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Biogen
🇺🇸 NASDAQ:BIIB
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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.

Total Revenue
$2.69B
Previous year: $3.53B
-23.8%
EPS
$5.34
Previous year: $9.14
-41.6%
Effective Tax Rate
9.5%
Gross Profit
$2.22B
Previous year: $3.08B
-28.1%
Cash and Equivalents
$2.54B
Previous year: $2.59B
-2.1%
Free Cash Flow
$676M
Previous year: $1.32B
-48.7%
Total Assets
$23.9B
Previous year: $26.1B
-8.7%

Biogen

Biogen

Biogen Revenue by Segment

Biogen 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.
  • 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

Company Overview

Full financial data and analysis

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