Full Press Release Details
Cambridge, Mass. - Feb. 13, 2024
Biogen reports fourth quarter and full year 2023 results and expects return to Non-GAAP EPS growth in 2024
Fourth quarter 2023 revenue $2.4 billion GAAP diluted EPS $1.71 Non-GAAP diluted EPS $2.95
GAAP and Non-GAAP diluted EPS negatively impacted by $0.35 related to previously disclosed closeout costs for ADUHELM
Full year 2023 revenue $9.8 billion GAAP diluted EPS $7.97 Non-GAAP diluted EPS $14.72
Biogen to co-promote LEQEMBI in U.S. and Japan, building off steady launch progress LEQEMBI approved in China
Expanding rare disease portfolio with SKYCLARYS, an innovative product in an area of high unmet medical need, recently launched in the U.S. with 1,000 patients on drug received European Commission approval
ZURZUVAE off to a promising start in U.S. for adults with postpartum depression
Continue to expect Fit for Growth to generate savings of $1 billion gross and $800 million net by 2025
Full year 2024 financial guidance Non-GAAP EPS of $15.00 to $16.00, representing EPS growth of approximately 5% versus 2023 at the mid-point
Expect total revenue to decline by a low- to mid-single digit percentage vs. 2023 and expect core pharmaceutical revenue (product revenue + LEQEMBI) to be flat vs. 2023
Expect operating income to grow low-double digit percentage vs. 2023 with expected mid-single digit percentage point operating margin expansion
Biogen Inc. (NASDAQ BIIB) today reported fourth quarter and full year 2023 financial results. Commenting on the results, President and Chief Executive Officer Christopher A. Viehbacher said
"2023 was a year of transformation for Biogen as we saw approval for four first-in-class medicines while we realigned our cost structure, remained prudent in allocating shareholder capital, and reprioritized our pipeline. We believe with these key elements in place we are now well positioned to return Biogen to sustainable growth. As we look to 2024, our focus is on operational execution, including building upon the progress of our recent new product launches. We believe this will allow us to continue to advance our goal of a new Biogen that creates enhanced value for patients and our shareholders."
Financial Highlights
| Q4 '23 | Q4 '22 | r (CC # ) | FY '23 | FY '22 | r (CC # ) | |||||||||||
| Total Revenue (in millions) * | $2,386 | $2,544 | (6)% | (5)% | $9,836 | $10,173 | (3)% | (1)% | ||||||||
| GAAP diluted EPS | $1.71 | $3.79 | (55)% | - | $7.97 | $20.87 | (62)% | - | ||||||||
| Non-GAAP diluted EPS | $2.95 | $4.05 | (27)% | - | $14.72 | $17.67 | (17)% | - |
Note Percent changes represented as favorable (unfavorable) versus the prior year period.
* Beginning in the third quarter of 2023, Biogen modified its presentation of the commercialization expenses incurred within the LEQEMBI Collaboration. Biogen's 50% portion of LEQEMBI product revenue, net, and cost of sales, including royalties, will continue to be classified as a component of revenue. Biogen will now present its 50% share of all global pre- and post-commercialization sales marketing expenses for the LEQEMBI Collaboration within SG A expense and will no longer present the post-commercialization portion of these expenses as a reduction to revenue.
# Percentage changes in revenue growth at constant currency (CC) are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. The current period's foreign currency revenue values are converted into U.S. dollars using the average exchange rates from the prior period.
