Biogen Q3 2022 Earnings Report
Key Takeaways
Biogen reported a revenue of $2,508 million for Q3 2022, a 10% decrease compared to the prior year. GAAP diluted EPS was $7.84, while Non-GAAP diluted EPS was $4.77. The company made significant progress with the Phase 3 study of lecanemab for early Alzheimer's disease and raised its full-year 2022 financial guidance.
Third quarter revenue reached $2,508 million.
GAAP diluted EPS was $7.84, and Non-GAAP diluted EPS was $4.77.
Positive topline results were achieved in the Clarity AD trial for lecanemab.
The company raised its full-year 2022 financial guidance.
Biogen
Biogen
Biogen Revenue by Segment
Biogen Revenue by Geographic Location
Forward Guidance
Biogen is updating its full year 2022 revenue and Non-GAAP diluted EPS guidance ranges. Total revenue is expected to be between $10.0 to $10.15 billion and Non-GAAP diluted EPS is expected to be between $16.50 to $17.15.
Positive Outlook
- Better-than-expected topline performance.
- Continued cost management.
- Guidance assumes continued declines in RITUXAN revenue due to biosimilar competition.
- Guidance assumes continued erosion of TECFIDERA® revenue due to generic entry.
- Non-GAAP R&D expense is expected to be between $2.2 billion and $2.3 billion, unchanged from prior guidance.
Challenges Ahead
- This guidance assumes that foreign exchange rates as of September 30, 2022, will remain in effect for the remainder of the year, net of hedging activities.
- This financial guidance does not include any impact from potential acquisitions or large business development transactions or pending and future litigation, as all are hard to predict, or any impact of potential tax or healthcare reform.
- Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2022 that could cause any of these assumptions to change and/or actual results to vary from this financial guidance.
- Biogen does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the Company is unable to predict with reasonable certainty the financial impact of items.
- These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income