Biogen's Q2 2026 Earnings: What to Expect

With a market cap of $29.6 billion, Biogen Inc. (BIIB) is a leading biotechnology company dedicated to pioneering innovative science to develop transformative medicines that improve patients' lives. By leveraging a deep understanding of human biology and advanced therapeutic approaches, the company strives to deliver first-in-class treatments while creating long-term value for shareholders and communities.

The Cambridge, Massachusetts-based company is set to unveil its fiscal Q2 2026 results before the market opens on Wednesday, Jul. 29. Ahead of this event, analysts expect BIIB to report an adjusted EPS of $3.24, down 40.8% from $5.47 in the year-ago quarter. However, it has surpassed Wall Street's bottom-line estimates in each of the past four quarters.

For fiscal 2026, analysts project Biogen to post adjusted EPS of $13.94, an 8.8% decline from $15.28 in fiscal 2025. Nevertheless, adjusted EPS is anticipated to grow 16% year-over-year to $16.17 in fiscal 2027.

BIIB stock has soared 49% over the past 52 weeks, outpacing the S&P 500 Index's ($SPX) 20.2% gain and the State Street Health Care Select Sector SPDR ETF's (XLV) 20.3% rise over the same period. 

Biogen's shares surged 6% on Apr. 29 after the company reported better-than-expected Q1 2026 adjusted EPS of $3.57 and revenue of $2.48 billion. Growth was driven by strong sales of newer therapies, including global Leqembi sales of $168 million, rare-disease revenue of $557.2 million, and multiple sclerosis drug sales of $957.5 million, all exceeding market forecasts, while 78% of Leqembi patients remained on treatment at 18 months. 

Analysts' consensus rating on BIIB stock is cautiously optimistic, with an overall "Moderate Buy" rating. Out of 35 analysts covering the stock, opinions include 18 "Strong Buys,” two "Moderate Buys," 14 "Holds," and one "Strong Sell.” The average analyst price target for BIIB is $221.45, suggesting a potential upside of 10.5% from current levels.