Biogen reports second quarter 2021 results

Second quarter revenue $2,775 million; GAAP diluted EPS $2.99;

Non-GAAP diluted EPS $5.68

Received accelerated approval for ADUHELM (aducanumab-avwa) in the U.S. for initiation of treatment in patients with mild cognitive impairment or mild dementia due to Alzheimer’s disease

Received FDA Breakthrough Therapy designation for lecanemab (BAN2401)

Advancing a diversified neuroscience pipeline with positive readouts in Phase 3 study in depression and Phase 2a study in stroke

New collaborations across multiple modalities including potential oral therapy for all forms of multiple sclerosis

Cambridge, Mass., July 22, 2021 -- Biogen Inc. (Nasdaq: BIIB) today reported second quarter 2021 financial results.

“We were pleased with our operational performance in the second quarter,” said Michel Vounatsos, Biogen’s Chief Executive Officer. “Biogen has the market-leading portfolio of therapies for MS, has launched the first approved and market-leading therapy for SMA, and now has the first approved therapy to address a defining pathology of Alzheimer’s disease. In addition, we recently reported positive data in depression and stroke, and we look forward to the expected Phase 3 data for tofersen, the first genetically-targeted potential therapy for ALS, for which we have begun offering individual compassionate use access.”

Second Quarter 2021 Financial Results

•Second quarter total revenue of $2,775 million decreased 25% versus the prior year at actual currency and decreased 26% at constant currency*.

◦Multiple sclerosis (MS) revenue, including royalties on sales of OCREVUS®, of $1,786 million decreased 24% versus the prior year at both actual and constant currency.

◦SPINRAZA® revenue of $500 million increased 1% versus the prior year at actual currency and decreased 3% at constant currency.

◦ADUHELM™ revenue was $2 million.

◦Biosimilars revenue of $202 million increased 18% versus the prior year at actual currency and increased 9% at constant currency.

◦Other revenue of $99 million decreased 76% versus the prior year at both actual and constant currency, primarily due to approximately $330 million in revenue in the second quarter of 2020 related to the license of certain manufacturing-related intellectual property to one of our corporate partners.

•Second quarter GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. were $448 million and $2.99, respectively.

•Second quarter Non-GAAP net income and diluted EPS attributable to Biogen Inc. were $852 million and $5.68, respectively.

A reconciliation of GAAP to Non-GAAP financial measures included in this news release can be found in Table 4 at the end of this news release.

* Percentage changes in revenue growth at constant currency 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. Financial Position

•As of June 30, 2021, Biogen had $7,269 million in total debt. Cash, cash equivalents, and marketable securities totaled $3,966 million. This resulted in net debt of $3,303 million.

•In the second quarter of 2021 Biogen repurchased approximately 1.6 million shares of the Company’s common stock for a total value of $450 million. As of June 30, 2021, there was $3,550 million remaining under the share repurchase program authorized in October 2020.

•For the second quarter of 2021 the Company’s weighted average diluted shares were 150 million.

•Second quarter 2021 cash from operations was $1,227 million. Capital expenditures were $72 million, and free cash flow, defined as cash flow from operations less capital expenditures, was $1,155 million.