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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%.
Biogen
Biogen
Biogen Revenue by Segment
Biogen Revenue by Geographic Location
Revenue by Segment
Multiple Sclerosis Revenue
CapyFin.comRare Disease Revenue
CapyFin.comBiosimilars Revenue
CapyFin.comSPINRAZA Revenue
CapyFin.comSKYCLARYS Revenue
CapyFin.comTECFIDERA Revenue
CapyFin.comVUMERITY Revenue
CapyFin.comAVONEX Revenue
CapyFin.comPLEGRIDY Revenue
CapyFin.comTYSABRI Revenue
CapyFin.comFAMPYRA Revenue
CapyFin.comBENEPALI Revenue
CapyFin.comIMRALDI Revenue
CapyFin.comFLIXABI Revenue
CapyFin.comFUMADERM Revenue
CapyFin.comOCREVUS Royalties Revenue
CapyFin.comRITUXAN/GAZYVA Rev Revenue
CapyFin.comOther Revenues Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com 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