Biogen Q2 revenue $2.46B (-5% YoY); launches LEQEMBI, announces net $700M cost savings by 2025

BIOGEN INC.

2023-Q2 EPS reported $6.74 revenue$4,919,000,000

Q2 revenue $2,456M; GAAP EPS $4.07, non-GAAP EPS $4.02; EPS down 44% and 23% YoY respectively.
Launched Alzheimer's drug LEQEMBI in U.S. during Q2.
Fit for Growth program: ~$1B gross savings, ~$300M reinvested, net ~$700M by 2025; ~1,000 headcount reduction.
TECFIDERA EU regulatory protection extended to Feb 2, 2025; new SPINRAZA data in SMA post gene therapy.
Reaffirmed full-year 2023 guidance; R&D pipeline prioritization substantially complete.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BIOGEN INC. reported second quarter 2023 results: revenue $2,456 million, EPS $4.07. Guidance reaffirmed.

Period: second quarter 2023
Revenue: $2,456 million
EPS: $4.07
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Biogen reports second quarter 2023 results and reaffirms full year 2023 guidance; LEQEMBI launched in the U.S. Second quarter revenue $2,456 million; GAAP diluted EPS $4.07; Non-GAAP diluted EPS $4.02

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Source: SEC EDGAR

accession 0000875045-23-000027

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