Biogen Inc. (BIIB) earnings on July 29, 2026

BIIB price around the earnings

209.23

Change: +1.8%

Start of the measured window End of the measured window

201.87 207.09 212.31 217.53 205.61

July 29, 2026

Price: green if it ends above the starting price; red if it ends below
Start of the measured window
End of the measured window
Market open
Starting price

Price series around the event

Prior thesis

Prior outlook: Pessimistic Outcome: Partial

Thesis published: 2026-07-29, 09:59 UTC
Results released: 2026-07-29, 10:18 UTC

Strong past earnings and analyst upside offset by negative trend strength, mixed revisions, and deteriorating trajectory into event.

Context analyzed before publication

Trend: Sharply deteriorating: -9.1 → -52.8 over 7 days; negative 30d trend strength worsening into earnings.

Analysts

Evidence

Analyst consensus: Buy
Consensus average (1-5): 1.89
Analysts covering the stock: 30
Average price target: 228.76
Lowest price target: 157
Highest price target: 300
Upside to price target: 11.3%
Quarterly earnings growth: 32.8%
Revenue growth: 1.9%
Forward EPS: 16.48
Trailing EPS: 9.56
Analyst moves in the last 60 days: 9

Strong buy: 3
Buy: 19
Hold: 12
Sell: 1
Strong sell: 0

Strong buy: 3
Buy: 19
Hold: 12
Sell: 1
Strong sell: 0

July 21, 2026 · Guggenheim: Maintains rating (Buy → Buy)
July 21, 2026 · B of A Securities: Maintains rating (Neutral → Neutral)
July 13, 2026 · Truist Securities: Upgrades rating (Hold → Buy)
July 8, 2026 · Morgan Stanley: Maintains rating (Equal-Weight → Equal-Weight)
July 7, 2026 · RBC Capital: Maintains rating (Outperform → Outperform)
June 29, 2026 · Needham: Maintains rating (Buy → Buy)
June 18, 2026 · Morgan Stanley: Maintains rating (Equal-Weight → Equal-Weight)
June 15, 2026 · Mizuho: Maintains rating (Outperform → Outperform)
June 8, 2026 · Needham: Upgrades rating (Hold → Buy)

News and sentiment

Evidence

Sentiment

Sentiment: Constructive
Mention volume: Low
Normalized volume: 33%

News

Sources (9)

Guggenheim Maintains Buy on Biogen, Raises Price Target to $280 (opens in a new tab) — Benzinga
B of A Securities Maintains Neutral on Biogen, Lowers Price Target to $215 (opens in a new tab) — Benzinga
Why Is Biogen Stock Falling Tuesday? (opens in a new tab) — Benzinga
Eisai And Biogen Present Real‑World LEADER Study Data At AAIC Showing Nearly 83% Of Early Alzheimer’s Patients Remained Stable Or Improved On LEQEMBI Therapy Over ~17 Months, With Consistent Results Across Diverse Groups. (opens in a new tab) — Benzinga
Biogen's Diranersen Demonstrates Efficacy Throughout All Doses In Phase 2 CELIA Trial Of Alzheimer’s Disease; Consistent Efficacy Seen Across Multiple Prespecified Secondary Endpoints Including Clinical Dementia Rating Sum Of Boxes (opens in a new tab) — Benzinga
Eisai Co And Biogen Receive FDA's Approval For A Supplemental Biologics License Application For A Once-Weekly Lecanemab-Irmb Subcutaneous Injection As An Initiation Dose For The Treatment Of Early Alzheimer’s Disease; U.S. Launch Of LEQEMBI IQLIK As An Initiation Dose Planned For Late August 2026 (opens in a new tab) — Benzinga
This Biogen Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday (opens in a new tab) — Benzinga
Truist Securities Upgrades Biogen to Buy, Raises Price Target to $235 (opens in a new tab) — Benzinga
Reported Sunday, Eisai And Biogen's LEQEMBI SC-AI Data At AAIC 2026 Reinforces Case For Early, Continuous Alzheimer's Treatment With Greater Administration Optionality (opens in a new tab) — Benzinga

Technicals

Evidence

Price when the context was analyzed: 206.23
Average true range (ATR): 3.5%
Distance to 52-week high: -7.6%
14-day change (14d): +7.5%
30-day change (32d): -4.5%
30-day relative strength: -6.1%
SPY change (32d): +1.6%
Nearest support: 205.94
Distance to nearest support: 0.1%
Nearest resistance: 207.92
Distance to nearest resistance: 0.8%
Volume accumulation ratio (14d / 46d): 1.53

Mid: 205.94 (0.1% away, 0.04 ATR, 23 touches)
Major: 203.12 (1.5% away, 0.43 ATR, 37 touches)
Mid: 201.06 (2.5% away, 0.72 ATR, 28 touches)

