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Biogen
🇺🇸 NASDAQ:BIIB
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Mar 31, 2022

Biogen Q1 2022 Earnings Report

Biogen reported a decrease in revenue due to decline in multiple sclerosis and biosimilars revenue, and EPS was negatively impacted by ADUHELM inventory write-offs.

Key Takeaways

Biogen's first quarter 2022 results showed a decrease in revenue by 6% compared to the prior year, with GAAP diluted EPS at $2.06 and Non-GAAP diluted EPS at $3.62. The company is focusing on near-term operational priorities to drive renewed growth and value creation.

First quarter total revenue decreased 6% year over year to $2,532 million.

GAAP diluted EPS was $2.06, and Non-GAAP diluted EPS was $3.62, negatively impacted by ADUHELM inventory write-offs.

Biogen will substantially eliminate commercial infrastructure for ADUHELM due to Medicare coverage decision.

Company reaffirms 2022 financial guidance.

Total Revenue
$2.53B
Previous year: $2.69B
-6.0%
EPS
$3.62
Previous year: $5.34
-32.2%
Effective Tax Rate
36.2%
Previous year: 9.5%
+281.1%
GAAP R&D
$552M
GAAP SG&A
$635M
Gross Profit
$1.78B
Previous year: $2.22B
-19.8%
Cash and Equivalents
$3.75B
Previous year: $2.54B
+47.9%
Free Cash Flow
$104M
Previous year: $676M
-84.6%
Total Assets
$23.6B
Previous year: $23.9B
-1.0%

Biogen

Biogen

Biogen Revenue by Segment

Biogen Revenue by Geographic Location

Forward Guidance

Biogen reaffirms its full year 2022 financial guidance with total revenue expected to be between $9.7 to $10.0 billion and Non-GAAP diluted EPS between $14.25 to $16.00.

Positive Outlook

  • Reaffirming total revenue guidance of $9.7 to $10.0 billion.
  • Reaffirming Non-GAAP diluted EPS guidance of $14.25 to $16.00.
  • Expects to utilize a portion of the remaining share repurchase authorization of $2,800 million through the end of 2022.
  • Non-GAAP R&D expense is expected to be between $2.2 billion and $2.3 billion, unchanged from prior guidance.
  • Non-GAAP SG&A expense is expected to be between $2.3 billion and $2.4 billion, a decrease from prior guidance of $2.5 billion to $2.6 billion.

Challenges Ahead

  • Assumes continued declines in RITUXAN revenue due to biosimilar competition.
  • Assumes continued erosion of TECFIDERA revenue in the U.S. due to generic entry.
  • Assumes the potential entry of TECFIDERA generics in the E.U. during the second quarter of 2022.
  • Expects the decreased revenue from these high margin products as well as the ADUHELM inventory write-offs to reduce its gross margin percentage compared to 2021.
  • Assumes a currency headwind of approximately $120 million, net of hedging activities, to full year 2022 revenue and approximately $0.35 to full year 2022 Non-GAAP diluted EPS

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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