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Sep 30, 2021
Biogen Q3 2021 Earnings Report
Biogen reported a decrease in revenue compared to the prior year, but continued to execute well across its MS, SMA and biosimilars businesses.
Key Takeaways
Biogen reported third quarter 2021 financial results, with total revenue of $2,779 million and GAAP diluted EPS of $2.22. The potential uptake of ADUHELM in the U.S. is delayed, but the company continues to believe in its long-term potential. Biogen has continued to execute well across its leading MS, SMA and biosimilars businesses.
Third quarter revenue was $2,779 million, a decrease of 18% versus the prior year.
GAAP diluted EPS was $2.22, while Non-GAAP diluted EPS was $4.77.
A rolling submission was initiated for lecanemab (BAN2401) in the U.S.
Phase 3 data was reported for tofersen in SOD1 ALS.
Revenue by Geographic Location
Forward Guidance
Biogen is updating its full year 2021 guidance ranges. Total revenue is expected to be between $10.8 and $10.9 billion, and Non-GAAP diluted EPS is expected to be between $18.85 and $19.35.
Positive Outlook
- Total revenue is expected to be between $10.8 and $10.9 billion.
- Non-GAAP diluted EPS is expected to be between $18.85 and $19.35.
- Capital expenditures are expected to be between $250 and $300 million.
- The company expects to utilize a portion of the remaining share repurchase authorization of $2,800 million through the end of 2021.
- This guidance assumes that foreign exchange rates as of September 30, 2021, will remain in effect for the remainder of the year, net of hedging activities.
Challenges Ahead
- This financial guidance assumes minimal ADUHELM revenue in 2021, ramping thereafter.
- This guidance also continues to assume erosion of TECFIDERA and RITUXAN in the U.S.
- Biogen expects the decreased revenue from these high margin products to reduce its gross margin percentage compared to 2020.
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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