Loading...
•
Dec 31, 2023
Biogen Q4 2023 Earnings Report
Biogen reported Q4 2023 earnings, with revenue of $2.4 billion and a return to Non-GAAP EPS growth expected in 2024.
Key Takeaways
Biogen reported Q4 2023 revenue of $2.4 billion, with GAAP diluted EPS of $1.71 and Non-GAAP diluted EPS of $2.95. The company is focusing on operational execution and building upon the progress of recent new product launches to drive sustainable growth. Full year 2024 financial guidance includes Non-GAAP EPS of $15.00 to $16.00, representing approximately 5% growth versus 2023 at the mid-point.
Q4 2023 revenue reached $2.4 billion; GAAP diluted EPS was $1.71, and Non-GAAP diluted EPS was $2.95.
Full year 2023 revenue totaled $9.8 billion; GAAP diluted EPS was $7.97, and Non-GAAP diluted EPS was $14.72.
Biogen is set to co-promote LEQEMBI in the U.S. and Japan, leveraging steady launch progress, with LEQEMBI also approved in China.
The rare disease portfolio expanded with SKYCLARYS, recently launched in the U.S. with approximately 1,000 patients on the drug, and received European Commission approval.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Biogen expects Non-GAAP EPS of $15.00 to $16.00 for the full year 2024, representing approximately 5% growth versus 2023 at the mid-point. Total revenue is expected to decline by a low- to mid-single digit percentage, while core pharmaceutical revenue is expected to be flat. Operating income is projected to grow at a low-double digit percentage, with mid-single digit percentage point operating margin expansion.
Positive Outlook
- Non-GAAP EPS growth of approximately 5% is expected for 2024.
- Core pharmaceutical revenue is expected to be relatively flat compared to 2023.
- Operating income is anticipated to grow at a low-double digit percentage.
- Cost of sales as a percentage of total revenue is expected to improve.
- The Fit for Growth program is expected to generate approximately $1 billion in gross savings and $800 million net of reinvestment by 2025.
Challenges Ahead
- Total revenue is expected to decline by a low- to mid-single digit percentage.
- Further declines in multiple sclerosis product revenue are expected.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...