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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%.
Revenue by Segment
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.
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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