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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.
Revenue by Geographic Location
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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