A reconciliation of GAAP to Non-GAAP financial measures can be found in Table 4 at the end of this news release.
| (in millions) | Q4 '23 | Q4 '22 | r (CC # ) | FY '23 | FY '22 | (CC#) | ||||||||||
| Multiple sclerosis product revenue (1) | $1,168 | $1,269 | (8)% | (6)% | $4,662 | $5,430 | (14)% | (12)% | ||||||||
| Rare disease revenue (2) | $472 | $459 | 3% | 6% | $1,803 | $1,794 | 1% | 4% | ||||||||
| Biosimilars revenue | $188 | $175 | 8% | 10% | $770 | $751 | 3% | 6% | ||||||||
| Other product revenue (3) | $4 | $2 | 95% | 90% | $12 | $13 | (8)% | (10)% | ||||||||
| Total product revenue | $1,832 | $1,905 | (4)% | (2)% | $7,247 | $7,988 | (9)% | (7)% | ||||||||
| Revenue from anti-CD20 therapeutic programs | $436 | $448 | (3)% | (3)% | $1,690 | $1,701 | (1)% | (1)% | ||||||||
| Contract manufacturing, royalty and other revenue (4) | $118 | $192 | (38)% | (38)% | $899 | $485 | 85% | 85% | ||||||||
| Total revenue | $2,386 | $2,544 | (6)% | (5)% | $9,836 | $10,173 | (3)% | (1)% |
Note Percent changes represented as favorable (unfavorable) versus the prior year period. Numbers may not foot or recalculate due to rounding.
(1) Multiple sclerosis includes TECFIDERA , VUMERITY , AVONEX , PLEGRIDY , TYSABRI and FAMPYRA .
(2) Rare disease includes SPINRAZA , QALSODY and SKYCLARYS .
(3) Other includes ADUHELM , FUMADERM and ZURZUVAE .
(4) Also includes Biogen's 50% share of revenue, net, and cost of sales, including royalties, from the LEQEMBI Collaboration and revenue from manufacturing of LEQEMBI beginning in the first quarter of 2023. Beginning in the third quarter of 2023, Biogen modified its presentation of the commercialization expenses incurred within the LEQEMBI Collaboration. Biogen's 50% portion of LEQEMBI product revenue, net and cost of sales, including royalties, will continue to be classified as a component of revenue. Biogen will now present its 50% share of all global pre- and post-commercialization sales marketing expenses for the LEQEMBI Collaboration within SG A expense and will no longer present the post-commercialization portion of these expenses as a reduction to revenue.
Fourth quarter 2023 in-market product revenue for LEQEMBI recorded by Eisai was approximately $7 million.
Full year 2023 in-market product revenue for LEQEMBI recorded by Eisai was approximately $10 million.
Fourth quarter 2023 SKYCLARYS revenue was approximately $56 million.
Fourth quarter 2023 ZURZUVAE revenue was approximately $2 million.
| (in millions) | Q4 '23 | Q4 '22 | FY '23 | FY '22 | ||||||||
| GAAP cost of sales * | $618 | $571 | (8)% | $2,533 | $2,278 | (11)% | ||||||
| % of Total Revenue | 26% | 22% | 26% | 22% | ||||||||
| Non-GAAP cost of sales * | $587 | $571 | (3)% | $2,502 | $2,278 | (10)% | ||||||
| % of Total Revenue | 25% | 22% | 25% | 22% | ||||||||
| GAAP R D expense | $571 | $602 | 5% | $2,462 | $2,231 | (10)% | ||||||
| Non-GAAP R D expense | $568 | $602 | 6% | $2,262 | $2,231 | (1)% | ||||||
| GAAP SG A expense # | $609 | $633 | 4% | $2,550 | $2,404 | (6)% | ||||||
| Non-GAAP SG A expense # | $588 | $632 | 7% | $2,277 | $2,400 | 5% |
Note Percent changes represented as favorable (unfavorable) versus the prior year period
*Excluding amortization and impairment of acquired intangible assets
# As referenced above, beginning in the third quarter of 2023, Biogen's 50% share of all global pre- and post-commercialization sales marketing expenses for the LEQEMBI Collaboration will be presented within SG A expense and will no longer present the post-commercialization portion of these expenses as a reduction to revenue.
Fourth quarter 2023 GAAP and Non-GAAP cost of sales includes approximately $52 million of idle capacity charges. Fourth quarter 2022 GAAP and Non-GAAP cost of sales includes approximately $36 million of idle capacity charges. The increase in fourth quarter 2023 GAAP and Non-GAAP cost of sales as a percentage of total revenue was driven primarily by product mix.
