BioArctic AB said second-quarter 2026 revenue was flat at SEK 248 million, as a SEK 223 million one-time milestone payment in Q2 2025 lapsed. Leqembi royalties rose 12% sequentially to SEK 179.4 million and 27% year-over-year, supported by Eisai’s reported global sales of JPY 29.3 billion (~$184 million) for the Alzheimer’s drug, up 12% from the prior quarter and 27% from a year earlier.
The company initiated the U.S. launch of Iqlik, the subcutaneous formulation of Leqembi with an auto-injector, during the week of the earnings call. BioArctic received a $30 million upfront payment from Eli Lilly in July, following FDA approval of Iqlik on July 13, 2026. Recurring revenues are approaching SEK 200 million per quarter, management said.
Operating costs climbed 20% to SEK 232 million, driven by R&D and commercial investments. Full-year 2026 operating expenses are projected to rise 40% to 60% from 2025, though BioArctic still expects to post a full-year profit. The company ended June with SEK 2.0 billion in cash, increasing to over SEK 2.3 billion after the Lilly payment.
BioArctic raised its full-year Leqembi royalty guidance to roughly SEK 880 million, based on Eisai’s updated sales forecast of JPY 143.5 billion (~$900 million) for 2026. The company also recognized SEK 51 million from a Novartis upfront payment in the quarter. Gross profit margin remained high at 94%, while the current ratio stood at 6.5.
Executives highlighted progress across multiple programs. CEO Gunilla Osswald emphasized BioArctic’s leadership in selective antibodies targeting misfolded proteins and the BrainTransporter platform. Chief Commercial Officer Anna Grönblad noted that Medicare Part D coverage for Leqembi, expected to begin in January 2027, would be a "commercial game changer." Chief R&D Officer Johanna Fälting said Lilly’s selection of BrainTransporter for next-generation CNS therapies validates the platform.
BioArctic paid a SEK 177 million dividend in June, equivalent to SEK 2 per share. Shares fell 4.64% to $329, below the 52-week high of $364.40 and above the low of $257, with a trailing P/E ratio of 138.
