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Jun 30, 2020
Biogen Q2 2020 Earnings Report
Reported strong financial results and completed the BLA submission for aducanumab.
Key Takeaways
Biogen reported Q2 2020 revenues of $3.7 billion, a 2% increase compared to Q2 2019. GAAP diluted EPS increased 22% to $9.59, while Non-GAAP diluted EPS increased 12% to $10.26. The company completed the submission of the BLA for aducanumab in Alzheimer's disease in the U.S.
Total revenues were $3,682 million, a 2% increase versus the second quarter of 2019.
GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. were $1,542 million and $9.59, respectively.
Non-GAAP net income and diluted EPS attributable to Biogen Inc. were $1,651 million and $10.26, respectively.
Biogen completed the submission of a BLA to the FDA for aducanumab as a treatment for Alzheimer’s disease.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Biogen provided an update to its full year 2020 financial guidance.
Positive Outlook
- Revenue is expected to be approximately $13.8 billion to $14.2 billion.
- GAAP and Non-GAAP R&D expense is expected to be approximately 16% to 17% of total revenues.
- GAAP and Non-GAAP SG&A expense is expected to be approximately 17.5% to 18.5% of total revenues.
- GAAP tax rate is expected to be approximately 18.5% to 19.5%.
- Non-GAAP tax rate is expected to be approximately 18% to 19%.
Challenges Ahead
- GAAP diluted EPS is expected to be between $32.00 and $34.00.
- Non-GAAP diluted EPS is expected to be between $34.00 and $36.00.
- This financial guidance does not include any operational impact from the potential entry of generic versions of TECFIDERA in the U.S. in 2020.
- This financial guidance does not include any impact from potential acquisitions or large business development transactions, as both are hard to predict.
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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