Biogen Inc. Files Q3 2024 10-Q Report

Ticker: BIIB · Form: 10-Q · Filed: 2024-10-30T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, biotechnology

TL;DR

**Biogen Q3 10-Q filed. Financials and product performance details out.**

AI Summary

Biogen Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Specific revenue figures and product segment performance are outlined, reflecting the company's ongoing business activities in the biopharmaceutical sector.

Why It Matters

This report provides investors and analysts with crucial financial data and operational insights into Biogen's performance, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — Biogen operates in the highly regulated and competitive biopharmaceutical industry, facing risks related to drug development, clinical trials, regulatory approvals, and market competition.

Key Numbers

Key Players & Entities

FAQ

What were Biogen's total revenues for the nine months ended September 30, 2024?

The filing indicates revenue data for the nine months ended September 30, 2024, under the 'us-gaap:ProductMember' and 'biib:Revenuesfromanticd20therapeuticprogramsMember' categories, though specific total revenue figures are not explicitly stated in the provided snippet.

What is Biogen's fiscal year end?

Biogen Inc.'s fiscal year ends on December 31.

When was Biogen Inc. previously known as Biogen Idec Inc.?

Biogen Inc. was formerly known as Biogen Idec Inc. with a date of name change on April 27, 2007.

What is the SIC code for Biogen Inc.?

The Standard Industrial Classification code for Biogen Inc. is 2836, categorized under Biological Products (No Diagnostic Substances).

What is the filing date of this 10-Q report?

This 10-Q report was filed on October 30, 2024.

Filing Stats: 4,649 words · 19 min read · ~15 pages · Grade level 8.5 · Accepted 2024-10-30 16:31:22

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 and Nine Months Ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Comprehensive Income — For the Three and Nine Months Ended September 30, 2024 and 2023 9 Condensed Consolidated Balance Sheets — As of September 30, 2024 and December 31, 2023 10 Condensed Consolidated Statements of Cash Flow — For the Nine Months Ended September 30, 2024 and 2023 11 Condensed Consolidated Statements of Equity — For the Three and Nine Months Ended September 30, 2024 and 2023 12 Notes to Condensed Consolidated Financial Statements 14

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 52

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 80

Controls and Procedures

Item 4. Controls and Procedures 82

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 83

Risk Factors

Item 1A. Risk Factors 83

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 98

Other Information

Item 5. Other Information 98

Exhibits

Item 6. Exhibits 99

Signatures

Signatures 100 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 PSLRA) with the intention of obtaining the benefits of the "Safe Harbor" provisions of the PSLRA. 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 marketed 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 impl

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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Product, net $ 1,769.4 $ 1,805.2 $ 5,380.9 $ 5,414.3 Revenue from anti-CD20 therapeutic programs 446.2 420.9 1,284.7 1,253.8 Contract manufacturing, royalty and other revenue 250.2 304.2 555.6 781.2 Total revenue 2,465.8 2,530.3 7,221.2 7,449.3 Cost and expense: Cost of sales, excluding amortization and impairment of acquired intangible assets 638.7 659.6 1,726.9 1,915.1 Research and development 542.7 736.3 1,509.5 1,891.1 Selling, general and administrative 588.4 788.2 1,723.7 1,941.2 Amortization and impairment of acquired intangible assets 130.3 60.9 295.5 164.0 Collaboration profit sharing/(loss reimbursement) 69.3 50.5 197.3 164.5 (Gain) loss on fair value remeasurement of contingent consideration 23.8 — 23.8 — Restructuring charges 6.8 76.0 24.9 120.0 Gain on sale of priority review voucher, net — — ( 88.6 ) — Other (income) expense, net 14.8 300.0 193.7 248.2 Total cost and expense 2,014.8 2,671.5 5,606.7 6,444.1 Income (loss) before income tax (benefit) expense 451.0 ( 141.2 ) 1,614.5 1,005.2 Income tax (benefit) expense 62.5 ( 72.9 ) 249.0 92.6 Net income (loss) 388.5 ( 68.3 ) 1,365.5 912.6 Net income (loss) attributable to noncontrolling interests, net of tax — ( 0.2 ) — 1.2 Net income (loss) attributable to Biogen Inc. $ 388.5 $ ( 68.1 ) $ 1,365.5 $ 911.4 Net income (loss) per share: Basic earnings (loss) per share attributable to Biogen Inc. $ 2.67 $ ( 0.47 ) $ 9.38 $ 6.30 Diluted earnings (loss) per share attributable to Biogen Inc. $ 2.66 $ ( 0.47 ) $ 9.35 $ 6.26 Weighted-average shares used in calculating: Basic earnings (loss) per share attributable to Biogen Inc. 145.7 144.8 145.5 144.7 Diluted earnings (loss) per share attributable to Biogen Inc. 146.1

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