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Jun 30, 2022
Biogen Q2 2022 Earnings Report
Biogen's performance was marked by revenue declines due to generic and biosimilar competition, alongside progress in Alzheimer's and depression treatments and increased financial guidance.
Key Takeaways
Biogen reported a decrease in second-quarter revenue compared to the previous year, but raised its full-year financial guidance due to better-than-expected topline performance and continued cost management. The company continued to face revenue declines due to generic and biosimilar competition for TECFIDERA and RITUXAN. However, it made progress in bringing new potential treatments to patients suffering from Alzheimer’s disease and depression.
Second quarter revenue was $2,589 million, a 7% decrease year-over-year.
GAAP diluted EPS was $7.24, while Non-GAAP diluted EPS was $5.25.
FDA granted Priority Review for lecanemab in early Alzheimer’s disease, with a decision expected by January 6, 2023.
Joint U.S. regulatory filing for zuranolone in both major depressive disorder and PPD is expected in the second half of 2022.
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.comRevenue by Geographic Location
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CapyFin.com Forward Guidance
Biogen is updating its revenue and Non-GAAP diluted EPS guidance ranges for the full year 2022. The increase in full year 2022 revenue and Non-GAAP diluted EPS guidance is driven primarily by better-than-expected topline performance and continued cost management.
Positive Outlook
- Total revenue updated guidance from $9.7 to $10.0 billion to $9.9 to $10.1 billion
- Non-GAAP diluted EPS updated guidance from $14.25 to $16.00 to $15.25 to $16.75
- Guidance assumes continued declines in RITUXAN revenue due to biosimilar competition
- Guidance assumes continued erosion of TECFIDERA revenue in the U.S. due to generic entry
- Biogen expects to utilize a portion of the remaining share repurchase authorization of $2,300 million through the end of 2022.
Challenges Ahead
- This guidance assumes that foreign exchange rates as of July 15, 2022, will remain in effect for the remainder of the year, net of hedging activities.
- The Company has experienced a headwind of approximately $55 million to full year 2022 revenue and approximately $0.20 to full year 2022 Non-GAAP diluted EPS due to currency fluctuations, net of hedging activities, from April 29, 2022 through July 15, 2022.
- Guidance reflects a range of scenarios for the impact of TECFIDERA generics in the E.U., which is difficult to predict.
- Non-GAAP R&D expense is expected to be between $2.2 billion and $2.3 billion, unchanged from prior guidance.
- Non-GAAP SG&A expense is expected to be between $2.3 billion and $2.4 billion, unchanged from prior guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income