Filing Flows › Biogen (BIIB) › Q2 2026 › vs Q2 2025
Biogen (BIIB) Q2 2026 vs Q2 2025 (year over year)
Biogen's revenue rose $90.5M (+3%) from $2.6B in Q2 2025 to $2.7B in Q2 2026. The biggest changes: Product revenue, net −$25.2M (-1%); Interferon −$21.6M (-9%); VUMERITY −$15.8M (-7%). Operating margin 4.8% against 28.1% (-23.3 pts).
Biogen, Q2 2026: revenue $2.7B (+3% year over year), operating margin 4.8%, net earnings $97.5M, operating cash flow $449M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 4.8% | 28.1% | -23.3 pts |
| Net margin | 3.6% | 24.0% | -20.4 pts |
| Free cash flow margin | 14.9% | 5.1% | +9.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Rare Disease Product Revenue | $602M | $543M | $58.7M | +11% |
| SPINRAZA | $402M | $393M | $9.2M | +2% |
| Royalty Attributed to OCREVUS | $381M | $354M | $27.6M | +8% |
| Fumarate | $287M | $406M | −$118M | -29% |
| Contract manufacturing, royalty and other revenue | $242M | $245M | −$2.2M | -0.9% |
| Product revenue, net | $1.9B | $1.9B | −$25.2M | -1% |
| Contract manufacturing revenue | $232M | $225M | $7.4M | +3% |
| Interferon | $225M | $247M | −$21.6M | -9% |
| VUMERITY | $196M | $212M | −$15.8M | -7% |
| AVONEX | $170M | $178M | −$7.7M | -4% |
| Revenue | $2.7B | $2.6B | $90.5M | +3% |
| Operating profit | $132M | $744M | −$612M | -82% |
| Costs & expenses | $2.6B | $1.9B | $702M | +37% |
| Pre-tax earnings | $132M | $744M | −$612M | -82% |
| Cost of revenue | $777M | $605M | $172M | +28% |
| Research & development | $530M | $399M | $131M | +33% |
| SG&A | $710M | $584M | $126M | +22% |
| Other operating costs | $587M | $314M | $274M | +87% |
| Net earnings | $97.5M | $635M | −$537M | -85% |
| Income tax | $34.9M | $109M | −$74.3M | -68% |
| Depreciation & amortization | $236M | $194M | $41.8M | +22% |
| Share-based compensation | $77.4M | $74.9M | $2.5M | +3% |
| Working capital & other | $37.9M | −$743M | $781M | — |
| Operating cash flow | $449M | $161M | $288M | +179% |
| Free cash flow (company-reported) | $408M | $134M | $274M | +204% |
| Purchases of property, plant and equipment | $40.9M | $26.6M | $14.3M | +54% |
Questions
How much did Biogen's revenue grow year over year in Q2 2026?
Biogen's revenue rose $90.5M (+3%) from $2.6B in Q2 2025 to $2.7B in Q2 2026.
What drove Biogen's revenue change in Q2 2026?
Product revenue, net −$25.2M (-1%); Interferon −$21.6M (-9%); VUMERITY −$15.8M (-7%).