revenue from anti-CD20 therapeutic programs | $514 · +9.9% |
| Alzheimer's collaboration revenue | $63.7 · +16.0% |
| Contract manufacturing, royalty and other revenue | $242 · −0.9% |
| Total revenue | $2,736 · +3.4% |
| Cost of sales, excluding amortization and impairment of acquired intangible assets | $777 · +28.4% |
| Research and development | $530 · +32.7% |
| Acquired in-process research and development, upfront and milestone expense | $164 · +252% |
| Selling, general and administrative | $710 · +21.6% |
| Amortization and impairment of acquired intangible assets | $168 · +28.5% |
| Collaboration profit sharing/(loss reimbursement) | $68.8 · −8.3% |
| (Gain) loss on fair value remeasurement of contingent consideration | $2.5 · −81.1% |
| Restructuring charges | $165 · vs −$0.7 |
| Operating income (calculated) | $151 · −81.0% · 5.5% margin |
| Other (income) expense, net | $18.5 · −62.0% |
| Income before income tax (benefit) expense | $132 · −82.2% |
| Income tax (benefit) expense | $34.9 · −68.0% · 26.4% effective rate |
| Net income attributable to Biogen Inc. | $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.
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Chart: “BIIB Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/biib/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/biib/q2-2026"><img src="https://whoreportstoday.com/t/biib/q2-2026/sankey.png" alt="BIIB Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/biib/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/biib/q2-2026">BIIB Q2 2026 earnings chart (Who Reports Today)</a>
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- 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.
- Diluted EPS was $0.66 vs $4.33 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
BIIB — a biotechnology company that develops and sells medicines for neurological and rare diseases, including Vumerity and Tysabri for multiple sclerosis, Spinraza for SMA, Skyclarys for Friedreich's ataxia and Qalsody for ALS, and commercializes Leqembi for Alzheimer's with Eisai.
It reports one segment, earning product sales, collaboration revenue and royalties. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 85% y/y in Q2 2026
Net income for Q2 2026: $97.5M, −85% y/y. In the report's figures: costs grew faster than revenue: acquired in-process research and development, upfront and milestone expense +252% y/y, cost of sales, excluding amortization and impairment of acquired intangible assets +28% y/y, research and development +33% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: BMY · Q3 2026 · BSX · Q3 2026 · CAH · Q4 FY2026 · CI · Q2 2026 · CNC · Q3 2026 · COO · Q3 FY2026 · COR · Q3 FY2026 · CRL · Q2 2026 · CVS · Q2 2026 · DGX · Q3 2026 · all reports