Biogen Q1 EPS up 8% non-GAAP; LEQEMBI sales triple Q4 to $19M; reaffirms FY guide

BIOGEN INC.

2024-Q1 EPS reported $2.70 revenue$2,290,500,000

Q1 total revenue $2.3B (-7% YoY); GAAP diluted EPS $2.70 (+1%); Non-GAAP diluted EPS $3.67 (+8%).
LEQEMBI global in-market sales ~$19M, nearly triple Q4 2023; patients on therapy up ~2.5x since end 2023.
SKYCLARYS Q1 global revenue $78M; U.S. launch progressing, E.U. launch underway.
Full-year 2024 guidance reaffirmed: Non-GAAP EPS $15-16 (mid-point ~5% growth); operating margin improvement expected.
SPINRAZA U.S. revenue +1%, outside U.S. impacted by competition and shipment timing.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

BIOGEN INC. reported first quarter ended March 31, 2024 results: revenue $2.3 billion, EPS $2.70. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $2.3 billion
EPS: $2.70
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Biogen reports first quarter 2024 GAAP EPS growth of 1% and Non-GAAP EPS growth of 8% First quarter revenue $2.3 billion; GAAP diluted EPS $2.70; Non-GAAP diluted EPS $3.67 First quarter product revenue decreased 3% and total revenue decreased 7%, while GAAP operating income grew 10% and Non-GAAP operating income grew 24%; meaningful improvement in both gross and operating margins due to Fit for Growth program and R&D prioritization LEQEMBI launch uptake accelerated with first quarter global in-market sales of approximately $19 million, nearly triple the fourth quarter of 2023, and patients on therapy increasing nearly 2.5 times since the end of 2023. Significant increase in new patient starts observed in March which contributed over 20% of cumulative patients now on LEQEMBI. SKYCLARYS first quarter global revenue of $78 million with patient identification and access progressing in the U.S. and E.U. launch now successfully underway ZURZUVAE launch shows encouraging early trends SPINRAZ

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