Biogen Inc

Biogen's litifilimab produced clear or almost clear skin and reduced disease activity in cutaneous lupus erythematosus patients after one year of treatment, according to long-term phase 2 data. In the phase 2 portion of the AMETHYST Phase 2/3 study, 27.2% of patients on litifilimab met the clinical endpoint of clear or almost clear skin at week 52, as measured by a Cutaneous Lupus Activity Investigators' Global Assessment Revised erythema score of 0 or 1, up from 19% at week 24. The Cutaneous Lupus Erythematosus Disease Area and Severity Index Activity-70, a measure of disease activity reduction, also improved with longer treatment, reaching 28.8% at week 52 compared with 21.7% at week 24. Biogen noted that patients who began the study on placebo and switched to litifilimab mid-study saw improvements as early as four weeks after starting active treatment, and by week 52, 33.7% of the crossover participants had clear or almost clear skin.

Biogen's growth portfolio generated $1.06 billion in second-quarter 2026 revenues, up 24% year over year and 25% sequentially, surpassing the company's legacy MS portfolio, which brought in $767 million. Even excluding newly acquired Syfovre and Empaveli, growth-product revenues reached $933 million, up 9% year over year and 10% quarter over quarter, still above the legacy MS portfolio. Within the growth portfolio, Skyclarys revenues rose 29% to $168 million, Zurzuvae increased 53% to $71 million, Spinraza grew 2% to $402 million, and Vumerity fell 7.4% to $196.5 million, while Syfovre and Empaveli contributed $97.4 million and $30.4 million respectively. Alzheimer's collaboration revenues from Eisai for Leqembi rose 16% to $63.7 million, and the companies expect blood-based diagnostics and the launch of Leqembi Iqlik to drive further growth from 2027 onward. Biogen expects the growth portfolio to maintain its lead in the second half of 2026, with Syfovre and Empaveli contributing more than in the second quarter since revenue recognition began only in mid-May.

AbbVie reported second-quarter revenues of $16.99 billion, up 10.2% year on year and 1.2% above analysts' consensus expectations, though the quarter was mixed with only a narrow beat of EPS estimates and a slight miss of full-year EPS guidance estimates. The results came as the 11 therapeutics stocks tracked by the report collectively beat consensus revenue estimates by 8% in Q2, with share prices up 24.8% on average since the latest earnings results. Biogen posted the group's best quarter, with revenues of $2.74 billion, up 3.4% year on year and 12.1% above expectations, while Myriad Genetics delivered the weakest performance, reporting revenues of $190.7 million, down 10.5% year on year and 8.2% below expectations, alongside full-year revenue guidance that missed and a significant EPS miss. Gilead Sciences reported revenues of $7.80 billion, up 10.2% year on year and 6.2% above expectations, and Moderna reported revenues of $145 million, up 2.1% year on year and 35.8% above expectations, the biggest analyst estimate beat of the group. AbbVie's stock is up 2.9% since reporting and currently trades at $264.79.

Eisai and U.S. pharmaceutical giant Biogen announced on the 16th that the subcutaneous formulation of lecanemab, a treatment for Alzheimer's disease sold under the brand name Leqembi, has received manufacturing and marketing approval from the Ministry of Health, Labour and Welfare. The product, named Leqembi Subcutaneous Injection 250mg Pen, can be administered in about 15 seconds per pen, with two pens used per dose. Until now, patients needed intravenous infusions at a hospital once every two weeks, but the subcutaneous formulation will allow once-weekly self-administration at home. Doctor prescriptions and hospital visits to confirm safety will still be required. Following deliberation and approval by the Central Social Insurance Medical Council, prescriptions are expected to begin between mid-November and mid-December, making this the third country to approve the subcutaneous version, after the United States and China.