Full year 2023 GAAP and Non-GAAP cost of sales includes approximately $165 million of idle capacity charges. Full year 2022 GAAP and Non-GAAP cost of sales includes approximately $119 million of idle capacity charges and approximately $286 million in charges associated with the write-off of inventory and purchase commitments in excess of forecasted demand related to ADUHELM. The increase in full year 2023 GAAP and Non-GAAP cost of sales as a percentage of total revenue was driven primarily by product mix, particularly the year-over-year increase in contract manufacturing revenue.
Fourth quarter 2023 GAAP and Non-GAAP R D expense includes approximately $45 million related to Biogen's portion of R D expense related to the LEQEMBI Collaboration and approximately $60 million in close out costs related to ADUHELM.
Full year 2023 GAAP and Non-GAAP R D expense includes approximately $186 million related to Biogen's portion of R D expense related to the LEQEMBI Collaboration.
Fourth quarter 2023 GAAP and Non-GAAP SG A includes approximately $56 million related to Biogen's portion of SG A expense related to the LEQEMBI Collaboration.
Full year 2023 GAAP and Non-GAAP SG A includes approximately $152 million related to Biogen's portion of SG A expense related to the LEQEMBI Collaboration.
Fourth quarter and full year 2023 GAAP restructuring expense was approximately $99 million and approximately $219 million, respectively.
Other Financial Highlights
Fourth quarter 2023 GAAP and Non-GAAP collaboration profit sharing was a net expense of approximately $54 million, which includes approximately $53 million of net profit sharing expense related to Biogen's collaboration with Samsung Bioepis, and approximately $1 million of net profit sharing expense related to Biogen's collaboration with Sage Therapeutics related to the commercialization of ZURZUVAE in the U.S.
Full year 2023 GAAP and Non-GAAP collaboration profit sharing was a net expense of approximately $219 million, which includes approximately $224 million of net profit sharing expense related to Biogen's collaboration with Samsung Bioepis, partially offset by net reimbursement of approximately $5 million from Sage Therapeutics related to the commercialization of ZURZUVAE in the U.S.
Fourth quarter 2023 GAAP and Non-GAAP other expense was approximately $67 million and approximately $62 million, respectively, primarily driven by net interest expense.
Full year 2023 GAAP other expense was approximately $316 million, primarily driven by net unrealized losses on strategic equity investments of approximately $270 million. Full year 2023 Non-GAAP other expense was approximately $14 million, primarily driven by foreign exchange rate losses, partially offset by net interest income.
Fourth quarter 2023 GAAP and Non-GAAP effective tax rates were 14.7% and 17.0%, respectively. Fourth quarter 2022 GAAP and Non-GAAP effective tax rates were 9.0% and 14.9%, respectively.
Full year 2023 GAAP and Non-GAAP effective tax rates were 10.4% and 15.2%, respectively. Full year 2022 GAAP and Non-GAAP effective tax rates were 17.6% and 15.3%, respectively.
Fourth quarter 2023 net cash flow from operations was approximately $13 million, which includes a payment of approximately $393 million for equity-based compensation attributable to the post-acquisition service period related to the Reata Pharmaceuticals, Inc. (Reata) transaction. Capital expenditures were approximately $65 million, and free cash flow, defined as net cash flow from operations less capital expenditures, was a net cash outflow of approximately $53 million.
Full year 2023 net cash flow from operations was approximately $1.5 billion, and includes the aforementioned payment of approximately $393 million related to Reata. Capital expenditures were approximately $277 million, and free cash flow, defined as net cash flow from operations less capital expenditures, was approximately $1.3 billion.
As of December 31, 2023, Biogen had cash, cash equivalents, and marketable securities totaling approximately $1.0 billion with approximately $6.9 billion in total debt, resulting in net debt of approximately $5.9 billion. This reflects all purchase payments related to the Reata transaction and a paydown of approximately $350 million of the $1 billion term loan related to our acquisition of Reata.
