Biogen's earnings call highlighted significant progress in new product launches and a promising late-stage pipeline, resulting in raised financial guidance for the year. However, challenges persist in core revenue streams like MS and SPINRAZA, with infrastructure issues impacting LEQEMBI's U.S. performance.

Company Guidance

During Biogen's Q3 2024 earnings call, significant guidance was provided regarding various aspects of the company's performance and future outlook. The company reported total revenue of $2.5 billion, which represented a 3% decline compared to the same quarter last year. LEQEMBI, an important product, saw global revenue growth of 66% quarter-over-quarter. Meanwhile, SKYCLARYS generated $102 million globally, with noted challenges in pricing and reimbursement dynamics in newly launched markets. ZURZUVAE also showed promise with a 49% revenue increase over the previous quarter. Despite challenges in the MS segment, Biogen remains optimistic about its late-stage pipeline, projecting a potential peak revenue of $14 billion from key programs. The company has also raised its full-year 2024 non-GAAP diluted EPS guidance to a range of $16.10 to $16.60, reflecting an expected growth of approximately 11% at the midpoint compared to 2023.

Steady Growth in New Launches

LEQEMBI's global revenue grew by 66% QoQ, with new prescriber growth of nearly 40% in the U.S. SKYCLARYS is now generating revenue in 15 countries outside the U.S. ZURZUVAE saw a 49% increase in revenue from the previous quarter.

Strong Pipeline Potential

Biogen's late-stage pipeline has potential peak sales of up to $14 billion, with promising assets in Alzheimer's, lupus, and other immune-mediated diseases.

Positive Phase III Results for Dapirolizumab

The Phase III study of dapirolizumab met its primary endpoint in SLE, showing significant improvement in disease activity.

Fit for Growth Initiatives

Biogen continues to benefit from R&D prioritization and Fit for Growth initiatives, contributing to a 4% increase in non-GAAP operating income.

Raising Full-Year Guidance

Biogen raised its full-year 2024 non-GAAP diluted EPS guidance, reflecting expected growth of approximately 11% at the midpoint.

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Biogen (BIIB) Earnings, Revenues Date & History

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BIIB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2025	2024 (Q4)	3.42 / -	2.95	―	―	―
Oct 30, 2024	2024 (Q3)	3.77 / 4.08	4.36	-6.42% (-0.28)
Aug 01, 2024	2024 (Q2)	4.07 / 5.28	4.02	31.34% (+1.26)
Apr 24, 2024	2024 (Q1)	3.47 / 3.67	3.4	7.94% (+0.27)
Feb 13, 2024	2023 (Q4)	3.18 / 2.95	4.05	-27.16% (-1.10)
Nov 08, 2023	2023 (Q3)	3.97 / 4.36	4.77	-8.60% (-0.41)
Jul 25, 2023	2023 (Q2)	3.78 / 4.02	5.25	-23.43% (-1.23)
Apr 25, 2023	2023 (Q1)	3.28 / 3.40	3.62	-6.08% (-0.22)
Feb 15, 2023	2022 (Q4)	3.49 / 4.05	3.39	19.47% (+0.66)
Oct 25, 2022	2022 (Q3)	4.13 / 4.77	4.77	0.00% (0.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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BIIB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 30, 2024	$183.47	$181.18	-1.25%
Aug 01, 2024	$213.20	$210.70	-1.17%
Apr 24, 2024	$193.18	$201.99	+4.56%
Feb 13, 2024	$244.74	$226.65	-7.39%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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