NASDAQ$BIIB
Biogen Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Biogen reported third quarter results and raised full year financial guidance.
Biogen reported Q3 2024 revenue of $2.5 billion, with a GAAP diluted EPS of $2.66 and a Non-GAAP diluted EPS of $4.08. The company is increasing its full year 2024 Non-GAAP diluted EPS guidance to between $16.10 and $16.60.
- 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
- Dapirolizumab pegol Phase 3 study met the primary endpoint in systemic lupus erythematosus
- 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
Headline financials
Revenue & EPS history
Biogen · Revenue · Quarterly
$2.47B
Forward guidance
Biogen is increasing its full year 2024 Non-GAAP diluted EPS guidance to between $16.10 and $16.60, representing Non-GAAP diluted EPS growth of approximately 11% at the mid-point versus full year 2023. The company continues to expect total revenue to decline by a low-single digit percentage, with core pharmaceutical revenue expected to be roughly flat versus full year 2023. Operating income is expected to grow at a high-teen percentage versus full year 2023 with mid-single digit percentage point operating margin improvement.
Tailwinds
- 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
- Expect operating income to grow at a high-teen percentage versus full year 2023
- Maintaining expectation of a mid-single digit percentage operating margin improvement
- Expect an improvement in the cost of sales as a percentage of total revenue for 2024 compared to 2023 driven by product mix and significantly lower idle capacity charges
Headwinds
- This financial guidance does not include any impact from potential acquisitions or business development transactions or pending and future litigation or any impact of potential tax or healthcare reform, as all are hard to predict.
- This guidance also assumes that foreign exchange rates as of October 25, 2024, will remain in effect for the remainder of the year, net of hedging activities.
- 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)
- In October, Biogen and Sage decided they will not pursue further development for zuranolone as a treatment for major depressive disorder.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+0.3%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+0.9%
Avg return
30 days after
48%
34 / 71 earnings
Positive
+24.7%
Q3 2019
Best reaction
-19.6%
Q2 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.0% | +2.1% | +6.9% | |
| Q4 2025 | +8.5% | +3.2% | -0.3% | |
| Q3 2025 | +0.9% | +1.0% | +23.2% | |
| Q1 2025 | -0.1% | -3.5% | +7.2% | |
| Q4 2024 | -4.3% | -1.5% | +0.0% | |
| Q3 2024 | -5.2% | -5.4% | -12.4% | |
| Q2 2024 | -3.5% | -6.1% | -4.0% | |
| Q1 2024 | +4.8% | +11.6% | +12.7% | |
| Q4 2023 | -9.8% | -10.5% | -10.3% | |
| Q3 2023 | -8.5% | -9.4% | -2.6% | |
| Q2 2023 | -4.2% | -4.2% | -5.3% | |
| Q1 2023 | -1.7% | +3.8% | +1.4% | |
| Q4 2022 | -6.1% | -3.7% | -9.0% | |
| Q3 2022 | +2.1% | +3.5% | +10.5% | |
| Q2 2022 | -2.8% | -5.8% | -2.8% | |
| Q1 2022 | +1.3% | -6.6% | -4.2% | |
| Q4 2021 | -1.5% | -1.1% | -6.9% | |
| Q3 2021 | +0.8% | +0.7% | -4.1% | |
| Q2 2021 | +0.8% | +3.4% | +5.8% | |
| Q1 2021 | -2.7% | -0.9% | +4.9% | |
| Q4 2020 | -3.7% | -3.2% | -2.5% | |
| Q3 2020 | -0.1% | -3.9% | -8.6% | |
| Q2 2020 | -0.6% | +2.1% | -1.1% | |
| Q1 2020 | -11.2% | -7.8% | -7.4% | |
| Q4 2019 | -4.8% | +0.3% | +9.2% | |
| Q3 2019 | +24.7% | +28.9% | +29.1% | |
| Q2 2019 | +3.8% | +2.5% | -0.2% | |
| Q1 2019 | -0.1% | -0.4% | -1.4% | |
| Q4 2018 | -0.7% | +0.3% | -0.6% | |
| Q3 2018 | -4.3% | -4.9% | +0.0% | |
| Q2 2018 | +7.2% | -5.0% | -4.5% | |
| Q1 2018 | +3.9% | +6.7% | +9.7% | |
| Q4 2017 | +6.2% | +1.8% | -15.5% | |
| Q3 2017 | -4.2% | -6.3% | -5.7% | |
| Q2 2017 | +3.8% | +1.0% | +0.3% | |
| Q1 2017 | +1.1% | -2.0% | -8.6% | |
| Q4 2016 | +1.8% | +1.5% | +4.4% | |
| Q3 2016 | +1.7% | -2.0% | +6.7% | |
| Q2 2016 | +9.7% | +9.4% | +20.7% | |
| Q1 2016 | +6.3% | — | — | |
| Q4 2015 | +2.3% | — | — | |
| Q3 2015 | +4.1% | — | — | |
| Q2 2015 | -19.6% | — | — | |
| Q1 2015 | -9.5% | — | — | |
| Q4 2014 | +10.8% | — | — | |
| Q3 2014 | -3.3% | — | — | |
| Q2 2014 | +10.9% | — | — | |
| Q1 2014 | -3.7% | — | — | |
| Q4 2013 | +4.1% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q2 2013 | -1.5% | — | — | |
| Q1 2013 | +3.6% | — | — | |
| Q4 2012 | +5.3% | — | — | |
| Q3 2012 | -2.2% | — | — | |
| Q2 2012 | +3.0% | — | — | |
| Q1 2012 | +2.4% | — | — | |
| Q4 2011 | +0.7% | — | — | |
| Q3 2011 | -1.2% | — | — | |
| Q2 2011 | -2.1% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q4 2010 | -0.5% | — | — | |
| Q3 2010 | +4.3% | — | — | |
| Q2 2010 | +3.4% | — | — | |
| Q1 2009 | -3.8% | — | — | |
| Q1 2010 | -0.3% | — | — | |
| Q4 2007 | +2.9% | — | — | |
| Q3 2009 | -1.7% | — | — | |
| Q3 2008 | -1.7% | — | — | |
| Q4 2008 | -0.4% | — | — | |
| Q2 2009 | -0.4% | — | — | |
| Q2 2008 | -0.4% | — | — |
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