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Sep 30, 2024
Biogen Q3 2024 Earnings Report
Biogen reported third quarter results and raised full year financial guidance.
Key Takeaways
Biogen reported Q3 2024 revenue of $2.5 billion, with a GAAP diluted EPS of $2.66 and a Non-GAAP diluted EPS of $4.08. The company is increasing its full year 2024 Non-GAAP diluted EPS guidance to between $16.10 and $16.60.
Total revenue from product launches in the third quarter continued to offset year-over-year decline in multiple sclerosis product revenue
LEQEMBI third quarter global in-market sales of approximately $67 million, including U.S. in-market sales of approximately $39 million
Dapirolizumab pegol Phase 3 study met the primary endpoint in systemic lupus erythematosus
Nusinersen higher dose regimen showed statistically significant improvement in the pivotal cohort of the Phase 2/3 DEVOTE study; Biogen plans to submit regulatory applications globally
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Biogen is increasing its full year 2024 Non-GAAP diluted EPS guidance to between $16.10 and $16.60, representing Non-GAAP diluted EPS growth of approximately 11% at the mid-point versus full year 2023. The company continues to expect total revenue to decline by a low-single digit percentage, with core pharmaceutical revenue expected to be roughly flat versus full year 2023. Operating income is expected to grow at a high-teen percentage versus full year 2023 with mid-single digit percentage point operating margin improvement.
Positive Outlook
- Non-GAAP diluted EPS now expected to be between $16.10 and $16.60, representing Non-GAAP diluted EPS growth of approximately 11% at the mid-point versus full year 2023
- Maintaining expectation of a full year 2024 total revenue decline of a low-single digit percentage versus full year 2023 with core pharmaceutical revenue expected to be roughly flat versus full year 2023
- Expect operating income to grow at a high-teen percentage versus full year 2023
- Maintaining expectation of a mid-single digit percentage operating margin improvement
- Expect 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
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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