Biogen Q4 2019 Earnings Report
Key Takeaways
Biogen reported Q4 2019 revenues of $3.671 billion, a 4% increase compared to Q4 2018. GAAP diluted EPS was $8.08, a 71% increase, while Non-GAAP diluted EPS was $8.34, a 19% increase. Full year 2019 revenues were $14.378 billion, a 7% increase year-over-year.
Total revenues reached $3.671 billion, a 4% increase year-over-year.
GAAP diluted EPS increased by 71% to $8.08.
Non-GAAP diluted EPS increased by 19% to $8.34.
Company plans to submit a regulatory filing for aducanumab in Alzheimer’s disease.
Biogen
Biogen
Biogen Revenue by Segment
Biogen Revenue by Geographic Location
Forward Guidance
Biogen announced its full year 2020 financial guidance, which includes revenue expected to be approximately $14.0 billion to $14.3 billion and Non-GAAP diluted EPS is expected to be between $31.50 and $33.50.
Positive Outlook
- Revenue is expected to be approximately $14.0 billion to $14.3 billion.
- GAAP and Non-GAAP R&D expense is expected to be approximately 15% to 16% of total revenue.
- GAAP and Non-GAAP SG&A expense is expected to be approximately 19.5% to 20.5% of total revenue.
- GAAP and Non-GAAP tax rate is expected to be approximately 18% to 19%.
- GAAP diluted EPS is expected to be between $29.50 and $31.50.
Challenges Ahead
- Financial guidance does not include any impact from potential acquisitions or large business development transactions.
- Guidance assumes no generic competition in the U.S. for TECFIDERA in 2020
- Guidance assumes no change to foreign exchange rates.
- Guidance assumes additional commercial and R&D expenses related to aducanumab
- Guidance assumes closing of the proposed transaction with Pfizer Inc., and a stable share count.
Revenue & Expenses
Visualization of income flow from segment revenue to net income