Summary
Biogen Inc.'s 2015 10-K filing highlights a year of significant revenue growth, driven primarily by the strong performance of TECFIDERA, its multiple sclerosis (MS) treatment. Total revenues increased by 10.9% to $10.76 billion, with product revenues reaching $9.19 billion. The company also saw contributions from newer hemophilia treatments, ELOCTATE and ALPROLIX, and continued to benefit from its collaboration with Genentech on RITUXAN and GAZYVA. In 2015, Biogen underwent a corporate restructuring, including workforce reductions and program discontinuations, aimed at reinvesting savings into key commercial activities and pipeline advancement. The company also actively managed its capital allocation, returning approximately $5.0 billion to shareholders through its share repurchase program and investing in strategic acquisitions and manufacturing capabilities, including land in Switzerland for a new biologics facility. The company also filed applications for ZINBRYTA (daclizumab high yield process) in the EU and US for MS, and initiated Phase 3 studies for aducanumab, a potential Alzheimer's disease treatment.
Financial Highlights
56 data points| Revenue | $10.76B |
| Cost of Revenue | $1.24B |
| Gross Profit | $9.52B |
| SG&A Expenses | $2.11B |
| Operating Expenses | $5.87B |
| Operating Income | $4.89B |
| Interest Expense | $95.50M |
| Net Income | $3.55B |
| EPS (Basic) | $15.38 |
| EPS (Diluted) | $15.34 |
| Shares Outstanding (Basic) | 230.70M |
| Shares Outstanding (Diluted) | 231.20M |
Key Highlights
- 1Total revenues grew by 10.9% to $10.76 billion in 2015, with product revenues up 12.0% to $9.19 billion, largely driven by TECFIDERA's 25.1% revenue increase.
- 2Biogen repurchased approximately $5.0 billion of its common stock in 2015.
- 3The company announced a corporate restructuring in October 2015, including an 11% workforce reduction and discontinuation of certain programs, aiming to reinvest savings into key commercial activities and pipeline advancement.
- 4Key regulatory milestones were achieved for ZINBRYTA (daclizumab high yield process) with marketing authorization applications validated by the EMA and accepted by the FDA for relapsing forms of MS.
- 5Biogen initiated two global Phase 3 studies for aducanumab (BIIB037) for early Alzheimer's disease, with FDA agreement on the study protocols.
- 6The company invested in expanding manufacturing capabilities, acquiring land in Switzerland for a new biologics facility and purchasing a drug product manufacturing facility in North Carolina.
- 7Biogen's joint venture, Samsung Bioepis, received a positive opinion from the EMA for BENEPALI (etanercept biosimilar) and had its Marketing Authorization Application validated by the EMA for FLIXABI (infliximab biosimilar).