Biogen executives said the company is advancing 10 Phase III programs with clinical readouts beginning in the fourth quarter as it works to offset declines in its legacy multiple sclerosis business and return to growth. Speaking at a Wells Fargo conference, Chief Financial Officer Robin Kramer said the pipeline is at a pivotal point for growth, with the Fit for Growth initiative redirecting investment from the MS portfolio into newer launches including LEQEMBI, SKYCLARYS and ZURZUVAE. Head of corporate development Adam Keeney said Biogen has expanded into immunology and nephrology through deals including the HI-Bio acquisition and its felzartamab asset, whose initial focus is antibody-mediated rejection in kidney transplantation, where there are no approved therapies and roughly 11,000 U.S. patients experience secondary rejection. The Apellis acquisition added commercial products and nephrology capabilities, including SYFOVRE in geographic atrophy, and Biogen expects the deal to be dilutive in 2026 mainly on interest expense while targeting roughly $250 million in annualized cost savings exiting next year and paying down the related debt by the end of 2027. Keeney said Biogen expects to focus more on earlier-stage business development through 2027, particularly in immunology, rare disease and neurology, and is not financially constrained for early-stage transactions.

Veeva Systems announced that Regeneron and Biogen have adopted its AI-powered Vault CRM suite globally, and introduced Veeva Falcon Safety, a new agentic safety operations product for biopharma clients. These moves expand Veeva's AI-focused offerings across commercial and safety workflows in life sciences, reinforcing its position as a key provider of industry-specific cloud software. With a market cap of about $45.5 billion, Veeva is a large specialist in healthcare software, and these global commitments signal deeper integration of its AI tools into core biopharma operations, potentially increasing switching costs and making multi-year relationships more durable. The company plans a November 2026 rollout for Falcon Safety, and investors will watch for early adopters and quantified updates in upcoming earnings calls to gauge traction.

Eisai Co., Ltd. and Biogen Inc. announced that China's National Medical Products Administration has approved the subcutaneous formulation of LEQEMBI (lecanemab) as an initiation treatment for early Alzheimer's disease, making it the first and only anti-amyloid therapy in China that enables at-home administration. The approval covers a once-weekly 500 mg regimen delivered via a subcutaneous autoinjector, offering an alternative to the intravenous infusion given every two weeks in a hospital. This marks the second country globally to approve the subcutaneous initiation treatment, following the United States in July 2026. The approval is based on data from the Phase 3 Clarity AD study and subcutaneous administration sub-studies, which showed equivalent exposure and similar safety and efficacy to the IV form. Eisai plans to launch the product in China during its fiscal year ending March 31, 2027, and estimates that there were 17 million patients with early Alzheimer's in China in 2024.

Josh Brown, CEO of Ritholtz Wealth Management, highlighted Incyte and Biogen as two of his top stock picks, saying he wanted to take a break from the AI capital expenditure theme. Brown praised Biogen for its strong fundamentals and earnings, but the focus here is on Incyte, which is up 22% this year. Incyte, which develops drugs for blood cancers and inflammatory skin diseases, reported a 38% rise in revenue and a 40% jump in net product sales in its latest quarter, beating estimates. Its key product Jakafi saw sales rise 7%, while Opzelura sales increased 24%. The company raised its full-year fiscal 2026 sales guidance by about 7% and lifted the Opzelura outlook by roughly 40%, and it expects about 10 clinical data readouts in the second half of fiscal 2026. Risks include Jakafi's potential loss of exclusivity in 2028 and competition from AbbVie's Rinvoq, which recently won European approval for vitiligo.

Veeva Systems reported a record second quarter for fiscal 2027, with total revenue of $928 million and non-GAAP operating income of $416 million, both exceeding guidance. The company achieved its best-ever CRM quarter, with two TOP20 biopharma customers, Lilly and Biogen, selecting Vault CRM, bringing the total to 12 of TOP20. Veeva Falcon, its agentic AI product, is generating high customer interest, with early adopters showing promising results and faster implementation. Commercial subscription revenue grew 13% year-over-year, with broad-based strength across CRM, content, data, and Crossix. The company also highlighted progress with its Aspen product, priced at $50 per user per month, and its partnership with IQVIA, which CEO Peter Gassner called one of the best things to happen to Veeva in the past 12 months.

