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Analyst Conference Call Summary |
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biotechnology
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Biogen Inc.
|
Therapy Revenue in Millions |
Q2 2024 |
Q1 2024 |
Q2 2023 |
y/y % |
Tecfidera | $252 | $254 | $254 | -1% |
Vumerity | 166 | 128 | 146 | 14% |
Avonex + Plegridy | 183 | 244 | 220 | -17% |
Tysabri | 462 | 431 | 483 | -4% |
Fampyra | 19 | 19 | 23 | -17% |
Spinraza | 429 | 341 | 437 | -2% |
Qalsody | 5 | 5 | 1 | 400% |
Skyclarys | 100 | 78 | 0 | na% |
Benepali | 117 | 119 | 109 | 7% |
Imraldi | 53 | 55 | 59 | -10% |
Flixabi | 13 | 18 | 20 | -35% |
Byooviz | 14 | 6 | 7 | 100% |
Zurzuvae | 15 | 12 | 0 | na% |
other: Aduhelm | 3 | 15 | 3 | na% |
Rituxan*Gazyva, Lunsumio | 103 | 87 | 104 | 0% | Ocrevus royalty | 336 | 303 | 326 | 3% |
Other non-product** | 121 | 185 | 177 | -32% |
* unconsolidated joint business revenue, Anti-CD20 products
** mainly contract manufacturing
Cash and equivalents (including marketable securities) balance ended at $1.91 billion, up sequentially from $1.07 billion. $6.3 billion debt. $0 million was spent to repurchase shares. $626 million cash flow from operations. $34 million cap ex. $592 million free cash flow. $2.1 billion remains authorized for share repurchases.
GAAP Cost of sales was $46 million. R&D expense was $514 million. SG&A expense $554 million. Amortization of acquired intangible assets $87 million. Collaboration profit sharing income $62 million. Restructuring charges $7 million. Other income $85 million. Gain on sale of PRV $89 million. Total cost and expenses $1.77 billion. Leaving income from operations of $699 million. Income tax $115 million.
See also the Biogen product pipeline. The entire pipeline includes 27 clinical programs.
Q&A selective summary:
Was 2023 the trough year for earnings? Increased guidance shows we turned the corner on the bottom line. We don't guide beyond 2024. We are pleased with the progress of our product launches. We hope 2023 was the trough year.
EMA Leqembi decision? Disappointed in the negative decision. We believe the benefit/risk ratio is positive. We will apply for reexamination after we receive the CHMP assessment issues. We believe the long-term data and real-world data we generated should address their issues.
Angelman syndrome drop out? Did not think the probability of success was enough to justify continued investment, based on data. Will be disciplined about all data readouts and continuation of programs.
Any pushback on Leqembi, amyloid hypothesis? On the ground, the ones who are prescribing are the ones we have worked with to understand the data. We don't hear pushback about cost/benefit. The real world feedback is very positive. So we are not seeing pushback. But it will take time and patience to build the market. Entry of Lilly will help accelerate this marketplace.
Business Development appetite? Probably outside of neuroscience. Possible immunology and rare diseases. We would like another Reata type acquisition, but those come along rarely. We are not desperate to do a deal. New product launches late decade is a priority for us. We could also do more collaborations.
Lupus program? Phase 3 readout coming soon. Dapi is an add on to standard therapy, looking for long term effects. But even if positive, would need to run another Phase 3 trial.
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Copyright 2024 William P. Meyers