Biogen completed its acquisition of RayThera, a privately held biotech developing small-molecule immunology therapies, on August 6, just over a week after posting a second-quarter beat that lifted shares nearly 5%. The deal adds a lead program that entered Phase 1 trials in July 2026, and follows Biogen's $5.6 billion purchase of Apellis Pharmaceuticals earlier in 2026. While Leqembi sales grew 15% year over year to $184 million and rare-disease revenue rose 11% to $602 million, multiple sclerosis drug revenue fell 13% to $963 million. Biogen raised its full-year revenue outlook to mid-single-digit growth but cut its 2026 adjusted EPS forecast to $12–$13 from $14.25–$15.25, citing a $3.85 per share impact from acquisition-related charges. Hedge fund ownership slipped from 64 to 59 funds, and short interest stands at 3.92% of float, with shares trading at a forward P/E of 18.05 as of September 1.
Biogen IncCut 2026 EPS guidance due to acquisition charges, despite revenue raise.
Apellis Pharmaceuticals IncAcquired by Biogen, providing capital and resources for development.