Biogen has raised its non-GAAP EPS guidance, citing expected launch growth and five upcoming Phase 3 readouts in lupus, transplant and rare diseases. The company's shares trade at $214.35, about 10% below the average analyst price target, with a 30-day return of about 8% and a one-year total shareholder return of around 54%. A Simply Wall St narrative pegs Biogen's fair value at about $227.59, suggesting the stock is 5.8% undervalued, though its price-to-earnings ratio of 37.9x is well above the 17.8x industry average and a fair ratio of 29.1x. Key risks include intensifying competition in multiple sclerosis and Alzheimer's, or underperformance of launches like LEQEMBI and ZURZUVAE.

Biogen has completed its acquisition of RayThera Inc., a privately held biotechnology company focused on small-molecule immunology therapies. The deal strengthens Biogen's immunology portfolio with multiple assets, including a lead program that entered Phase 1 development in July 2026. Biogen's Executive Vice President and Head of Development Priya Singhal said the acquisition highlights strong execution on the company's open innovation model and continued investment in immunology as a strategic growth area.

Supernus Pharmaceuticals announced a definitive agreement to merge with Indivior Pharmaceuticals in a tax-free, all-stock transaction. The combined company will operate under the Supernus name and hold a portfolio of 11 FDA-approved drugs across neurology, addiction, and psychiatry. The deal, which is subject to shareholder and regulatory approvals, is expected to close in the fourth quarter and targets $125 million in annual cost synergies. Separately, Supernus reported second-quarter revenue of just over $219 million, a 32% increase driven by collaboration revenue from Biogen for Zurzuvae, but posted a net loss of over $58 million, or $1.01 per share, missing analyst profit estimates. The stock rose as much as 16% before closing 3% higher, outperforming the S&P 500's 1.5% gain.

South Korea's finance minister has initiated caps on single-stock leveraged ETFs, a first-of-its-kind move to quiet market volatility related to memory chip giant SK Hynix. The KOSPI index fell another 6% overnight, bringing its weekly decline to 15%, while SK Hynix shares dropped 1% after missing top and bottom line estimates in its first publicly traded earnings report, despite triple-digit increases in operating profits and sales. The broader market showed pre-market futures flat to down ahead of the Federal Reserve's interest rate decision, with the Dow off 340 points and the Nasdaq down 7. Saudi Arabia attacked Iran-backed forces in Iraq, widening the Middle East conflict and pushing spot oil prices back up, though they remain in the $80s per barrel. In earnings, Procter & Gamble beat fiscal Q4 earnings by 2 cents per share on revenues of $21.2 billion, Humana posted a 22.35% positive earnings surprise with $7.61 per share, and Biogen reported $3.60 per share, well above the $3.04 consensus.

Several companies made notable premarket moves following their latest quarterly reports. Biogen rose 0.7% after beating revenue consensus and raising its full-year adjusted EPS guidance. GE HealthCare Technologies surged 12% on second-quarter adjusted earnings per share of $1.13, topping the FactSet consensus of $1.04, and reaffirmed its 2026 earnings guidance. Ford Motor jumped 6% after beating adjusted earnings expectations and hiking its 2026 earnings outlook, though automotive revenue slightly missed LSEG estimates. Vertiv tumbled 13% as its 17.8% organic revenue growth fell well short of the 23.6% FactSet consensus. Generac gained 5.5% on adjusted earnings of $2.91 per share, beating the $2.01 forecast, and reiterated its revenue growth guidance. Procter & Gamble dropped over 3% after fiscal fourth-quarter revenue of $21.2 billion missed the $21.38 billion LSEG estimate, and net income fell to $3.04 billion from $3.62 billion a year ago. Deutsche Bank rose more than 2% after posting a record second-quarter after-tax profit of 1.9 billion euros. CoStar tumbled 15% on a revenue miss and current-quarter guidance of $935 million to $945 million, below the $967.5 million consensus. Rocky Brands surged 16% as adjusted earnings per share more than tripled year-over-year, aided by tariff refunds and strong double-digit growth in several brands. KLA Corp slid 7% after issuing disappointing guidance, while Seagate Technology rose 6% on an outlook that trounced expectations, and Western Digital gained 4% in sympathy. Manhattan Associates climbed 11% after beating estimates and raising full-year forecasts. Visa lost 2% as its 2026 guidance underwhelmed, and it announced plans to cut about 2,600 jobs. Teradyne surged 9% on beats across second-quarter results and third-quarter forecasts. NXP Semiconductors lost 1.7% as its third-quarter adjusted earnings guidance bracketed the LSEG estimate. Skyworks Solutions slumped 9% after adjusted margin of 44.9% narrowly missed the 45.0% expectation.

