Market Overview

Biogen Reports Quarterly Revenues of $3.1 Billion

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Total revenues grew 11% or 15% excluding hemophilia revenues*

GAAP diluted EPS increased 60%; Non-GAAP EPS increased 16%

Company adds new Phase 2 program in neuropsychiatry

Company invests in industry leading central nervous system antisense
oligonucleotide platform with Ionis Pharmaceuticals

Biogen Inc. (NASDAQ:BIIB) today reported first quarter 2018 financial
results, including:

  • Total revenues of $3.1 billion, an 11% increase versus the prior year
    or a 15% increase excluding hemophilia revenues*.
    • Multiple sclerosis (MS) revenues were $2.1 billion, including
      approximately $77 million in royalties on the sales of OCREVUS®.
    • Revenue growth was principally driven by SPINRAZA®,
      which contributed $364 million in global revenues, biosimilars,
      which contributed $128 million, and Other Revenues of $164 million.
  • GAAP net income and diluted earnings per share (EPS) attributable to
    Biogen Inc. of $1.2 billion and $5.54, respectively, compared to $748
    million and $3.46 in the first quarter of 2017, respectively.
    • In the first quarter of last year GAAP net income and diluted EPS
      were negatively impacted by $243 million and $1.14, net of tax,
      respectively, related to the U.S. Patent and Trademark Office
      ruling in favor of Biogen in the Company's interference proceeding
      with Forward Pharma A/S.
  • Non-GAAP net income and diluted EPS attributable to Biogen Inc. of
    $1.3 billion and $6.05, respectively, compared to $1.1 billion and
    $5.20 in the first quarter of 2017, respectively.
* In Q1 2017 Biogen completed the spin-off of its global hemophilia
business. The 15% increase in total revenues excludes all hemophilia
revenues in January 2017. Hemophilia revenues include ELOCTATE®
and ALPROLIX® product revenues as well as royalty and
contract manufacturing revenue related to Sobi.
                         
(In millions, except per share amounts)           Q1 '18 Q1 '17     Q4 '17

Q1 '18 v.
Q1 '17

Q1 '18 v.
Q4 '17

Total revenues* $ 3,131 $ 2,811 $ 3,307 11%* (5%)
 
GAAP net income# $ 1,173 $ 748 $ (297 ) 57% NMF
GAAP diluted EPS $ 5.54 $ 3.46 $ (1.40 ) 60% NMF
 
Non-GAAP net income# $ 1,282 $ 1,123 $ 1,116 14% 15%
Non-GAAP diluted EPS $ 6.05 $ 5.20 $ 5.26 16% 15%
# Net income attributable to Biogen Inc.
Note: Percent changes represented as favorable/(unfavorable)
 
  • In the fourth quarter of 2017 GAAP net income and EPS were negatively
    impacted by $1.2 billion and $5.51, respectively, due to the
    transition toll tax and re-measurement of the Company's net deferred
    tax assets related to the Tax Cuts and Jobs Act of 2017.

A reconciliation of GAAP to Non-GAAP quarterly financial results can be
found in Table 3 at the end of this press release.

"We started 2018 well with our first quarter revenues growing 11% versus
the prior year, or 15% excluding hemophilia revenues. This is in line
with our expectations," said Michel Vounatsos, Biogen's Chief Executive
Officer. "The fundamentals and resilience of our multiple sclerosis
business remained strong, while we experienced anticipated seasonality
at the beginning of the year. I believe there is significant opportunity
for the future growth of SPINRAZA worldwide as we position Biogen for
long-term leadership in spinal muscular atrophy."

"As pioneers in neuroscience, we continued to advance and expand our
portfolio of potential breakthrough treatments for areas of high unmet
need. We have added a new Phase 2 asset in our emerging growth area of
neuropsychiatry, and we meaningfully enhanced our collaboration with
Ionis to develop a new pipeline of gene-based therapies for neurological
diseases."

Revenue Highlights

(In millions)           Q1 '18     Q1 '17     Q4 '17    

Q1 '18 v.
Q1 '17

   

Q1 '18 v.
Q4 '17

Multiple Sclerosis:              
TECFIDERA® $ 987 $ 958 $ 1,076 3% (8%)
Total Interferon $ 550 $ 648
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