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:

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:

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