Global sales of Leqembi totaled 29.3 billion yen in the second quarter of 2026, generating a royalty of 179 million Swedish kronor for BioArctic, an increase of approximately 10 percent compared to the second quarter of 2025. The prior-year quarter included a one-time stockpiling effect in the Chinese market of around 5.3 billion yen; excluding that effect, royalty revenues grew approximately 43 percent year-over-year. The figures were reported by BioArctic's partner Eisai alongside Biogen's second-quarter results.

Biogen reported second-quarter profit and revenue that topped Wall Street estimates, driven by strong demand for its rare-disease medicines. The company earned an adjusted $3.60 per share, above the expected $2.95, while quarterly revenue reached $2.74 billion, surpassing the estimate of $2.46 billion. Global sales of its Alzheimer's drug Leqembi rose 15% to about $184 million, and Biogen expects a new under-the-skin formulation to boost uptake. However, the company cut its 2026 adjusted per-share profit forecast to between $12 and $13 from between $14.25 and $15.25, partly due to a $3.85 per share impact from acquisition-related charges, including an 85-cent-per-share hit from its $5.6 billion buyout of Apellis Pharmaceuticals. Sales of legacy multiple sclerosis drugs such as Tecfidera fell 13% to $963 million.

Zacks Equity Research has identified five biotech companies that are expected to beat earnings estimates in their upcoming second-quarter 2026 reports. The stocks are Harmony Biosciences, Acadia Pharmaceuticals, Biogen, Insmed, and Agios Pharmaceuticals, each combining a positive Earnings ESP with a Zacks Rank of 1, 2, or 3. Harmony Biosciences carries an Earnings ESP of +14.14% and a Zacks Rank #1, with a consensus estimate of 97 cents per share, and reports on August 4 before the open. Acadia Pharmaceuticals has an Earnings ESP of +25.00% and a Zacks Rank #2, with a consensus of 6 cents per share, reporting after the close on August 4. Biogen shows an Earnings ESP of +220.79% and a Zacks Rank #3, with a consensus of 94 cents per share, and reports on July 29 before the open. Insmed has an Earnings ESP of +22.32% and a Zacks Rank #3, with a consensus loss of 69 cents per share, reporting on August 6 before the open. Agios Pharmaceuticals has an Earnings ESP of +12.67% and a Zacks Rank #3, with a consensus loss of $1.86 per share, and reports on July 30 before the open.

The Parkinson's disease clinical trial pipeline has expanded significantly, with more than 150 companies now developing over 200 pipeline drugs, according to a new report from DelveInsight. Key companies such as NeuroDerm, Annovis Bio, Cerevance, Alto Neuroscience, Biogen, Denali Therapeutics, and Arrowhead Pharmaceuticals are evaluating new therapies, with approximately 11-plus drugs in late-stage development. Promising pipeline therapies include ND0612, Buntanetap, CVN424, ALTO-208, Pirepemat, ACD-856, DNL151, and NouvNeu001, among others, targeting mechanisms like alpha-synuclein inhibitors, GPR6 protein inhibitors, and dopamine receptor agonists. Recent milestones include Biogen and Denali Therapeutics reporting Phase IIb results for BIIB122 in May 2026, Cerevance completing enrollment in a pivotal Phase III trial for solengepras, and iRegene Therapeutics receiving RMAT designation for NouvNeu001 in January 2026. The report highlights a robust competitive landscape and ongoing advances in disease-modifying approaches for Parkinson's disease.

