| BIIB |
Report |
Total revenue |
IN-LINE |
pred ~$2.50B vs. cons $2.47B |
MEDIUM |
| BIIB |
Report |
Non-GAAP EPS (incl. ~$0.95 IPR&D charge) |
BEAT |
pred ~$0.90 vs. cons $0.79 |
LOW |
| BIIB |
Report |
Growth portfolio revenue (LEQEMBI/SKYCLARYS/ZURZUVAE/QALSODY) |
BEAT |
pred ~$920M vs. cons ~$895M |
MEDIUM |
| BIIB |
Guide |
FY2026 non-GAAP EPS (first Apellis-inclusive guide) |
LOWER |
guide ~$13.75 (midpoint) vs. cons ~$14.25 (FY2026) |
MEDIUM |
| BIIB |
Guide |
FY2026 total revenue (Apellis-inclusive) |
BETTER |
guide ~$9.9B vs. cons ~$9.7B (FY2026) |
LOW |
| BIIB |
Guide |
FY2026 IPR&D / other-expense drag (Q3 ~$290-320M charge flagged) |
LOWER |
guide ~$0.55B IPR&D + ~$125M Apellis other expense vs. cons ~$0.35B (2H26) |
MEDIUM |
| BIIB |
Guide |
SYFOVRE/EMPAVELI 2H26 contribution |
UNKNOWN |
guide ~$0.5B vs. cons ~$0.5B (2H26) |
LOW |
| BIIB |
Return |
Day-1 residual (stock − beta × S&P 500) |
-2.5% |
— |
LOW |
| BIIB |
Return |
5-day cumulative residual |
-4.0% (FADE) |
Even if the underlying revenue and growth-portfolio print beat, the headline is distorted by the ~$0.95 Q2 IPR&D charge and the pre-flagged ~$1.75-1.95 Q3 charge. The first Apellis-inclusive FY26 guide bakes in ~$120-130M financing/other expense and additional IPR&D, so consensus out-period EPS gets cut even on an operational beat. With the stock already re-rated ~16% YTD into the low-$200s and the unresolved diranersen Phase 3 overhang, elevated positioning plus downward EPS revisions drive a fade rather than follow-through. |
LOW |