Summary
Biogen Inc. reported solid financial results for the nine months ended September 30, 2016, with total revenues of $8.58 billion, an increase of 8.2% year-over-year. Diluted earnings per share attributable to Biogen Inc. reached $13.92, a notable increase from $11.57 in the prior year period. The company's strong performance was driven by robust sales growth in key products like TECFIDERA, TYSABRI, ELOCTATE, and ALPROLIX, alongside contributions from newly launched biosimilars BENEPALI and FLIXABI. Significant strategic developments during the period include the announced intention to spin off the hemophilia business into a new company, Bioverativ Inc., expected in early 2017. The company also made progress on key pipeline candidates, including nusinersen for spinal muscular atrophy (SMA) which met its primary endpoint in a Phase 3 trial and for which an NDA was filed. In addition, ZINBRYTA received regulatory approvals for multiple sclerosis in the U.S. and EU. The company ended the period with a strong liquidity position, with total cash, cash equivalents, and marketable securities of approximately $7.41 billion.
Financial Highlights
52 data points| Revenue | $2.96B |
| Cost of Revenue | $416.90M |
| Gross Profit | $2.54B |
| SG&A Expenses | $462.70M |
| Operating Expenses | $1.53B |
| Operating Income | $1.43B |
| Interest Expense | $66.00M |
| Net Income | $1.03B |
| EPS (Basic) | $4.72 |
| EPS (Diluted) | $4.71 |
| Shares Outstanding (Basic) | 218.90M |
| Shares Outstanding (Diluted) | 219.40M |
Key Highlights
- 1Total revenues for the nine months ended September 30, 2016, increased by 8.2% to $8.58 billion compared to the prior year.
- 2Diluted earnings per share (EPS) attributable to Biogen Inc. grew to $13.92 for the nine months ended September 30, 2016, up from $11.57 in the same period last year.
- 3Product revenues increased by 8.5% to $7.32 billion for the nine months ended September 30, 2016, driven by strong performance in Multiple Sclerosis (MS) therapies, notably TECFIDERA and TYSABRI, and hemophilia products ELOCTATE and ALPROLIX.
- 4The company announced plans to spin off its hemophilia business into an independent company, Bioverativ Inc., expected to be completed in early 2017.
- 5Key pipeline developments include nusinersen meeting its primary endpoint in a Phase 3 trial for infantile-onset SMA, leading to an NDA filing and EMA MAA submission.
- 6ZINBRYTA, a new MS therapy, received FDA and EMA approval and began sales in the third quarter of 2016.
- 7The company ended the period with a healthy balance sheet, reporting $7.41 billion in cash, cash equivalents, and marketable securities, while total borrowings remained relatively stable.