BioArctic reported SEK 248 million in net revenue for Q2 2026, flat compared with the prior-year period after excluding a SEK 223 million one-time milestone payment recorded in Q2 2025. Revenue growth was driven by a 27% year-over-year increase in Leqembi royalties, which reached SEK 179.4 million, up 12% sequentially from Q1 2026.
Global Leqembi sales reported by partner Eisai totaled JPY 29.3 billion (approximately $184 million), a 12% rise from Q1 and a 27% increase from Q2 2025. Eisai maintained its full-year 2026 Leqembi sales guidance at JPY 143.5 billion (about $900 million), implying roughly SEK 880 million in BioArctic royalties for the year. The company recognized SEK 51 million from a Novartis upfront payment during the quarter, while a $30 million upfront payment from Eli Lilly was received in July, lifting BioArctic’s cash position to more than SEK 2.3 billion.
Operating costs rose 20% year-over-year to SEK 232 million, contributing to a slightly negative operating profit in Q2. The company reiterated its full-year 2026 guidance for profitability despite the near-term loss, with operating expenses expected to increase 40% to 60% from 2025 levels, trending toward the lower end of the range. BioArctic maintained a gross profit margin of 94% and held SEK 2.0 billion in cash at the end of June.
The company paid a SEK 177 million dividend in June, equivalent to SEK 2 per share. BioArctic’s shares fell 4.64% following the results, trading around SEK 325.20, below its 52-week high of $364.40 and above its low of $257.00.
Management highlighted progress across multiple programs. The FDA approved Iqlik, the subcutaneous version of Leqembi with an auto-injector, on July 13, 2026, enhancing patient convenience by enabling home administration. BioArctic expects Japanese approval for the subcutaneous formulation in Q3 2026, with reimbursement and launch anticipated in Q4 2026. Medicare Part D coverage for Leqembi initiation and maintenance is projected to begin in January 2027, a development CEO Gunilla Osswald described as a "commercial game changer."
Clinical updates included real-world data from the LEADER study, which tracked over 400 patients across 13 sites. After an average of 17 months of Leqembi treatment, 83% of patients had not progressed to a more advanced disease stage, including 76% who remained stable and 6.5% who improved. Among patients treated for two years, 74% were stable and 9% improved. Nearly 80% of patients on treatment for more than 18 months transitioned to maintenance therapy.
BioArctic also provided updates on its pipeline. The exidavnemab EXIST study’s safety data review is ongoing, with results expected to be presented at the AAIC Congress in London. Full Phase IIa results for exidavnemab are anticipated in late 2026, with potential approval in China expected in the first half of 2027.
