BIIB · Biogen Q2 FY2026 earnings call record财报电话会记录

“We've done a number of key collaborations like Vanqua and Dayra last year, the acquisition of RayThera this year also substantially boosts our early-stage pipeline.”

“The Biogen standalone growth products, excluding our Apellis, SYFOVRE, and EMPAVELI revenue, was $933 million, up 9% year-over-year and 10% quarter-over-quarter.”

“Our growth portfolio has been further strengthened with the addition of SYFOVRE and EMPAVELI from the Apellis transaction, which generated $128 million in combined revenue for the period post the May 14th acquisition date.”

“We expect approximately $120 million-$130 million of impact to our other income expense lines in both 2026 and 2027 associated with intrinsic expense and foregone interest income associated with financing the transaction.”

“Non-GAAP cost of sales as a percentage of revenue was 22% in Q2 2026 versus 21% last year.”

“This reflects approximately $95 million of Apellis operating expenses from the May 14th acquisition date through the end of the quarter.”

“As we previously announced, we recorded $164 million of acquired IPR&D and milestone charges associated with our investments in the development pipeline in the second quarter of 2026, including a $100 million upfront to TJ Bio associated with the acquisition of the felzartamab rights in China, giving us worldwide rights to felzartamab.”

“We exited the quarter with $1.3 billion of cash and $6.8 billion of net debt.”

“Based on the expected revenue performance of our base business, including our growth products and TYSABRI, our guidance update reflects a $0.60 increase in the underlying business guidance as compared to our previous guidance.”

“Incorporates approximately a $3 non-GAAP diluted EPS impact of charges associated with IPR&D and milestones, including the Q2 TJ Bio transaction, the Ionis milestone associated with achieving the first patient dosed in STELLAR-1, our pivotal Phase III salanersen study in SMA, and the pending RayThera transaction associated with the addition of a Phase I immunology asset into the early-stage pipeline, which is expected to close in Q3, and the expected full-year 2026 $0.85 dilution associated with the Apellis transaction, again, largely driven by the impact of financing costs.”

“Maybe also as part of that answer, can you just talk about how meaningful is the impact from patients switching back to HD to overall volumes for the product as well?”

“11,000 patients, and if you took even the Otsuka price for IGAN of $350,000, you're getting somewhere between a $3 billion and $4 billion market.”