No shares of the Company's common stock were repurchased in the fourth quarter of 2023. As of December 31, 2023, there was approximately $2.1 billion remaining under the share repurchase program authorized in October 2020.
For the fourth quarter of 2023 the Company's GAAP weighted average diluted shares were 146 million. For full year 2023 the Company's GAAP weighted average diluted shares were 146 million.
Full Year 2024 Financial Guidance
For the full year 2024, Biogen expects a Non-GAAP diluted EPS guidance range as follows
| Full Year 2024 Guidance | ||
| Non-GAAP diluted EPS | $15.00 to $16.00 Reflecting growth of 5% at the mid-point * |
*Versus reported full year 2023
While total revenue is expected to decline by a low- to mid-single digit percentage, Biogen expects core pharmaceutical revenue, defined as product revenue plus Biogen's 50% share of net LEQEMBI product revenue and cost of sales, including royalties, to be relatively flat for 2024 compared to 2023 as further declines in multiple sclerosis product revenue are expected to be offset by increases in revenue from new product launches.
As of December 31, 2023, batch commitments related to the 2020 sale of Hiller d, Denmark manufacturing operations to FUJIFILM have been satisfied. Biogen expects contract manufacturing revenue to be significantly lower in 2024 compared to 2023.
As a result of these dynamics affecting revenue, along with lower expected idle capacity charges, Biogen expects an improvement in the cost of sales as a percentage of total revenue for 2024 compared to 2023.
For 2024 compared to 2023, Biogen expects operating income to grow at a low-double digit percentage. This is expected to be driven by improved cost of sales as a percentage of revenue, as well as lower operating expenses as a result of the Company's Fit for Growth program. The Fit for Growth program is expected to generate approximately $1 billion in gross savings and $800 million net of reinvestment by 2025. Since the program was initiated in 2023, approximately $200 million of savings have been achieved, and Biogen expects to realize approximately half of the overall net savings by the end of 2024 with the balance by the
end of 2025. These amounts do not include Biogen's 50% share of sales and marketing expenses for the LEQEMBI Collaboration.
This guidance also assumes that foreign exchange rates as of February 9, 2024, will remain in effect for the remainder of the year, net of hedging activities. Other modeling considerations will be provided on the conference call and webcast.
This financial guidance does not include any impact from potential acquisitions or large business development transactions or pending and future litigation, as all are hard to predict, or any impact of potential tax or healthcare reform. Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2024 that could cause any of these assumptions to change and or actual results to vary from this financial guidance.
Biogen does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the Company is unable to predict with reasonable certainty the financial impact of items such as the transaction, integration, and certain other costs related to acquisitions or large business development transactions unusual gains and losses potential future asset impairments gains and losses from our equity security investments and the ultimate outcome of pending or future significant litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results.
Conference Call and Webcast
The Company's earnings conference call for the fourth quarter will be broadcast via the internet at 8 00 a.m. ET on February 13, 2024 and will be accessible through the Investors section of Biogen's website, www.biogen.com. Supplemental information in the form of a slide presentation is also accessible at the same location on the internet and will be subsequently available on the website for at least 90 days.
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patient's lives and to create value for shareholders and our communities.
We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.
We routinely post information that may be important to investors on our website at
This press release contains forward-looking statements, relating to our strategy and plans potential of, and expectations for, our commercial business and pipeline programs capital allocation and investment strategy clinical development programs, clinical trials, and data readouts and presentations regulatory discussions, submissions, filings, and approvals the potential benefits, safety, and efficacy of our and our collaboration partners' products and investigational therapies the anticipated benefits and potential of investments, optimization of the cost structure including our Fit for Growth program, actions to improve risk profile and productivity of R D pipeline, collaborations, and business development activities our future financial and operating results 2024 financial guidance. These forward-looking statements may be accompanied by such words as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "plan," "potential," "possible," "prospect," "will," "would," and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements.
