Biogen closed its acquisition of Apellis Pharmaceuticals on May 14, adding Syfovre and Empaveli, two approved medicines, plus a kidney disease asset still in Phase 3 trials. The deal brought Biogen’s total to eight high-profile medicines on the market.\n\nBiogen’s second-quarter revenue hit $2.74 billion, beating consensus by roughly $280 million. Syfovre and Empaveli combined for $127.8 million, up 22% year over year.\n\nFull-year revenue guidance flipped from a mid-single-digit decline to a mid-single-digit gain. Non-GAAP EPS guidance still fell to $12-13 from $14.25-$15.25, an 85-cent hit from the deal’s dilution.\n\nCEO Chris Viehbacher says he’s done shopping at this size. After $6.6 billion spent this year on Apellis and RayThera combined, he’s calling the next phase “less intentional” and “more opportunistic,” hunting preclinical assets instead of another marketed franchise. That’s a company confident its growth gap is already filled.\n\nLitifilimab’s Phase 3 lupus data lands in the fourth quarter. That’s the trade that actually needs to work.\n\n— Diana Kowalski