Financial Report: Biogen

Biogen
 
3Q Revenues: $2.8 billion (+11%)

3Q Earnings: $1.0 billion (+19%)

YTD Revenues: $7.9 billion (+12%)

YTD Earnings: $2.8 billion (+34%)

Comments: Total multiple sclerosis product sales were $2.2 billion, up 5% in the quarter. TECFIDERA revenues were $937 million in the quarter, up 6%. Interferon revenues, including AVONEX and PLEGRIDY, were $785 million, up 14%. TYSABRI revenues were down 4% to $480 million. Revenues relating to RITUXAN and GAZYVA from Biogen’s unconsolidated joint business arrangement were $337 million, up 15%. A recent restructuring initiative includes the termination of several pipeline programs and an 11% reduction in workforce, which is expected to reduce operating expenses by $250 million, with plans to reinvest in key commercial initiatives, including sales and marketing activities behind TECFIDERA, and the advancement of high potential pipeline candidates in areas such as Alzheimer’s disease, multiple sclerosis, and spinal muscular atrophy.