Loading...
•
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.
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 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