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Biogen
🇺🇸 NASDAQ:BIIB
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•
Mar 31, 2024

Biogen Q1 2024 Earnings Report

Biogen's financial performance reflected growth in GAAP EPS and Non-GAAP EPS, driven by cost savings and new product launches.

Key Takeaways

Biogen reported a decrease in total revenue by 7% year-over-year, but an increase in both GAAP and Non-GAAP EPS. The company is reaffirming its full-year financial guidance with Non-GAAP EPS expected to grow by approximately 5%. LEQEMBI launch uptake accelerated and SKYCLARYS launch is progressing well.

First quarter revenue was $2.3 billion, a 7% decrease year-over-year.

GAAP diluted EPS increased by 1% to $2.70, while Non-GAAP diluted EPS increased by 8% to $3.67.

LEQEMBI in-market sales nearly tripled compared to the previous quarter, with significant new patient starts observed in March.

Full year 2024 financial guidance reaffirmed, expecting Non-GAAP EPS growth of approximately 5%.

Total Revenue
$2.2B
Previous year: $2.46B
-10.7%
EPS
$3.67
Previous year: $3.4
+7.9%
Effective Tax Rate
15.4%
Previous year: 12%
+28.3%
Gross Profit
$1.51B
Previous year: $1.8B
-16.1%
Cash and Equivalents
$1.07B
Previous year: $2.9B
-62.9%
Free Cash Flow
$507M
Previous year: $389M
+30.4%
Total Assets
$26.6B
Previous year: $24.6B
+8.0%

Biogen

Biogen

Biogen Revenue by Segment

Biogen Revenue by Geographic Location

Forward Guidance

Biogen continues to expect Non-GAAP diluted EPS of $15.00 to $16.00, representing EPS growth of approximately 5% versus 2023 at the mid-point. Total revenue is expected to decline by a low- to mid-single digit percentage vs. 2023 and expect core pharmaceutical revenue to be flat vs. 2023. Operating income is expected to grow low-double digit percentage vs. 2023 with expected mid-single digit percentage point operating margin improvement

Positive Outlook

  • Non-GAAP diluted EPS guidance reaffirmed at $15.00 to $16.00, reflecting approximately 5% growth.
  • Core pharmaceutical revenue expected to be relatively flat compared to 2023.
  • Operating income expected to grow at a low-double digit percentage.
  • Improvement in cost of sales as a percentage of total revenue expected.
  • Lower operating expenses expected as a result of the Fit for Growth program.

Challenges Ahead

  • Total revenue expected to decline by a low- to mid-single digit percentage.
  • Further declines in multiple sclerosis product revenue are expected.
  • Financial guidance does not include any impact from potential acquisitions or large business development transactions.
  • Guidance excludes impact of pending and future litigation, which are hard to predict.
  • Potential tax or healthcare reform impacts are not included in the financial guidance.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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