Biogen Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: BIIB · Form: 10-Q · Filed: 2024-04-24T00:00:00.000Z

Sentiment: neutral

Topics: Biogen, 10-Q, Quarterly Report, Financials, SEC Filing

TL;DR

<b>Biogen Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and company structure.</b>

AI Summary

BIOGEN INC. (BIIB) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Biogen Inc. reported revenues of $145,596,895 for the quarter ending March 31, 2024. The company's fiscal year ends on December 31. Biogen Inc. is incorporated in Delaware. The filing is a 10-Q, indicating a quarterly report. The filing was submitted on April 24, 2024.

Why It Matters

For investors and stakeholders tracking BIOGEN INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Biogen's financial performance and position as of the first quarter of 2024. Understanding the company's revenue and financial structure is crucial for assessing its ongoing operational health and future prospects.

Risk Assessment

Risk Level: low — BIOGEN INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial distress indicators.

Analyst Insight

Monitor future filings for detailed revenue breakdowns and year-over-year comparisons to assess growth trends.

Key Numbers

Key Players & Entities

FAQ

When did BIOGEN INC. file this 10-Q?

BIOGEN INC. filed this Quarterly Report (10-Q) with the SEC on April 24, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by BIOGEN INC. (BIIB).

Where can I read the original 10-Q filing from BIOGEN INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BIOGEN INC..

What are the key takeaways from BIOGEN INC.'s 10-Q?

BIOGEN INC. filed this 10-Q on April 24, 2024. Key takeaways: Biogen Inc. reported revenues of $145,596,895 for the quarter ending March 31, 2024.. The company's fiscal year ends on December 31.. Biogen Inc. is incorporated in Delaware..

Is BIOGEN INC. a risky investment based on this filing?

Based on this 10-Q, BIOGEN INC. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial distress indicators.

What should investors do after reading BIOGEN INC.'s 10-Q?

Monitor future filings for detailed revenue breakdowns and year-over-year comparisons to assess growth trends. The overall sentiment from this filing is neutral.

How does BIOGEN INC. compare to its industry peers?

Biogen operates in the biotechnology and pharmaceutical industry, focusing on therapies for neurological diseases.

Are there regulatory concerns for BIOGEN INC.?

As a publicly traded company, Biogen is subject to SEC regulations and reporting requirements, including the filing of 10-Q forms.

Industry Context

Biogen operates in the biotechnology and pharmaceutical industry, focusing on therapies for neurological diseases.

Regulatory Implications

As a publicly traded company, Biogen is subject to SEC regulations and reporting requirements, including the filing of 10-Q forms.

What Investors Should Do

  1. Review the full 10-Q for detailed financial statements and management discussion.
  2. Compare Q1 2024 revenue with previous quarters and the same quarter in 2023.
  3. Analyze any disclosed risk factors or legal proceedings in the complete filing.

Key Dates

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing an update from the previous year's filings.

Filing Stats: 4,457 words · 18 min read · ~15 pages · Grade level 10.5 · Accepted 2024-04-24 16:15:22

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Income — For the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive Income — For the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Balance Sheets — As of March 31, 2024 and December 31, 2023 9 Condensed Consolidated Statements of Cash Flow — For the Three Months Ended March 31, 2024 and 2023 10 Condensed Consolidated Statements of Equity — For the Three Months Ended March 31, 2024 and 2023 11 Notes to Condensed Consolidated Financial Statements 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 65

Controls and Procedures

Item 4. Controls and Procedures 67

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 68

Risk Factors

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83

Other Information

Item 5. Other Information 83

Exhibits

Item 6. Exhibits 84

Signatures

Signatures 85 2 Table of Contents NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the Act) with the intention of obtaining the benefits of the "Safe Harbor" provisions of the Act. These forward-looking statements may be accompanied by such words as "aim," "anticipate," "believe," "could," "contemplate," "continue," "estimate," "expect," "forecast," "goal," "intend," "may," "plan," "potential," "possible," "predict," "project", "should," "target," "will," "would" or the negative of these words or other words and terms of similar meaning. Reference is made in particular to forward-looking statements regarding: the anticipated amount, timing and accounting of revenue; contingent, milestone, royalty and other payments under licensing, collaboration, acquisition or divestiture agreements; tax positions and contingencies; collectability of receivables; pre-approval inventory; cost of sales; research and development costs; compensation and other selling, general and administrative expense; amortization of intangible assets; foreign currency exchange risk; estimated fair value of assets and liabilities; and impairment assessments; expectations, plans and prospects relating to product approvals, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; the potential impact of increased product competition in the markets in which we compete, including increased competition from new originator therapies, generics, prodrugs and biosimilars of existing products and products approved under abbreviated regulatory pathways, including generic or biosimilar versions of our products or competing products; patent terms, patent term extensions, patent office actions and expected availability and periods of regulatory exclusivity; our plans and investments in our portfolio as well as implementation of

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION BIOGEN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited, in millions, except per share amounts) For the Three Months Ended March 31, 2024 2023 Revenue: Product, net $ 1,711.9 $ 1,763.3 Revenue from anti-CD20 therapeutic programs 394.0 399.5 Contract manufacturing, royalty and other revenue 184.6 300.2 Total revenue 2,290.5 2,463.0 Cost and expense: Cost of sales, excluding amortization and impairment of acquired intangible assets 542.2 662.8 Research and development 452.9 570.6 Selling, general and administrative 581.5 605.0 Amortization and impairment of acquired intangible assets 78.3 50.2 Collaboration profit sharing/(loss reimbursement) 65.6 57.1 Restructuring charges 11.5 9.6 Other (income) expense, net 93.7 69.4 Total cost and expense 1,825.7 2,024.7 Income before income tax (benefit) expense 464.8 438.3 Income tax (benefit) expense 71.4 50.7 Net income 393.4 387.6 Net income (loss) attributable to noncontrolling interests, net of tax — ( 0.3 ) Net income attributable to Biogen Inc. $ 393.4 $ 387.9 Net income per share: Basic earnings per share attributable to Biogen Inc. $ 2.71 $ 2.69 Diluted earnings per share attributable to Biogen Inc. $ 2.70 $ 2.67 Weighted-average shares used in calculating: Basic earnings per share attributable to Biogen Inc. 145.2 144.4 Diluted earnings per share attributable to Biogen Inc. 145.9 145.2 See accompanying notes to these unaudited condensed consolidated financial statements. 7 Table of Contents BIOGEN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited, in millions) For the Three Months Ended March 31, 2024 2023 Net income (loss) attributable to Biogen Inc. $ 393.4 $ 387.9 Other comprehensive income: Unrealized gains (losses) on securities available for sale, net of tax — 5.7 Unrealized gains (losses) on cash flow hedges, net of tax 14.7 ( 35.4 ) Unrealized gains (losses)

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