NASDAQ$BIIB
Biogen Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Biogen reported Q4 2023 earnings, with revenue of $2.4 billion and a return to Non-GAAP EPS growth expected in 2024.
Biogen reported Q4 2023 revenue of $2.4 billion, with GAAP diluted EPS of $1.71 and Non-GAAP diluted EPS of $2.95. The company is focusing on operational execution and building upon the progress of recent new product launches to drive sustainable growth. Full year 2024 financial guidance includes Non-GAAP EPS of $15.00 to $16.00, representing approximately 5% growth versus 2023 at the mid-point.
- Q4 2023 revenue reached $2.4 billion; GAAP diluted EPS was $1.71, and Non-GAAP diluted EPS was $2.95.
- Full year 2023 revenue totaled $9.8 billion; GAAP diluted EPS was $7.97, and Non-GAAP diluted EPS was $14.72.
- Biogen is set to co-promote LEQEMBI in the U.S. and Japan, leveraging steady launch progress, with LEQEMBI also approved in China.
- The rare disease portfolio expanded with SKYCLARYS, recently launched in the U.S. with approximately 1,000 patients on the drug, and received European Commission approval.
Headline financials
Revenue & EPS history
Biogen · Revenue · Quarterly
$2.39B
Forward guidance
Biogen expects Non-GAAP EPS of $15.00 to $16.00 for the full year 2024, representing approximately 5% growth versus 2023 at the mid-point. Total revenue is expected to decline by a low- to mid-single digit percentage, while core pharmaceutical revenue is expected to be flat. Operating income is projected to grow at a low-double digit percentage, with mid-single digit percentage point operating margin expansion.
Tailwinds
- Non-GAAP EPS growth of approximately 5% is expected for 2024.
- Core pharmaceutical revenue is expected to be relatively flat compared to 2023.
- Operating income is anticipated to grow at a low-double digit percentage.
- Cost of sales as a percentage of total revenue is expected to improve.
- The Fit for Growth program is expected to generate approximately $1 billion in gross savings and $800 million net of reinvestment by 2025.
Headwinds
- Total revenue is expected to decline by a low- to mid-single digit percentage.
- Further declines in multiple sclerosis product revenue are expected.
- Contract manufacturing revenue is expected to be significantly lower in 2024 compared to 2023.
- Financial guidance does not include any impact from potential acquisitions or large business development transactions.
- Guidance excludes any impact of potential tax or healthcare reform.
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 Q4 2023
+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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