These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including our dependence on sales from our products uncertainty of long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products failure to compete effectively due to significant product competition in the markets for our products failure to successfully execute or realize the anticipated benefits of our strategic and growth initiatives difficulties in obtaining and maintaining adequate coverage, pricing, and reimbursement for our products our dependence on collaborators and other third parties for the development, regulatory approval, and commercialization of products and other aspects of our business, which are outside of our full control risks associated with current and potential future healthcare reforms risks related to commercialization of biosimilars failure to obtain, protect, and enforce our data, intellectual property, and other proprietary rights and the risks and uncertainties relating to intellectual property claims and challenges the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates the occurrence of adverse safety events, restrictions on use with our products, or product liability claims risks relating to technology failures or breaches problems with our manufacturing processes risks relating to management and personnel changes, including attracting and retaining personnel failure to comply with legal and regulatory requirements the risks of doing business internationally, including currency exchange rate fluctuations risks relating to investment in our manufacturing capacity the direct and indirect impacts of the COVID-19 pandemic on our business risks relating to the distribution and sale by third parties of counterfeit or unfit versions of our products risks relating to the use of social media for our business results of operations, and financial condition fluctuations in our operating results risks related to investment in properties the market, interest, and credit risks associated with our investment portfolio risks relating to share repurchase programs risks relating to access to capital and credit markets risks related to indebtedness change in control provisions in certain of our collaboration agreements fluctuations in our effective tax rate environmental risks and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission.
These statements speak only as of the date of this press release. We do not undertake any obligation to publicly update any forward-looking statements.
| MEDIA CONTACT | INVESTOR CONTACT |
| Biogen | Biogen |
| Jack Cox | Chuck Triano |
| Tel +1 781-464-3260 | Tel +1 781-464-2442 |
| public.affairs biogen.com | IR biogen.com |
BIOGEN INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(unaudited, in millions, except per share amounts)
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | ||||||||||||||||
| Product revenue, net | $ | 1,832.4 | $ | 1,904.5 | $ | 7,246.7 | $ | 7,987.8 | ||||||||
| Revenue from anti-CD20 therapeutic programs | 435.8 | 447.9 | 1,689.6 | 1,700.5 | ||||||||||||
| Contract manufacturing, royalty and other revenue | 118.1 | 191.6 | 899.3 | 485.1 | ||||||||||||
