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Biogen
🇺🇸 NASDAQ:BIIB
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Jun 30, 2021

Biogen Q2 2021 Earnings Report

Biogen's operational performance was satisfactory, marked by advancements in its MS therapies, the leading SMA therapy, and the first approved therapy addressing Alzheimer's disease pathology. Positive data in depression and stroke were reported, and compassionate use access for tofersen was initiated.

Key Takeaways

Biogen reported a 25% decrease in total revenue compared to the prior year, with $2,775 million. GAAP diluted EPS was $2.99, and Non-GAAP diluted EPS was $5.68. The company received accelerated approval for ADUHELM and FDA Breakthrough Therapy designation for lecanemab.

Total revenue for the second quarter was $2,775 million, a 25% decrease year-over-year.

GAAP diluted EPS was $2.99, while Non-GAAP diluted EPS was $5.68.

Received accelerated approval for ADUHELM in the U.S. for Alzheimer's disease.

Advanced a diversified neuroscience pipeline with positive readouts in Phase 3 study in depression and Phase 2a study in stroke.

Total Revenue
$2.78B
Previous year: $3.68B
-24.6%
EPS
$5.68
Previous year: $10.3
-44.6%
Effective Tax Rate
-70%
Previous year: 22%
-418.2%
GAAP R&D
$585M
Previous year: $648M
-9.7%
GAAP SG&A
$637M
Previous year: $555M
+14.8%
Gross Profit
$2.32B
Previous year: $3.27B
-29.2%
Cash and Equivalents
$3.05B
Previous year: $4.33B
-29.5%
Free Cash Flow
$1.16B
Previous year: $1.84B
-37.3%
Total Assets
$24.5B
Previous year: $25.5B
-4.1%

Biogen

Biogen

Biogen Revenue by Segment

Biogen Revenue by Geographic Location

Forward Guidance

Biogen updated its full year 2021 financial guidance, expecting total revenue between $10.65 to $10.85 billion and Non-GAAP diluted EPS between $17.50 to $19.00. Capital expenditures are projected to be $375 to $425 million. This guidance assumes moderate ADUHELM revenue and erosion of TECFIDERA and RITUXAN in the U.S.

Positive Outlook

  • Total revenue is expected to be between $10.65 to $10.85 billion.
  • Non-GAAP diluted EPS is projected to be between $17.50 to $19.00.
  • The company expects to utilize a portion of the remaining share repurchase authorization of $3,550 million throughout 2021.
  • Assumes foreign exchange rates as of June 30, 2021, will remain in effect for the remainder of the year, net of hedging activities.
  • Capital expenditures are expected to be between $375 to $425 million.

Challenges Ahead

  • Guidance continues to assume modest ADUHELM revenue in 2021, ramping thereafter.
  • Guidance also continues to assume erosion of TECFIDERA and RITUXAN in the U.S.
  • Decreased revenue from these high margin products to reduce its gross margin percentage compared to 2020.
  • Non-GAAP R&D expense is expected to be between $2.45 billion and $2.55 billion, an increase from prior guidance primarily due to an expected $125 million upfront payment in the third quarter of 2021 associated with our recently announced collaboration with InnoCare Pharma Limited (InnoCare).
  • Non-GAAP SG&A expense is expected to be between $2.6 billion and $2.7 billion, consistent with our previous guidance.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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