Biogen
Biogen makes patent-protected biologic drugs for MS, Alzheimer's, and rare diseases.
On the record
Checkpoint: Q2 2026 earnings, first full quarter with Leqembi Iqlik launch data versus Kisunla
The call
Biogen leans on Leqembi and new acquisitions for growth while its legacy MS drugs decline and patent cliffs near in 2030.
Biogen is a large drug company that develops and sells biological medicines for diseases like multiple sclerosis and Alzheimer's. The company is not easy to replace because its medicines are approved by the FDA, protected by patents, and backed by years of medical proof, plus it has strong relationships with hospitals and insurance companies. However, Eli Lilly just released a competing Alzheimer's drug called Kisunla that works about as well as Biogen's Leqembi, and Biogen's older best-selling MS medicine is losing patients each year. The key question over the next few months is whether Biogen's new at-home version of Leqembi attracts enough patients away from Kisunla to prove the company can still grow despite these headwinds.
Why
01
AI pressure: Isomorphic Labs (Alphabet-backed AI drug discovery). AI drug discovery labs could speed rivals' pipelines and shrink Biogen's research lead over time. Could AI do the core job? Unlikely.
02
Bigger players: Eli Lilly (Kisunla). Kisunla already splits Alzheimer's demand with Leqembi, Biogen's biggest growth bet, as patients weigh dosing options. Could a giant copy it? No, they are blocked.
03
What protects it. FDA approvals, patents, payer contracts, and decades of clinical data protect existing drug revenue.
What would change this call
Leqembi vs. Kisunla Alzheimer's market share reported in Biogen's Q2 2026 earnings, July 29, 2026. Shows whether Leqembi's new subcutaneous home dosing is winning patients back from Kisunla.
Apellis felzartamab Phase 3 kidney transplant rejection trial results, expected H1 2027. Determines whether the $5.6B Apellis acquisition delivers a major new approved growth product.
RayThera acquisition closing and regulatory clearance status, expected Q3 2026. Confirms whether Biogen's second pipeline-expanding acquisition proceeds without delay or blockage.
Apellis felzartamab Phase 3 kidney transplant rejection trial results, expected H1 2027. Determines whether the $5.6B Apellis acquisition delivers a major new approved growth product.
RayThera acquisition closing and regulatory clearance status, expected Q3 2026. Confirms whether Biogen's second pipeline-expanding acquisition proceeds without delay or blockage.
Key numbers
- $9.89B FY2025 revenue, first growth since 2019
- Leqembi Q1 2026 sales $168M, up 74% YoY
- FY2026 revenue guided down to $9.3 to $9.5B
Named risks
- Legacy MS franchise, ~45% of 2024 revenue, in structural decline as patents age.
- Eli Lilly's Kisunla at parity with Leqembi threatens Biogen's key Alzheimer's growth bet.
- Integration of two simultaneous 2026 acquisitions, Apellis and RayThera, already cutting EPS guidance.
- Spinraza patent expires 2030, removing ~16.2% of 2024 revenue base within the decade.
- Continued headcount reduction and research program cuts signal ongoing restructuring instability.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Eli Lilly | contesting | Kisunla at rough parity with Leqembi in Alzheimer's share as of Feb 24, 2026 |
| Roche | gaining on | Advancing trontinemab, re-entering Alzheimer's competition as of July 2026 |
| Novo Nordisk | gaining on | Exploring semaglutide in Alzheimer's as potential disruptive entrant, July 2026 |
| Takeda | losing to | Takeda struck AI-discovery deal with Iambic Feb 2026; Biogen has no equivalent frontier-lab AI partnership found |
Questions people ask
- Is Biogen profitable in 2026?
- Biogen remains profitable but guidance was cut: FY2026 non-GAAP EPS trimmed to $14.25-$15.25 from $15.25-$16.25 as of March 31, 2026, partly due to acquired IPR&D charges from the Apellis and RayThera deals, per 247wallst.
- Is Biogen's revenue growing or shrinking?
- FY2025 revenue hit $9.89 billion, up 2.2%, the first annual increase since 2019. But FY2026 guidance points to a mid-single-digit decline to $9.3-9.5 billion as of March 31, 2026, per FiercePharma, as the legacy MS franchise keeps eroding.
- Could AI replace Biogen's drug discovery work?
- Not directly. Biogen's value sits in FDA-approved, patent-protected biologics like Leqembi and Skyclarys backed by clinical trial data and payer contracts. AI is automating back-office forecasting and procurement (per CFO Robin Kramer, June 22, 2026) but hasn't replaced regulatory-gated drug approval assets.
- Who is Biogen's biggest competitor in Alzheimer's?
- Eli Lilly. Its drug Kisunla (donanemab) is at rough parity with Biogen's Leqembi in Alzheimer's market share as of February 24, 2026, per BioSpace, with Roche's trontinemab and Novo Nordisk's semaglutide also advancing as challengers.
- Is Biogen laying off workers in 2026?
- Yes, ongoing. Global headcount fell to about 8,492 by December 2025, down 16.1% from 10,119 in 2023, per Revelio Labs. In June 2026 Biogen also cut a 'small number' of roles among the roughly 740 employees acquired via Apellis.
- Is Biogen a safe company to join right now?
- It's contested. Biogen has FDA-approved biologics and payer contracts as a moat, but is mid-restructuring with headcount down 16% since 2023, digesting two 2026 acquisitions (Apellis, RayThera), and facing a declining MS franchise that was still ~45% of 2024 revenue.
Timeline
- 2026-07-14FDA approves Leqembi Iqlik subcutaneous induction dose, only at-home anti-amyloid option
- 2026-06-26Biogen ends most Apellis preclinical research, cuts small number of the ~740 Apellis employees
- 2026-06-18Biogen agrees to acquire private biotech RayThera for up to $1 billion
- 2026-05-14Biogen completes $5.6 billion acquisition of Apellis Pharmaceuticals
- 2026-03-31Biogen announces $5.6B Apellis deal; FY2026 revenue guided to $9.3-9.5B decline
- 2026-02-24Reported Eli Lilly's Kisunla at rough parity with Leqembi in Alzheimer's share
- 2025-12-31FY2025 revenue reaches $9.89 billion, up 2.2%, first annual growth since 2019
- 2025-01-22Biogen conducts undisclosed research-workforce cuts under new research head Jane Grogan
- 2023-07-25Biogen launches restructuring targeting $1 billion opex savings, cutting ~1,000 jobs
Revision history
20 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Biogen ponies up $5.6B for Apellis and its pair of approved meds, eyeing swift immunology tailwind (2026-03-31)
- Biogen Inc. Revenue (2026-04-28)
- How Biogen is transforming its pipeline, VC mindset and entrepreneurial spirit (2026-06-16)
- Biogen Inc. Earnings Trends (2026-05-24)
- Biogen Inc. (2026-07-20)
- Biogen Inc. Earnings (2026-07-01)
- Biogen Inc. Employees (2026-06-29)
- Biogen's cost-cutting will reduce its workforce by 1,000 by 2025 (2023-07-25)
- Biogen lays off research staff, shifts resources to external opportunities (2025-01-22)
- Biogen ends Apellis research programs, cuts small number of roles after $5.6B buyout (2026-06-26)
- Biogen Completes Acquisition of Apellis Pharmaceuticals (2026-05-14)
- Biogen Expands Immunology Pipeline with Agreement to Acquire RayThera Inc. (2026-06-18)