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Mar 31, 2021
Biogen Q1 2021 Earnings Report
Biogen's financial performance remained stable across key product lines, with increased earnings guidance for the year.
Key Takeaways
Biogen reported a decrease in first-quarter revenue compared to the previous year, but saw consistent performance across its multiple sclerosis, spinal muscular atrophy, and biosimilars portfolios. The company raised its full-year earnings guidance, anticipating a transformative year with potential regulatory decisions and pivotal readouts.
First quarter revenue reached $2,694 million, a 24% decrease year-over-year.
GAAP diluted EPS was $2.69, while Non-GAAP diluted EPS was $5.34.
The company increased its full-year earnings guidance, expecting Non-GAAP diluted EPS between $17.50 and $19.00.
Regulatory filings for aducanumab were submitted in additional global markets, with a U.S. decision anticipated by June 7, 2021.
Biogen
Biogen
Biogen Revenue by Segment
Biogen Revenue by Geographic Location
Revenue by Segment
Multiple Sclerosis Revenue
CapyFin.comBiosimilars Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Biogen updated its full year 2021 financial guidance, maintaining total revenue expectations while increasing Non-GAAP diluted EPS guidance. The guidance assumes aducanumab approval in the U.S. and accounts for currency headwinds and erosion of TECFIDERA and RITUXAN revenue.
Positive Outlook
- Total revenue is expected to be between $10.45 and $10.75 billion.
- Non-GAAP diluted EPS is projected to be between $17.50 and $19.00.
- The guidance assumes aducanumab, an investigational treatment for Alzheimer’s disease, will be approved in the U.S. by June 7, 2021.
- Expects an immediate launch with only modest revenue in 2021, ramping thereafter, if aducanumab is approved in the U.S.
- The company expects to utilize a portion of the remaining share repurchase authorization of $4,000 million throughout 2021.
Challenges Ahead
- Financial guidance assumes a currency headwind of approximately $80 million due to the strengthening of the U.S. dollar.
- Guidance assumes rapid erosion of TECFIDERA in the U.S.
- Guidance also continues to assume significant erosion of RITUXAN in the U.S.
- Decreased revenue from TECFIDERA and RITUXAN is expected to reduce the gross margin percentage.
- Non-GAAP R&D and SG&A expenses are expected to increase beginning in the second quarter of 2021 due to new collaborations, program readouts, and aducanumab investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income