Biogen Inc

Strong revenue growth driven by “growth portfolio” transition back to growth - Q2 2026 total core pharmaceutical revenue: $1.8B, +4% YoY and +12% QoQ. - Growth portfolio > $1B in Q2: +24% YoY and +25% QoQ; growth now exceeds legacy MS portfolio. - Biogen standalone growth products (ex-Apelis): $933M, +9% YoY, +10% QoQ. - Surprise/positive: combination with Apellis products (SYFOVRE + Empaveli) plus internal growth products is already enough to restore a clear growth trajectory.

Key product momentum and pipeline catalysts (what could drive forward upside) - SPINRAZA high-dose: conversion/rollout appears faster than expected; high-dose exceeding original launch demand in first 13 weeks; conversion to high-dose helping the franchise. - Management expects bolus transitions to continue into early next year; big focus in 2027 is new starts + switchbacks. - LEQEMBI / IQLIK (Alzheimer’s): FDA approval for IQLIK initiation (home dosing for initiation/maintenance) earlier this month—expected to broaden eligibility (caregiver/infusion center constraints) and potentially maintain patients longer; also seen as competitive advantage vs once-monthly approaches where “home” dosing matters. - MS & other growth: SKYCLARYS revenue $168M, +29% YoY; ZURZUVAE $71M with Germany launch. - Late-stage registrational readouts (investor “timing map”): 5 registrational Phase 3 results across SLE, CLE, AMR, Dravet expected within next four quarters, starting with SLE data by end of 2026 (multi-year cycle).

Apellis acquisition integration: maintaining revenue continuity and improving near/mid-term outlook - Acquisition closed May 14; Q2 included half quarter of SYFOVRE/Empaveli and associated costs. - SYFOVRE Q2: $162M, +8% YoY; commercial injections +13% YoY. - Empaveli Q2: $46M, +123% YoY, continuing C3G + primary IC-MPGN launch. - Management expects SYFOVRE + Empaveli combined to grow mid- to high-teens through at least 2028. - Strategic claim (opportunity): successful integration “continuity of revenue” is being maintained; former Apellis teams reportedly show strong energy/commitment.