| Total revenue | 2,386.3 | 2,544.0 | 9,835.6 | 10,173.4 | ||||||||||||
| Cost and expense | ||||||||||||||||
| Cost of sales, excluding amortization and impairment of acquired intangible assets | 618.3 | 570.9 | 2,533.4 | 2,278.3 | ||||||||||||
| Research and development | 570.9 | 601.6 | 2,462.0 | 2,231.1 | ||||||||||||
| Selling, general and administrative | 608.5 | 632.8 | 2,549.7 | 2,403.6 | ||||||||||||
| Amortization and impairment of acquired intangible assets | 76.6 | 175.0 | 240.6 | 365.9 | ||||||||||||
| Collaboration profit sharing (loss reimbursement) | 54.3 | 35.2 | 218.8 | (7.4) | ||||||||||||
| (Gain) loss on fair value remeasurement of contingent consideration | - | (195.3) | - | (209.1) | ||||||||||||
| Restructuring charges | 98.8 | 6.9 | 218.8 | 131.1 | ||||||||||||
| Gain on sale of building | - | - | - | (503.7) | ||||||||||||
| Other (income) expense, net | 67.3 | 113.1 | 315.5 | (108.2) | ||||||||||||
| Total cost and expense | 2,094.7 | 1,940.2 | 8,538.8 | 6,581.6 | ||||||||||||
| Income (loss) before income tax expense and equity in loss of investee, net of tax | 291.6 | 603.8 | 1,296.8 | 3,591.8 | ||||||||||||
| Income tax (benefit) expense | 42.7 | 54.3 | 135.3 | 632.8 | ||||||||||||
| Equity in (income) loss of investee, net of tax | - | - | - | (2.6) | ||||||||||||
| Net income | 248.9 | 549.5 | 1,161.5 | 2,961.6 | ||||||||||||
| Net income (loss) attributable to noncontrolling interests, net of tax | (0.8) | (0.9) | 0.4 | (85.3) | ||||||||||||
| Net income attributable to Biogen Inc. | $ | 249.7 | $ | 550.4 | $ | 1,161.1 | $ | 3,046.9 | ||||||||
| Net income per share | ||||||||||||||||
| Basic earnings per share attributable to Biogen Inc. | $ | 1.72 | $ | 3.82 | $ | 8.02 | $ | 20.96 | ||||||||
| Diluted earnings per share attributable to Biogen Inc. | $ | 1.71 | $ | 3.79 | $ | 7.97 | $ | 20.87 | ||||||||
| Weighted-average shares used in calculating | ||||||||||||||||
| Basic earnings per share attributable to Biogen Inc. | 144.9 | 144.1 | 144.7 | 145.3 | ||||||||||||
| Diluted earnings per share attributable to Biogen Inc. | 145.7 | 145.2 | 145.6 | 146.0 |
BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
| As of December 31, 2023 | As of December 31, 2022 | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,049.9 | $ | 3,419.3 | ||||
| Marketable securities | - | 1,473.5 | ||||||
| Accounts receivable, net | 1,664.1 | 1,705.0 | ||||||
| Due from anti-CD20 therapeutic programs, net | 435.9 | 431.4 | ||||||
| Inventory | 2,527.4 | 1,344.4 | ||||||
| Other current assets | 1,182.0 | 1,417.6 | ||||||
| Total current assets | 6,859.3 | 9,791.2 | ||||||
| Marketable securities | - | 705.7 | ||||||
| Property, plant and equipment, net | 3,309.7 | 3,298.6 | ||||||
| Operating lease assets | 420.0 | 403.9 | ||||||
| Intangible assets, net | 8,363.0 | 1,850.1 | ||||||
| Goodwill | 6,219.2 | 5,749.0 | ||||||
| Deferred tax asset | 928.6 | 1,226.4 | ||||||
| Investments and other assets | 745.0 | 1,529.2 | ||||||
| TOTAL ASSETS | $ | 26,844.8 | $ | 24,554.1 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current portion of term loan | $ | 150.0 | $ | - | ||||
| Taxes payable | 257.4 | 259.9 | ||||||
