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Dec 31, 2020
Biogen Q4 2020 Earnings Report
Reported a decrease in revenue due to generic entry for TECFIDERA, while making progress in pipeline development and strategic collaborations.
Key Takeaways
Biogen reported Q4 2020 revenue of $2,853 million and GAAP EPS of $2.32. The company is awaiting regulatory decision on aducanumab for Alzheimer's disease and anticipates a financial reset in 2021 due to TECFIDERA generics.
Fourth quarter total revenues were $2,853 million, a 22% decrease versus the prior year.
Fourth quarter GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. were $358 million and $2.32, respectively.
Fourth quarter Non-GAAP net income and diluted EPS attributable to Biogen Inc. were $706 million and $4.58, respectively.
Aducanumab for Alzheimer’s disease currently under regulatory review in the U.S., E.U., and Japan with PDUFA date extended to June 7, 2021, in U.S.
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 expects full year 2021 revenue to be between $10.45 billion and $10.75 billion, Non-GAAP diluted EPS to be between $17.00 and $18.50, and capital expenditures to be between $375 million and $425 million.
Positive Outlook
- Assumes aducanumab will be approved in the U.S. by June 7, 2021.
- Expects an immediate launch of aducanumab with modest revenue in 2021, ramping thereafter.
- Anticipates utilizing a portion of the remaining share repurchase authorization of $4.6 billion throughout 2021.
- Expects Non-GAAP R&D expense to be between $2.35 billion and $2.45 billion.
- Estimates Non-GAAP SG&A expense to be between $2.6 billion and $2.7 billion, including support for the potential launch of aducanumab.
Challenges Ahead
- Expects a sharp decline of TECFIDERA in the U.S. during the first half of 2021.
- Anticipates significant erosion of RITUXAN in the U.S.
- Financial guidance assumes foreign exchange rates as of December 31, 2020, will remain in effect for the year, net of hedging activities.
- Guidance does not include any impact from potential acquisitions or large business development transactions.
- Guidance does not include any impact of potential tax or healthcare reform.
Revenue & Expenses
Visualization of income flow from segment revenue to net income