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Jun 30, 2024
Biogen Q2 2024 Earnings Report
Biogen reported strong financial results, driven by solid execution and positive momentum across new product launches. The company raised its full year 2024 financial guidance.
Key Takeaways
Biogen reported second quarter 2024 total revenue of $2.5 billion, GAAP diluted EPS of $4.00 and Non-GAAP diluted EPS of $5.28. The company is raising its full year 2024 financial guidance.
Total revenue was flat at actual currency and up 1% at constant currency year-over-year.
Core pharmaceutical revenue (product revenue + LEQEMBI) up 5% at actual currency and 6% at constant currency year-over-year.
GAAP and Non-GAAP operating income grew 34% and 43%, respectively, year-over-year (excluding PRV sale, GAAP and Non-GAAP operating income grew 18% and 30%, respectively).
LEQEMBI launch delivered accelerated sequential growth with second quarter global in-market sales of approximately $40 million, including U.S. in-market sales of approximately $30 million.
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
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Biogen is increasing its full year 2024 financial guidance.
Positive Outlook
- Non-GAAP EPS now expected to be between $15.75 and $16.25, representing EPS growth of approximately 9% at the mid-point versus full year 2023
- Now expect total revenue to decline by a low-single digit percentage versus 2023 with core pharmaceutical revenue expected to be roughly flat versus 2023
- Now expect operating income to grow at a mid- to high-teen percentage versus 2023 with expected mid-single digit percentage operating margin improvement
- Expects to reinvest the proceeds from the sale of one of the Company's two priority review vouchers in growth initiatives in 2024.
- Expects an improvement in the cost of sales as a percentage of total revenue for 2024 compared to 2023 driven by product mix and significantly lower idle capacity charges.
Challenges Ahead
- Total revenue is expected to decline by a low-single digit percentage versus 2023.
- Further declines in multiple sclerosis product revenue are expected.
- Financial guidance does not include any impact from potential acquisitions or large business development transactions or pending and future litigation.
- Guidance does not include any impact of potential tax or healthcare reform.
- Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2024 that could cause any of these assumptions to change and/or actual results to vary from this financial guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income