| Accounts payable | 403.3 | 491.5 | ||||||
| Accrued expenses and other | 2,623.6 | 2,521.4 | ||||||
| Total current liabilities | 3,434.3 | 3,272.8 | ||||||
| Notes payable and term loan | 6,788.2 | 6,281.0 | ||||||
| Deferred tax liability | 641.8 | 334.7 | ||||||
| Long-term operating lease liabilities | 400.0 | 333.0 | ||||||
| Other long-term liabilities | 781.1 | 944.2 | ||||||
| Equity | 14,799.4 | 13,388.4 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 26,844.8 | $ | 24,554.1 |
BIOGEN INC. AND SUBSIDIARIES
PRODUCT REVENUE TOTAL REVENUE
(unaudited, in millions)
| For the Three Months Ended December 31, | ||||||||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||||||
| United States | Rest of World | Total | United States | Rest of World | Total | |||||||||||||||||||
| Multiple Sclerosis (MS) | ||||||||||||||||||||||||
| TECFIDERA | $ | 63.8 | $ | 180.5 | $ | 244.3 | $ | 87.4 | $ | 209.7 | $ | 297.1 | ||||||||||||
| VUMERITY | 139.5 | 16.9 | 156.4 | 138.3 | 12.5 | 150.8 | ||||||||||||||||||
| Total Fumarate | 203.3 | 197.4 | 400.7 | 225.7 | 222.2 | 447.9 | ||||||||||||||||||
| AVONEX | 139.5 | 66.6 | 206.1 | 155.4 | 74.7 | 230.1 | ||||||||||||||||||
| PLEGRIDY | 30.8 | 43.1 | 73.9 | 34.2 | 45.3 | 79.5 | ||||||||||||||||||
| Total Interferon | 170.3 | 109.7 | 280.0 | 189.6 | 120.0 | 309.6 | ||||||||||||||||||
| TYSABRI | 247.8 | 216.9 | 464.7 | 274.0 | 214.4 | 488.4 | ||||||||||||||||||
| FAMPYRA | - | 23.0 | 23.0 | - | 22.9 | 22.9 | ||||||||||||||||||
| Subtotal MS | 621.4 | 547.0 | 1,168.4 | 689.3 | 579.5 | 1,268.8 | ||||||||||||||||||
| Rare disease | ||||||||||||||||||||||||
| SPINRAZA | 157.5 | 255.1 | 412.6 | 156.9 | 301.9 | 458.8 | ||||||||||||||||||
| QALSODY (1) | 3.3 | - | 3.3 | - | - | - | ||||||||||||||||||
| SKYCLARYS (2) | 55.9 | - | 55.9 | - | - | - | ||||||||||||||||||
| Subtotal Rare disease | 216.7 | 255.1 | 471.8 | 156.9 | 301.9 | 458.8 | ||||||||||||||||||
| Biosimilars | ||||||||||||||||||||||||
| BENEPALI | - | 107.8 | 107.8 | - | 100.3 | 100.3 | ||||||||||||||||||
| IMRALDI | - | 54.5 | 54.5 | - | 52.1 | 52.1 | ||||||||||||||||||
| FLIXABI | - | 16.7 | 16.7 | - | 19.3 | 19.3 | ||||||||||||||||||
| BYOOVIZ (3) | 7.9 | 1.3 | 9.2 | 3.1 | - | 3.1 | ||||||||||||||||||
| Subtotal Biosimilars | 7.9 | 180.3 | 188.2 | 3.1 | 171.7 | 174.8 | ||||||||||||||||||
| Other (4) | 2.1 | 1.9 | 4.0 | 0.3 | 1.8 | 2.1 | ||||||||||||||||||
| Total product revenue, net | $ | 848.1 | $ | 984.3 | $ | 1,832.4 | $ | 849.6 | $ | 1,054.9 | $ | 1,904.5 |
(1) QALSODY became commercially available in the U.S. during the second quarter of 2023.
(2) SKYCLARYS was obtained as part of our acquisition of Reata in September 2023. SKYCLARYS became commercially available during the second quarter of 2023 and we began recognizing revenue from SKYCLARYS in the U.S. during the fourth quarter of 2023, subsequent to our acquisition.
(3) BYOOVIZ became commercially available in the U.S. during the third quarter of 2022 and commercially available in certain international markets in 2023.
(4) Other includes FUMADERM, ADUHELM and ZURZUVAE, which became commercially available in the U.S. during the fourth quarter of 2023.
