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Biogen (BIIB) George A. Scangos on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 21, 2016 8:30 am ET

Executives

Matthew Calistri - Senior Director-Investor Relations

George A. Scangos - Chief Executive Officer

Alfred W. Sandrock, Jr. - Executive Vice President, Neurology Discovery & Development Center, Neurodegeneration Therapeutic Area and Chief Medical Officer

Paul J. Clancy - Executive Vice President, Chief Financial Officer, Biogen, Inc.

Analysts

Matthew K. Harrison - Morgan Stanley & Co. LLC

Mark J. Schoenebaum - Evercore ISI

Alethia Young - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Geoffrey C. Porges - Leerink Partners LLC

Eric Schmidt - Cowen & Co. LLC

Michael Yee - RBC Capital Markets LLC

Ying Huang - Bank of America Merrill Lynch

Robyn Karnauskas - Citigroup Global Markets, Inc. (Broker)

Geoffrey Meacham - Barclays Capital, Inc.

Brian Abrahams - Jefferies LLC

Jim Birchenough - Wells Fargo Securities LLC

Cory W. Kasimov - JPMorgan Securities LLC

Terence Flynn - Goldman Sachs & Co.

M. Ian Somaiya - BMO Capital Markets (United States)

Christopher Raymond - Raymond James & Associates, Inc.

Operator

Good morning. My name is Dan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Biogen first quarter 2016 financial results and business update conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you.

I would now like to turn the conference over to Mr. Matt Calistri, Senior Director of Investor Relations for Biogen.

Matthew Calistri - Senior Director-Investor Relations

Thank you, and welcome to Biogen's first quarter 2016 earnings conference call. Before we begin, I encourage everyone to go to the Investors section of biogen.com to find the press release and related financial tables, including a reconciliation of the GAAP-to-non-GAAP financial measures that we'll discuss today. Our GAAP financials are provided in tables 1 and 2. Table 3 includes a reconciliation of our GAAP-to-non-GAAP financial results. We believe non-GAAP financial results better represent the ongoing economics of our business and reflect how we manage the business internally. We have also posted slides on our website that follow the discussions related to this call.

I would like to point out that we will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult our SEC filings for additional detail.

On today's call, I'm joined by our Chief Executive Officer, Dr. George Scangos; Dr. Al Sandrock, our Chief Medical Officer; our CFO, Paul Clancy; and our new Chief Commercial Officer, Michel Vounatsos is with us here today. Now I'll turn the call over to George.

George A. Scangos - Chief Executive Officer

Okay, thanks, Matt. Good morning, everyone, and thanks for joining us this morning. For the first quarter of 2016, Biogen generated $2.7 billion in total revenues, 7% increase from the same period a year ago. And our non-GAAP EPS was $4.79, 25% increase from the same period a year ago. As you've heard from us since the beginning of the year, a cornerstone to our strategy for sustainable growth is our healthy commercial business and a strong focus on thoughtfully managing expenses, and I think these results should reinforce that message.

TECFIDERA continues to gain share globally, now with more than 190,000 patients having been treated. And at AAN this week, we presented compelling data that showcased its strong and sustained efficacy in newly diagnosed MS patients, emphasizing that earlier treatment with TECFIDERA improves long-term clinical outcomes. We also presented compelling data about TECFIDERA's real-world efficacy.