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Mar 31, 2023
Biogen Q1 2023 Earnings Report
Biogen reported first quarter results and reaffirmed full year guidance.
Key Takeaways
Biogen's first quarter 2023 revenue reached $2,463 million, with a GAAP diluted EPS of $2.67 and a Non-GAAP diluted EPS of $3.40. The company is focused on potential launches in Alzheimer’s disease and ALS, while also prioritizing R&D and optimizing its operating model.
Continued progress on three potential launches in 2023.
LEQEMBI FDA Accelerated Approval received; traditional approval filing submitted.
Zuranolone New Drug Application accepted in the U.S. with Priority Review.
Advisory Committee agreed on potential clinical benefit of tofersen for SOD1-ALS.
Revenue by Geographic Location
Forward Guidance
Biogen reaffirms its full year 2023 guidance, expecting a mid-single digit percentage decline in total revenue versus 2022 and Non-GAAP diluted EPS between $15.00 and $16.00.
Positive Outlook
- Guidance assumes foreign exchange rates as of March 31, 2023, will remain in effect for the remainder of the year, net of hedging activities.
- Reaffirms full year 2023 revenue guidance.
- Reaffirms full year 2023 Non-GAAP diluted EPS guidance.
- Focus on execution of three potential launches in 2023.
- Diligent in prioritizing R&D pipeline.
Challenges Ahead
- Guidance does not include any impact from potential acquisitions or large business development transactions or pending and future litigation, as all are hard to predict.
- Guidance does not include any impact of potential tax or healthcare reform.
- Potential acquisitions or large business development transactions could cause actual results to vary from this financial guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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