BIOGEN INC. AND SUBSIDIARIES
PRODUCT REVENUE TOTAL REVENUE
(unaudited, in millions)
| For the Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||||||
| United States | Rest of World | Total | United States | Rest of World | Total | |||||||||||||||||||
| Multiple Sclerosis (MS) | ||||||||||||||||||||||||
| TECFIDERA | $ | 263.1 | $ | 749.4 | $ | 1,012.5 | $ | 417.7 | $ | 1,026.2 | $ | 1,443.9 | ||||||||||||
| VUMERITY | 512.1 | 64.2 | 576.3 | 521.3 | 32.1 | 553.4 | ||||||||||||||||||
| Total Fumarate | 775.2 | 813.6 | 1,588.8 | 939.0 | 1,058.3 | 1,997.3 | ||||||||||||||||||
| AVONEX | 536.7 | 274.3 | 811.0 | 649.2 | 324.3 | 973.5 | ||||||||||||||||||
| PLEGRIDY | 126.2 | 168.5 | 294.7 | 148.4 | 183.5 | 331.9 | ||||||||||||||||||
| Total Interferon | 662.9 | 442.8 | 1,105.7 | 797.6 | 507.8 | 1,305.4 | ||||||||||||||||||
| TYSABRI | 997.9 | 879.0 | 1,876.9 | 1,123.4 | 907.5 | 2,030.9 | ||||||||||||||||||
| FAMPYRA | - | 90.5 | 90.5 | - | 96.6 | 96.6 | ||||||||||||||||||
| Subtotal MS | 2,436.0 | 2,225.9 | 4,661.9 | 2,860.0 | 2,570.2 | 5,430.2 | ||||||||||||||||||
| Rare disease | ||||||||||||||||||||||||
| SPINRAZA | 610.5 | 1,130.7 | 1,741.2 | 600.2 | 1,193.3 | 1,793.5 | ||||||||||||||||||
| QALSODY (1) | 5.8 | 0.1 | 5.9 | - | - | - | ||||||||||||||||||
| SKYCLARYS (2) | 55.9 | - | 55.9 | - | - | - | ||||||||||||||||||
| Subtotal Rare disease | 672.2 | 1,130.8 | 1,803.0 | 600.2 | 1,193.3 | 1,793.5 | ||||||||||||||||||
| 0 | ||||||||||||||||||||||||
| Biosimilars | ||||||||||||||||||||||||
| BENEPALI | - | 438.8 | 438.8 | - | 441.0 | 441.0 | ||||||||||||||||||
| IMRALDI | - | 222.1 | 222.1 | - | 224.5 | 224.5 | ||||||||||||||||||
| FLIXABI | - | 77.4 | 77.4 | - | 81.3 | 81.3 | ||||||||||||||||||
| BYOOVIZ (3) | 29.2 | 2.5 | 31.7 | 4.3 | - | 4.3 | ||||||||||||||||||
| Subtotal Biosimilars | 29.2 | 740.8 | 770.0 | 4.3 | 746.8 | 751.1 | ||||||||||||||||||
| Other (4) | 4.0 | 7.8 | 11.8 | 4.8 | 8.2 | 13.0 | ||||||||||||||||||
| Total product revenue, net | $ | 3,141.4 | $ | 4,105.3 | $ | 7,246.7 | $ | 3,469.3 | $ | 4,518.5 | $ | 7,987.8 |
(1) QALSODY became commercially available in the U.S. during the second quarter of 2023.
(2) SKYCLARYS was obtained as part of our acquisition of Reata in September 2023. SKYCLARYS became commercially available during the second quarter of 2023 and we began recognizing revenue from SKYCLARYS in the U.S. during the fourth quarter of 2023, subsequent to our acquisition.
(3) BYOOVIZ became commercially available in the U.S. during the third quarter of 2022 and commercially available in certain international markets in 2023.
(4) Other includes FUMADERM, ADUHELM and ZURZUVAE, which became commercially available in the U.S. during the fourth quarter of 2023.
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Product revenue, net | $ | 1,832.4 | $ | 1,904.5 | $ | 7,246.7 | $ | 7,987.8 | ||||||||
| OCREVUS royalties | 338.0 | 311.1 | 1,266.2 | 1,136.3 | ||||||||||||
| RITUXAN GAZYVA LUNSUMIO revenue | 94.4 | 132.8 | 409.4 | 547.0 | ||||||||||||
| Other revenues from anti-CD20 programs | 3.4 | 4.0 | 14.0 | 17.2 | ||||||||||||
| Contract manufacturing, royalty and other revenue | 118.1 | 191.6 | 899.3 | 485.1 | ||||||||||||
| Total revenue | $ | 2,386.3 | $ | 2,544.0 | $ | 9,835.6 | $ | 10,173.4 |
BIOGEN INC. AND SUBSIDIARIES