Analyst Conference Call Summary

biotechnology

conference date: February 12, 2025 @ 5:30 AM Pacific Time
for quarter ending: December 31, 2024 (fourth quarter, Q4 2024)

Forward-looking statements

Overview:

Basic data (GAAP):

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

Net income $ million, down % sequentially from $389 million and up from negative $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, down % sequentially from $2.66 and up from negative $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher A. Viehbacher said: ""

In Q3 2024 Dapirolizumab pegol for systemic lupus erythmatosus (SLE) Phase 3 data was positive. Detailed data presented in November at ACR. A second Phase 3 study will start this year.

Leqembi (lecanemab) for Alzheimer's patients global growth accelerated, with U.S. sales at $ million, up sequentially from $39 million, and global at $ million, up sequentially from $67 million. Not in table below because Biogen gets half of net after expenses. 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. Large infusion centers set up to meet growing demand. 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 reviews by state are ongoing. In Q3 2024 sales exceeded expectations.

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

Non-GAAP net income was $ million, down % sequentially from $596 million and down % from $ million year-earlier. Non-GAAP EPS diluted was $, down % sequentially from $4.08 and down % from $ year-earlier.

Total product revenue was $ billion, down % sequentially from $1.77 billion and down % 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, down sequentially from $1.7 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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