Swedish biopharmaceutical firm BioArctic AB reported a SEK 6 million operating loss in the second quarter of 2026, narrowing from a SEK 179 million profit in the prior-year period, as operating expenses climbed 19% to SEK 232 million amid accelerated research and development investments.
The company’s recurring revenue approached SEK 200 million per quarter, driven by Leqembi royalties totaling SEK 179.4 million, a 12% increase quarter-over-quarter and 27% year-over-year. Global Leqembi sales reached ¥29.3 billion (~$184 million) in Q2 2026, up 12% sequentially and 27% year-over-year, with U.S. sales of ¥15.5 billion (~$97 million) leading growth. Eisai has guided full-year Leqembi sales to ¥143.5 billion (~$910 million), implying BioArctic’s royalties could reach approximately SEK 880 million from Q2 2026 to Q1 2027.
BioArctic’s net revenues remained flat at SEK 248 million year-over-year, though the prior-year period included a SEK 223 million one-time milestone payment from Eisai. The company paid a SEK 177 million dividend (SEK 2 per share) in June, while its cash position rose to over SEK 2.3 billion by late July following a $30 million upfront payment from Eli Lilly under a partnership agreement valued at up to $800 million plus royalties. The Lilly deal includes $770 million in remaining milestones, with the total portfolio representing over $3 billion in potential payments.
Operating costs surged to SEK 232 million, with R&D accounting for 75% of underlying expenses. Full-year 2026 operating costs are projected to increase by 40% to 60% from 2025 levels, reflecting ongoing investments in pipeline expansion. BioArctic’s shares fell 4.93% to $328 following the presentation, down from a prior close of $345, though the stock remains near its 52-week high of $364.40.
Regional Leqembi sales showed mixed performance, with Japan declining 6% quarter-over-quarter to ¥6.1 billion (~$38 million) despite flat sequential figures, while China grew 17% to ¥4.8 billion (~$30 million). The U.S. market continued to expand, rising 13% sequentially to ¥15.5 billion (~$97 million).
Clinical data presented at the Alzheimer’s Association International Conference highlighted real-world outcomes from the LEADER study, which tracked 432 patients across 13 U.S. clinical practices. Among those treated for more than 18 months, 78.9% transitioned to maintenance therapy and remained on treatment, while 82.5% of all patients were stable or improved. Severe amyloid-related imaging abnormalities-edema (ARIA-E) occurred in 0.2% of patients.
BioArctic’s leadership emphasized the strategic validation of its BrainTransporter technology, with Chief R&D Officer Johanna Fälting noting Lilly’s selection of the platform for next-generation central nervous system therapies. CEO Gunilla Osswald described the company as a global leader in two core areas: its highly selective antibody platform and BrainTransporter technology. Chief Commercial Officer Anna Grönblad highlighted Medicare Part D coverage beginning in January 2027 as a "commercial game changer" for U.S. market penetration.