Mid: 207.92 (0.8% away, 0.23 ATR, 12 touches)
Major: 209.72 (1.7% away, 0.48 ATR, 28 touches)
Mid: 211.87 (2.7% away, 0.78 ATR, 13 touches)

Trends

Evidence

Average earnings surprise: +27.9%

April 29, 2026: actual EPS 3.57 vs estimate 2.89 (surprise +23.6%)
February 6, 2026: actual EPS 1.99 vs estimate 1.62 (surprise +23.2%)
October 30, 2025: actual EPS 4.81 vs estimate 3.88 (surprise +23.9%)
July 31, 2025: actual EPS 5.47 vs estimate 3.88 (surprise +41.0%)

Expected move

Implied move: +4.3%
Source: Options chain

Reactions over its last 20 earnings

Median move: 2.1%
75th percentile move: 4.9%
90th percentile move: 6.2%
Up / down moves: 6 / 14
Average up move: +3.7%
Average down move: -2.8%

Monitoring and close

What Biogen Inc. reported

Status: Finished

Actual EPS	3.6
EPS estimate	2.96
EPS surprise	+21.6%
Revenue	$2,736 million
Revenue estimate	$2,458 million
Revenue surprise	+11.3%

Biogen beat Q2 estimates but cut 2026 guidance. New report shows 3% revenue growth driven by acquisitions and portfolio strength, offering a more nuanced outlook.

Sources (25)

Biogen Inc (BIIB) Q2 2026 Earnings Call Highlights: Strong Growth in Core Pharmaceuticals and ... (opens in a new tab) — GuruFocus.com
Biogen Inc. Q2 2026 Earnings Call Summary (opens in a new tab) — Moby
Biogen Boosts Profit Forecast with Growth Across Alzheimer's, Rare Disease Portfolio (opens in a new tab) — Benzinga
Why Biogen Stock Is Resisting a Market Downturn After Earnings (opens in a new tab) — Barrons.com
Biogen Inc. (BIIB) Q2 2026 Earnings Call Transcript (opens in a new tab) — SeekingAlpha
Biogen's Q2 Earnings Beat, New Drugs Drive Sales, 2026 Guidance Raised (opens in a new tab) — Zacks
Biogen Q2 Earnings Call Highlights (opens in a new tab) — MarketBeat
Biogen (BIIB) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates (opens in a new tab) — Zacks
CORRECTION: Biogen Raises FY2026 Adj EPS Guidance from $15.25-$16.25 to $15.85-$16.85 vs $12.83 Est (opens in a new tab) — Benzinga
Biogen Beats Second-Quarter Expectations as Growth Portfolio Drives Revenue Higher (opens in a new tab) — InvestorsHub
Biogen (NASDAQ:BIIB) Reports Upbeat Q2 CY2026 (opens in a new tab) — StockStory
Why This Drugmaker’s Earnings Guidance Cut Doesn’t Tell the Full Story (opens in a new tab) — Barrons.com
Barclays Maintains Equal-Weight on Biogen, Raises Price Target to $200 (opens in a new tab) — Benzinga
Biogen Inc. (BIIB) Q2 Earnings and Revenues Top Estimates (opens in a new tab) — Zacks
Biogen: The Turnaround Is Real Enough To Buy (Rating Upgrade) (opens in a new tab) — SeekingAlpha
Earnings roundup: Biogen’s ‘resiliency,’ AstraZeneca’s growth pitch and GSK’s oncology push (opens in a new tab) — BioPharma Dive
Biogen Q2 revenue, adjusted EPS beat estimates as growth portfolio lifts sales (opens in a new tab) — Investing.com
Sales of Leqembi® totaled 29.3 billion yen in the second quarter 2026 (opens in a new tab) — Yahoo
Biogen Raises Revenue Guidance as Growth Portfolio Outpaces Legacy Blockbuster Drugs (opens in a new tab) — Barrons.com
Biogen Cuts FY Adjusted View as Profit Declines (opens in a new tab) — The Wall Street Journal
Biogen beat expectations with adjusted EPS of $3.60 versus $2.96 estimate, and revenue of $2.736B above $2.458B. — Benzinga
Biogen Q2 Adj. EPS $3.60 Beats $2.96 Estimate, Sales $2.736B Beat $2.458B Estimate (opens in a new tab) — Benzinga
Biogen Lowers FY2026 Adj EPS Guidance from $14.25-$15.25 to $12.00-$13.00 vs $12.83 Est (opens in a new tab) — Benzinga
Biogen Inc. 2026 Q2 - Results - Earnings Call Presentation (opens in a new tab) — SeekingAlpha
Tech Earnings, Fed Meeting: What to Watch the Rest of the Week (opens in a new tab) — The Wall Street Journal

Pre-market second reading after the results

Verdict: Beat expectations

Heading into the open, the figures don't clearly confirm the prior scenario.

How the stock reacted

Outcome: Partial
Consolidated: +1.8%
Max favorable move (MFE): 1.9%
Max adverse move (MAE): 6.3%