The U.S. FDA has granted priority review to a supplemental Biologics License Application seeking to expand the label of Roche and Biogen's kidney disease therapy Gazyva to include primary membranous nephropathy, a rare autoimmune condition. The drug already holds Breakthrough Therapy Designation for this indication, and the regulator is expected to decide on the application by November 2026. Gazyva is also under standard FDA review for a potential label expansion in systemic lupus erythematosus, with an approval decision anticipated by December 2026. The treatment is currently approved in the U.S. and EU for lupus nephritis.

Biogen has appointed Michael Parini as its new Chief Legal Officer, effective August 3, 2026. Parini will oversee the company's global legal and compliance functions, report directly to CEO Christopher Viehbacher, and join Biogen's executive leadership team. He brings more than two decades of biopharmaceutical leadership experience, most recently serving as CEO of Spur Therapeutics, and previously holding senior roles at Freeline Therapeutics, Vertex Pharmaceuticals, and Pfizer. Biogen stated the appointment is intended to strengthen its corporate affairs and strategic capabilities as it advances its growth strategy and pipeline. Shares of Biogen were trading up 1.62% at $195.05 following the announcement.

Biogen and Eisai announced that nearly 83% of early Alzheimer's disease patients treated with LEQEMBI remained stable or improved over an average of 17 months in the real-world LEADER study. The interim analysis of 432 patients found 75.9% stayed in the same disease stage and 6.6% transitioned from mild dementia back to mild cognitive impairment. The three-year multicenter retrospective study across 13 U.S. sites integrates patient charts, electronic medical records, and provider surveys to assess treatment persistence and outcomes. LEQEMBI is an antibody targeting amyloid beta that aims to slow cognitive decline by removing insoluble plaque and soluble protofibrils.

Biogen shares rose nearly 5% after the FDA approved a subcutaneous autoinjector version of Leqembi as an initiation dosing option for early Alzheimer's disease. The new formulation, marketed as Leqembi Iqlik, allows patients to start treatment with a once-weekly injection that takes about 15 seconds, eliminating the need for biweekly hour-long intravenous infusions during the initiation phase. Biogen plans to launch the product commercially by the end of next month. The approval is supported by clinical data showing drug exposure equivalent to the intravenous version. Leqembi, developed in collaboration with Japan-based Eisai, was initially approved in 2023 as a biweekly intravenous medication.

Biogen presented new data from its Phase 2 CELIA study of Diranersen at the Alzheimer's Association International Conference 2026, showing the investigational tau-targeting therapy slowed cognitive decline by 42% on ADAS-Cog13, 50% on MMSE, and 26% on CDR-SB at the 60 mg dose compared to placebo. Diranersen became the first tau-directed therapy to demonstrate robust reductions in both cerebrospinal fluid total tau of 50 to 65% and brain tau pathology measured by PET imaging. The therapy works by targeting MAPT mRNA to reduce production of all tau isoforms. Biogen plans to advance Diranersen into confirmatory Phase 3 development.

The US FDA has approved a subcutaneous version of Biogen and Eisai's Alzheimer's treatment Leqembi, called Leqembi Iqlik, for initiation and maintenance dosing, including at-home use. The initiation dose is 500 mg once weekly via two 250 mg injections, each lasting about 15 seconds, with maintenance dosing of 360 mg once weekly after 18 months. Patients can switch between the subcutaneous and intravenous versions of lecanemab during their therapy. Approval was supported by data showing the subcutaneous version had similar efficacy to the IV version.

The U.S. Food and Drug Administration has approved a once-weekly subcutaneous injection of LEQEMBI IQLIK as an initiation dose for early Alzheimer’s disease, making it the first anti-amyloid treatment worldwide to offer at-home dosing from the start of therapy. The approved initiation regimen is 500 milligrams given weekly as two 250-milligram injections via an autoinjector, with each injection delivered in approximately 15 seconds; patients may also use LEQEMBI IQLIK for maintenance dosing at 360 milligrams weekly after 18 months of intravenous or subcutaneous treatment. The approval is supported by sub-studies within the Phase 3 Clarity AD long-term extension showing that once-weekly subcutaneous administration achieved exposure equivalent to intravenous dosing, with a similar safety profile and comparable rates of amyloid-related imaging abnormalities. Eisai and Biogen plan a U.S. launch of LEQEMBI IQLIK as an initiation dose in late August 2026, with the product distributed through specialty pharmacies. LEQEMBI is indicated for adults with mild cognitive impairment or mild dementia due to Alzheimer’s disease, collectively referred to as early Alzheimer’s disease.

