The Apellis acquisition closed May 14 with revenue continuity as the key metric, enabling faster-than-expected high-dose SPINRAZA conversion across Japan, Europe, and the US. Gross margin was 71.6 percent amid product mix shifts, while operating cash flow of $1.09 billion and free cash flow of $1 billion supported integration and three new IND filings without rapidly depleting the $1.28 billion cash balance. Outlook centers on LEQEMBI IQLIK home dosing, an $8 billion lupus opportunity plus $2 billion each for AMR and Dravet, and five binary registrational readouts over the next four quarters.

Company: Biogen Inc. (BIIB) — Q2 FY2026

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