Analyst Conference Call Summary

biotechnology

conference date: October 30, 2024 @ 5:30 AM Pacific Time
for quarter ending: September 30, 2024 (third quarter, Q3 2024)

Forward-looking statements

Overview: Zurzuvae and Leqembi sales in slow ramp.

Basic data (GAAP):

Revenues were $ billion, up % sequentially from $2.47 billion and from $ billion in the year-earlier quarter.

Net income $ million, up % sequentially from $584 million and down % from $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, up % sequentially from $4.00 and down % from $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher A. Viehbacher said: ""

In Q3 2024 Biogen utilized $1.15 billion of cash to acquire HI-Bio (Human Immunology Biosciences), expanding its immunology portfolio and bolstering its late-stage pipeline with the addition of three potential phase 3 program starts, including nephropathy.

Leqembi (lecanemab) for Alzheimer's patients global growth accelerated, with U.S. sales at $ million, up sequentially from $30 million, and global at $ million, up sequentially from $40 million. Now has a trial for Leqembi in preclinical AD, AHEAD 3-045. Also working on a subcutaneous formulation, maintenance dosing OLE study, and preclinical AD. Ramp has significant startup hurdles like PET scans, and costs for clinics, so slower than otherwise. Underlaying demand is strong, some providers are now treating multiple patients. Expanding field force by 30%. Partnered with Eisai. EU rejected, but Eisai seeking further review.

Biogen and Sage's Zurzuvae [zuranolone] for the treatment of major postpartum depression (PPD) main launch started in Q1 2024. Enourmous unmet need, good media coverage. Half million potential patients per year. Early indications are strong. Making progress with payers, number of prescribers. Medicaid revues by state are ongoing.

In Lupus has two potential therapies in Phase 3, Dapirolizumab Pegol and Litifilimab. Data expected soon.

Biogen currently has four more biosimilar programs in development. Biogen is considering strategic options for its biosimilar business.

Non-GAAP net income was $ million, up % sequentially from $771 million and up % from $ million year-earlier. Non-GAAP EPS diluted was $, up % sequentially from $5.28 and up % from $ year-earlier.

Total product revenue was $ billion, up % sequentially from $1.90 billion and up % from $ billion year-earlier. That excludes the Rituxan revenue, royalties and other revenue.

* unconsolidated joint business revenue, Anti-CD20 products
** mainly contract manufacturing

Cash and equivalents (including marketable securities) balance ended at $ billion, up sequentially from $1.91 billion. $ billion debt. $0 million was spent to repurchase shares. $ million cash flow from operations. $ million cap ex. $ million free cash flow. $2.1 billion remains authorized for share repurchases.

GAAP Cost of sales was $ million. R&D expense was $ million. SG&A expense $ million. Amortization of acquired intangible assets $ million. Collaboration profit sharing income $ million. Restructuring charges $ million. Other income $ million. Total cost and expenses $ billion. Leaving income from operations of $ million. Income tax $ million.

See also the Biogen product pipeline. The entire pipeline includes 27 clinical programs.

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