Filing Flows › Biogen (BIIB) › Q2 2026
Biogen (BIIB) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
Biogen (BIIB) reported revenue of $2.7B for the second quarter 2026 (Q2 2026), +3% from a year earlier and +10% from the quarter before. Operating margin was 4.8%, net earnings $97.5M (3.6% of revenue).
Biogen, Q2 2026: revenue $2.7B (+3% year over year), operating margin 4.8%, net earnings $97.5M, operating cash flow $449M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +10% | +3% |
| Operating profit | $132M | -65% | -82% |
| Net earnings | $97.5M | -69% | -85% |
| Operating cash flow | $449M | -30% | +179% |
| Free cash flow | $408M | — | +204% |
What changed
Revenue was $2.7B in Q2 2026, up 3% year over year and up 10% from the previous quarter. Rare Disease Product Revenue was the largest line at 22% of revenue. Rare Disease Product Revenue added $0.06B year over year (up 11%), 65% of the total change. Fumarate declined 29%.
Operating profit was $0.13B, a 4.8% margin (down 23.3 points year over year). Operating profit fell $0.61B even though revenue rose $0.09B versus Q2 2025, so costs grew faster than sales. Total costs grew 37% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+87%). Net earnings were $0.10B, down 85% year over year. The effective tax rate was 26.4%.
Operating cash flow was $0.45B (up 179% year over year), 460% of net earnings. Non-cash charges added back $0.24B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.04B. After purchases of property, plant and equipment ($0.04B), free cash flow as the company reports it was $0.41B.
Questions
What was Biogen's revenue in the second quarter 2026?
Biogen (BIIB) reported revenue of $2.7B for the second quarter 2026 (Q2 2026), +3% from a year earlier and +10% from the quarter before.
Was Biogen profitable in the second quarter 2026?
Operating profit was $132M (4.8% of revenue) and net earnings $97.5M.
Source: Biogen 10-Q on SEC EDGAR.