Continued progress executing across the commercial portfolio
• Product launches in Alzheimer's disease, rare disease, and depression each delivered sequential
revenue growth; Total revenue from product launches in the third quarter continued to offset year-over
year decline in multiple sclerosis product revenue
• LEQEMBI third quarter global in-market sales of approximately $67 million, including U.S. in-market sales
of approximately $39 million; E.U. CHMP re-examination expected to complete this year
• TECFIDERA E.U. patent covering dimethyl fumarate dose and expiring February 2028 upheld by European Patent Office Opposition Division
Development programs achieved several milestones, highlighting the potential multi-billion dollar opportunity of the late-stage pipeline
• Dapirolizumab pegol Phase 3 study met the primary endpoint in systemic lupus erythematosus; Detailed data to be presented at the American College of Rheumatology annual meeting in November; UCB and Biogen initiating a second Phase 3 study in 2024
• Phase 2 CELIA study of BIIB080, an antisense oligonucleotide targeting tau in the treatment of Alzheimer’s disease, completed enrollment with a readout expected in 2026
• Felzartamab received FDA Breakthrough Therapy Designation for the treatment of antibody-mediated rejection in kidney transplant recipients; new IgA nephropathy data presented at the American Society of Nephrology Kidney Week 2024
• Nusinersen higher dose regimen showed statistically significant improvement in the pivotal cohort of the Phase 2/3 DEVOTE study; Biogen plans to submit regulatory applications globally
Increasing full year 2024 financial guidance: Non-GAAP diluted EPS now expected to be between $16.10 and $16.60, representing Non-GAAP diluted EPS growth of approximately 11% at the mid-point versus full year 2023
• Maintaining expectation of a full year 2024 total revenue decline of a low-single digit percentage versus full year 2023 with core pharmaceutical revenue expected to be roughly flat versus full year 2023
• Now expect operating income to grow at a high-teen percentage versus full year 2023 with maintained expectation of a mid-single digit percentage operating margin improvement
Biogen Inc. (NASDAQ: BIIB) today reported third quarter 2024 financial results. Commenting on the quarter, President and Chief Executive Officer Christopher A. Viehbacher said:
“In the third quarter Biogen made continued progress toward our goal of returning to sustainable growth. We continue to see momentum with ongoing product launches and we are increasingly excited about the potential of our pipeline. This quarter we had several significant positive developments in key areas of our late-stage pipeline which we believe underscore the potential value for both patients and shareholders. Importantly, the positive results for dapirolizumab pegol, as well as recent presentations of felzartamab data in IgAN, bolster our efforts to develop an industry-leading pipeline in immunology, where we are building upon data insights and increasing our capabilities to prepare for potential future launches."
Biogen Q324 Earnings Press Release FINAL with Tables.pdf (454.53 K)