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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Salveen Richter | Goldman Sachs | 7 (14%) |
| Brian Abrahams | RBC Capital Markets | 7 (0%) |
| Umer Raffat | Evercore ISI | 6 (50%) |
| Evan Seigerman | BMO Capital Markets | 6 (17%) |
| Mike Yee | UBS | 6 (33%) |
| Chris Schott | JPMorgan | 4 (0%) |
| Terence Flynn | Morgan Stanley | 4 (0%) |
| David Amsellem | Piper Sandler | 4 (25%) |
| Paul Matteis | Stifel | 4 (75%) |
| Jay Olson | Oppenheimer | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 7 (14%) |
| Evercore ISI | 2 | 7 (57%) |
| RBC Capital Markets | 1 | 7 (0%) |
| BMO Capital Markets |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.45B | +2.9% | $1.83 | +7.0% | 76.2% | 20.7% | 10.9% | $695M |
| FY2025 Q1 | $2.43B | +6.1% | $1.64 | -39.3% | 76.2% | 30.1% | 9.9% | $212M |
| FY2025 Q2 | $2.65B | +7.3% | $4.35 |
| 1 |
| 6 (17%) |
| UBS | 1 | 6 (33%) |
| Stifel | 2 | 5 (60%) |
| Morgan Stanley | 1 | 4 (0%) |
| JPMorgan | 1 | 4 (0%) |
| +8.7% |
| 64.2% |
| 22.2% |
| 24.0% |
| $144M |
| FY2025 Q3 | $2.45B | -0.4% | $3.17 | +19.2% | 64.3% | 25.0% | 19.0% | $1.23B |
| FY2025 Q4 | $2.28B | -7.1% | $-0.33 | -118.0% | 78.2% | -2.5% | -2.1% | $556M |
| FY2026 Q1 | $2.48B | +1.9% | $2.15 | +31.1% | 73.3% | 16.0% | 12.9% | $697M |
| FY2026 Q2 | $2.74B | +3.4% | $0.66 | -84.8% | 56.9% | 11.6% | 3.6% | $490M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Biogen started FY2026 with revenue up 1.9% as growth products generated $851 million, now exceeding MS revenue for the first time. LEQEMBI market revenue reached $168 million up 74% year-over-year, and SPINRAZA High Dose was approved with strong early uptake. The Apellis acquisition added portfolio breadth but increased leverage. Operating income declined on higher investment spending, and FY2026 EPS guidance of $15.25-$16.25 was maintained as the business outlook confirmed tracking toward the upper end.
Innovation & R&D | Product Launch | Competitive Dynamics | Demand | M&A | Capital Allocation | Revenue Growth | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | |
| 2025Q1 | 3 | 3 | 3 | 2 | 1 | 1 | 1 | 1 |
| 2025Q2 | 5 | 2 | 5 | 5 | 1 | 1 | 1 | |
| 2025Q3 | 5 | 4 | 2 | 2 | 2 | 2 | 1 | |
| 2025Q4 | 5 | 4 | 3 | 2 | 2 | 2 | 2 | 1 |
| 2026Q1 | 4 | 4 | 4 | 5 | 3 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 2 | 3 | 5 | 5 | 5 | 4 |
| Product Launch | 3 | 3 | 2 | 4 | 4 | 4 |
| Competitive Dynamics | 3 | 3 | 5 | 2 | 3 | 4 |
| Demand | 2 | 2 | 5 | 2 | 2 | 5 |
| M&A | 2 | 1 | 1 | 2 | 2 | 3 |
| Capital Allocation | 2 | 1 | 1 | 2 | 2 | 2 |
| Revenue Growth | 2 | 1 | 1 | 2 | ||
| Geographic Expansion | 1 | 1 | 1 | 1 |
What BIIB and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“In Boston, the data includes 100,000 square foot lease in the Urban Edge space that was previously leased to Biogen.”
Space in BXP's Boston Urban Edge portfolio previously occupied by Biogen was released to a new tenant, indicating Biogen vacated that footprint.
“there is a PCP pilot that is going on right now, as you know, with Biogen and Eisai”
Biogen and its LEQEMBI partner Eisai are running a primary-care-physician pilot to expand blood-based biomarker use, supporting LEQEMBI adoption for both partners.
“you've got a lot of companies out there that are recruiting in nephrology. I mean, Vertex is, Vera is just to name a few”
Biogen names Vertex among the companies now recruiting in nephrology, signaling intensifying competition for patients/trials in the space Biogen is entering with felzartamab.
“With regards to Regeneron, I know that's competition as well, also target C5 and it's systemic, and it's a combination.”
Biogen positions Regeneron as a geographic-atrophy competitor whose C5-targeted, systemic combination approach still lacks proof of concept, framing it as behind SYFOVRE's targeted eye delivery.
“With the Apellis transaction expected to close in the second quarter of 2026, we plan to fund the transaction with $3.6 billion of cash from the balance sheet and $2 billion from bank borrowings.”
Biogen is acquiring Apellis to add the commercialized SYFOVRE and Empaveli products, funding the deal with cash plus $2 billion of borrowings and expecting it to be accretive in 2027.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BIIB Biogen | 4 | +1.9% | |
| ABBV AbbVie | 9 | +12.4% | |
| AMGN Amgen Inc. | 8 | +5.8% | |
| BMY Bristol Myers Squibb | 4 | +2.6% | |
| GILD Gilead Sciences | 8 | +4.4% | |
| JNJ Johnson & Johnson | 7 | +9.9% | |
| LLY Lilly (Eli) | 10 | +55.5% | |
| MRK Merck & Co., Inc. | 7 | +4.3% | |
| PFE Pfizer | 5 | +5.4% |