SK Hynix shares plunged 15% in South Korea, dragging down memory-chip peers after a brokerage report cast doubt on its quarterly profit estimates. The sell-off spread to U.S. stocks, with Micron Technology, Seagate Technology, and Sandisk all declining. Broader markets also fell, as the Nasdaq Composite slipped 1.06% and the S&P 500 dropped 0.49% amid growth-sector weakness and rising oil prices. WTI crude surged 4.6% to nearly $75 a barrel on renewed U.S.-Iran tensions, fueling inflation concerns and a shift into defensive stocks. Biogen bucked the trend, gaining after a Truist upgrade highlighted optimism for its Alzheimer's pipeline.

Several stocks made significant moves in midday trading. Braiin surged 62% after launching Aria, an AI agent for the real estate industry, with its CEO citing a scalable software opportunity in a market forecast to reach $32 billion by 2033. AppLovin tumbled 12%, making it the worst-performing S&P 500 member and on pace for its sixth daily loss in seven sessions. Biogen added nearly 2% after Truist upgraded the stock to buy from hold, citing potential upside from upcoming drug trial data. U.S.-listed shares of Nio rose 3% after Goldman Sachs upgraded the stock to buy from neutral, setting a $7 price target that implies 46% upside. SpaceX fell nearly 4% to a fresh post-IPO low, approaching its $135 offering price, despite the FAA clearing the way for a flight test. U.S.-listed shares of SK Hynix tumbled 8% after their Nasdaq debut, while Seoul-listed shares sank more than 15% in their worst day ever. Memory and chip stocks were under pressure, with the Roundhill Memory ETF down 9% and the iShares Semiconductor ETF off 4%. MGM Resorts International rose more than 1% after reports of private buyout talks with Barry Diller. Energy stocks gained as oil prices rose over 4% following President Trump's reinstatement of a blockade on Iranian ships, with Valero Energy up 4% and ConocoPhillips up nearly 3%. Shopify and Deckers Outdoor Group both rose about 2% after Jefferies upgraded them to buy.

SK hynix surged 13% on its Nasdaq debut, raising $26.5 billion in the largest U.S. equity sale by a foreign company ever, eclipsing Alibaba's $25 billion debut in 2014. Shares closed at $168.01 on Friday. Separately, Circle Internet Group jumped nearly 15% after receiving OCC approval to establish a national trust bank. Among Monday's analyst calls, Capital One was upgraded to Buy at HSBC with a $229 target, Biogen was raised to Buy at Truist with a $235 target, and Shopify was upgraded to Buy at Jefferies with a $160 target. Best Buy was cut to Hold at Loop Capital, Papa John's International was downgraded to Underperform at Bank of America with a $34 target, and Walt Disney was initiated with a Buy at Benchmark with a $115 target.

The systemic lupus erythematosus market is at a turning point as six late-stage emerging therapies advance toward potential approval, according to DelveInsight. The market, valued at approximately USD 3 billion in 2025 across the United States, EU4, the United Kingdom, and Japan, is projected to grow at a compound annual growth rate of 10.4% through 2036. Among the highlighted candidates, Biogen and Royalty Pharma's litifilimab has completed enrollment in two Phase III trials with topline results expected in the second half of 2026, while Roche has submitted regulatory applications for obinutuzumab and received FDA acceptance of its supplemental Biologics License Application with a decision anticipated by December 2026. Novartis' ianalumab is in Phase III studies with results expected in 2027 and a potential regulatory submission in 2028, Johnson & Johnson's nipocalimab received Fast Track Designation in March 2026, Idorsia Pharmaceuticals and Viatris' cenerimod is in two Phase III trials and also holds Fast Track Designation, and AbbVie's upadacitinib has advanced to Phase III testing following positive Phase II results.