Analyst Conference Call Summary

biotechnology

conference date: May 1, 2025 @ 5:30 AM Pacific Time
for quarter ending: March 31, 2025 (first quarter, Q1 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, down slightly sequentially from $2.46 billion and up % from $ billion in the year-earlier quarter.

Net income $ million, down % sequentially from $267 million and up % from $ million in the year-earlier quarter.

EPS (earnings per share, diluted) were $, down % sequentially from $1.83 and up % from $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher A. Viehbacher said: "" There will be key readouts in 2026; if the pipeline comes to market, new revenue could exceed our current revenue.

Decline in MS going forward will depend on timing of patent expirations.

Biogen reached an agreement with Royalty Pharma in February 2025 to provide up to $250 million research funding for litifilimab. If approved, Royalty would be eligible for milestones and mid-single digit percentage royalties.

Leqembi (lecanemab) for Alzheimer's patients global growth accelerated, with U.S. sales at $50 million, up sequentially from $39 million, and global at $80 million, up sequentially from $67 million. Not in table below because Biogen gets half of net after expenses. Partnered with Eisai, which is doing strong sales in Asia, including China. EU rejected, but Eisai seeking further review. Introduction of blood-based diagnostics in H2 would also help. AHEAD 3-45 study in presymptomatic AD should readout in 2028.

Spinraza (Nusinersen) for SMA high dose filings accepted by FDA and EMA. PDUFA September 22, 2025.

Skyclarys could see its first South American approval this year.

Non-GAAP net income was $ million, down % sequentially from $502 million and up % from $ million year-earlier. Non-GAAP EPS diluted was $, down % sequentially from $3.44 and up % from $ year-earlier.

Total product revenue was $ billion, up % sequentially from $1.83 billion and flat from $ billion year-earlier. That excludes the Rituxan revenue, royalties and other revenue.

* unconsolidated joint business revenue, Anti-CD20 products
** mainly contract manufacturing

Cash and equivalents (including marketable securities) balance ended at $ billion, up sequentially from $ billion. $ billion debt. $0 million was spent to repurchase shares. $ million cash flow from operations. $ million cap ex. $ million free cash flow. $2.1 billion remains authorized for share repurchases.

GAAP Cost of sales was $ million. R&D expense was $ million. SG&A expense $ million. Amortization of acquired intangible assets $ million. Collaboration profit sharing income $ million. Restructuring charges $ million. Loss on contingent consideration $ million. Other expense $ million. Total cost and expenses $ billion. Leaving income from operations of $ million. Income tax $ million.

See also the Biogen product pipeline. The entire pipeline includes 27 clinical programs.

Q&A selective summary:

OpenIcon Analyst Conference Summaries Main Page
Biogen Investor Relations page
Openicon Biogen main page

Search

More Analyst Conference Pages: