Biogen tops Q2 2022 earnings and revenue estimates

 Biogen Inc (NASDAQ: BIIB) has announced a Q2 2002 revenue of $2.589 billion. GAAP net income was $1.058 billion or $7.24 per diluted share, and non-GAAP net income was $767 million or earnings of $5.25 per diluted share. Analysts had predicted revenue of $2.49 billion and non-GAAP earnings per share of $4.13.

CEO of Biogen Michel Vounatsos said:

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We continued to execute on our near-term operational priorities in the second quarter and are pleased to be raising our financial guidance for the year. At the same time, we continue to face revenue declines due in part to generic and biosimilar competition for TECFIDERA and RITUXAN.

Sales dropped 7% in Q2 2022 in actual currency

In the second quarter, sales were down 7% in actual currency and 5% in constant currency compared to a year ago. Revenue from the treatment of multiple sclerosis (MS), which includes royalties on OCREVUS® sales, fell by 3 percent and 4 percent, respectively, from the previous year at actual currency and constant currency, totaling $1.719 billion.

Revenue from SPINRAZA® fell from $431 million in the previous year by 14% in actual currency and 11% in constant currency. Also, revenue from biosimilars was $194 million, down 4% from the previous year in actual currency but up 3% in constant currency. Profits from RITUXAN®/GAZYVA® attributable to the company were $144 million, down 21% from the previous year.

Michel Vounatsos added:

We made important progress towards bringing new potential treatments to patients suffering from Alzheimer’s disease and depression, which we believe are critical steps on our path to drive value creation for both patients and shareholders over time.

Biogen revises its full-year guidance

The company had $737 million in cash flow in the second quarter from operations. At the end of the quarter, the company had cash, cash equivalents, and marketable securities of $5.901 billion with total debt of $7.277 billion resulting in net debt of $1.376 billion. In addition, during the quarter, the company bought back around 2.4 million shares of its common stock worth around $500 million.

For the full year, the company expects total revenue of between $9.9 billion and $10 billion and non-GAAP EPS per diluted share of between $15.25 and $16.75. The revised guidance is attributable to continued better than anticipated topline growth and ongoing cost management