Biogen (BIIB) reported Q2 non-GAAP earnings Wednesday of $3.60 per diluted share, down from $5.47 a year earlier.

Analysts polled by FactSet expected $2.94.

Revenue for the quarter ended June 30 was $2.74 billion, compared with $2.65 billion a year earlier.

Analysts expected $2.46 billion.

For 2026, the company said it now expects non-GAAP earnings of $12 to $13 per diluted share, compared with its prior guidance of $14.25 to $15.25. Analysts expect $12.63.