Financial Report: Biogen

Biogen

3Q Revenues: $3.4 billion (-6%)

3Q Earnings: $702 million (-55%)

YTD Revenues: $10.6 billion (-1%)

YTD Earnings: $3.6 billion (-18%)

Commetns: Multiple sclerosis revenues, including $272 million in royalties on sales of OCREVUS, decreased 4%. Total Interferon sales (AVONEX and PLEGRIDY) were down 11% to $474 million. TYSABRI sales were $516 million up 7%. SPINRAZA revenues decreased 10% to $495 million. Biosimilars revenues increased 13% versus the prior year to $208 million. R&D expenses were $1.1 billion in the quarter, up from $540.4 million year over year. This included a $601 million charge related to Biogen’s collaboration with Denali Therapeutics entered in the third quarter ($560 million upfront and $41 million for Denali common stock purchased). Biogen licensed the rights to co-develop and co-commercialize Denali’s small molecule LRRK2 inhibitor program, expanding pipeline of potential therapies in Parkinson’s disease and other movement disorders. In October, Biogen submitted the Marketing Authorization Application to the EMA for the review of aducanumab, an investigational treatment for Alzheimer’s disease. Biogen is collaborating with Eisai Co., Ltd. (Eisai) on the development of aducanumab. A BLA was submitted to the FDA in July.