Biogen surprises Wall Street with a strong Q2, driven by booming rare-disease drugs, even as legacy MS meds lag. The $5.6B Apellis acquisition fuels growth hopes, but eats into profits—lowering 2026 EPS guidance to $12–13/share. Still, the company’s Alzheimer’s drug Leqembi gains momentum with a new, easier injection method poised to boost adoption and future sales.
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