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Biogen Reports Record Quarterly Revenues of $3.1 Billion, Raises Full Year Revenue Guidance

CAMBRIDGE, Mass.--(BUSINESS WIRE)--

Biogen Inc. (BIIB) today reported second quarter 2017 financial results, including:

  • Total revenues of $3.1 billion, a 6% increase versus the prior year and a 15% increase excluding hemophilia revenues*.
    • Revenue growth was driven by strength in MS revenues, which increased 5% versus prior year. This included a 13% increase in TECFIDERA® revenues versus the prior year.
    • Additionally, SPINRAZA® revenues grew to $203 million and BENEPALITM revenues increased to $89 million in the second quarter of 2017.
  • GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. of $863 million and $4.07, respectively.
  • Non-GAAP net income and diluted EPS attributable to Biogen Inc. of $1.1 billion and $5.04, respectively.

* In Q1 2017, Biogen completed the separation of its global hemophilia business into a new company, known as Bioverativ. The 15% increase in total revenues excludes all hemophilia revenues from Q2 2016. 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) Q2 '17 Q1 '17 Q2 '16 Q2 '17 v. Q1 '17 Q2 '17 v. Q2 '16
Total revenues** $ 3,078 $ 2,811 $ 2,894 10%** 6%**
GAAP net income*** $ 863 $ 748 $ 1,050 15 % (18 %)
GAAP diluted EPS $

4.07

$ 3.46 $ 4.79 18 % (15 %)
Non-GAAP net income*** $ 1,069 $ 1,123 $ 1,142 (5 %) (6 %)
Non-GAAP diluted EPS $ 5.04 $ 5.20 $ 5.21 (3 %) (3 %)
** Total revenues grew 13% versus Q1 2017 and 15% versus Q2 2016 excluding hemophilia.
***Net income attributable to Biogen Inc.

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

“Biogen continued to perform well across multiple areas of our business. This quarter demonstrated our ability to advance and expand the pipeline, deliver strong commercial results, and build our senior management team,” said Michel Vounatsos, Biogen’s Chief Executive Officer. “Our market-leading MS portfolio continues to perform as we anticipated at the beginning of the year, as an increasing number of patients worldwide are benefiting from our therapies. Through Biogen’s efforts, patients are gaining access to SPINRAZA around the world for a disease that previously had no approved therapies. And, we have added exciting assets to our pipeline to drive future growth.”

Vounatsos continued, “We are developing transformational therapies to address what we believe are becoming the world’s most significant unmet medical needs. Our mission is clear - the world needs a leader in neuroscience, and we aim to be that leader.”

Revenue Highlights

(In millions) Q2 '17 Q1 '17 Q2 '16 Q2 '17 v. Q1 '17 Q2 '17 v. Q2 '16
Multiple Sclerosis:
TECFIDERA $ 1,111 $ 958 $ 987 16 % 13 %
Total Interferon $ 691 $ 648 $ 728 7 % (5 %)

AVONEX®

$ 557 $ 537 $ 606 4 % (8 %)
PLEGRIDY® $ 133 $ 112 $ 123 19 % 8 %
TYSABRI® $ 496 $ 545 $ 497 (9 %) (0 %)
FAMPYRATM $ 23 $ 20 $ 22 11 % 5 %
ZINBRYTA® $ 16 $ 11 $ 49 % NMF
Spinal Muscular Atrophy
SPINRAZA $ 203 $ 47 $ 328 % NMF
Hemophilia:
ELOCTATE $ $ 48 $ 125 NMF NMF
ALPROLIX $ $ 26 $ 80 NMF NMF
...

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