Q3 2024 Biogen Inc Earnings Call Transcript
Key Points
- Biogen Inc (BIIB) reported a 66% growth in global revenue for LEQEMBI in the third quarter compared to the second quarter, with significant uptake outside the US, particularly in Japan.
- The company has made substantial progress in reducing its cost base and embedding a value-for-money approach to spending.
- Biogen Inc (BIIB) has a strong late-stage pipeline with potential peak sales of about $14 billion, which could transform the company over the longer term.
- The SKYCLARYS launch is progressing well, generating revenue in 15 countries outside the US, with increased demand quarter-over-quarter.
- ZURZUVAE outperformed expectations in the US, with a 49% increase in revenue over the second quarter, driven by a 40% increase in patients.
- LEQEMBI revenue in the US continues to be below expectations, with the prescriber base not expanding as anticipated.
- Biogen Inc (BIIB) experienced a 9% decline in MS product revenue, primarily due to competitive dynamics and channel issues.
- Global SPINRAZA revenue declined by 15%, impacted by the loss of an annual tender in Russia and timing of shipments.
- The company faces challenges in the European market with pricing and reimbursement dynamics affecting SKYCLARYS revenue.
- Biogen Inc (BIIB) anticipates further challenges to its TECFIDERA-related patent, despite a favorable decision from the European Patent Office.
Good morning. My name is Cynthia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Biogen third-quarter 2024 earnings call and business update. (Operator Instructions) Today's conference is being recorded. Thank you.
I would now like to turn the conference over to Dr. Stephen Amato, Senior Director of Investor Relations. Dr. Amato, you may begin your conference.
Thank you. Good morning, and welcome to Biogen's third-quarter 2024 earnings call. During this call, we'll make forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review.
Our earnings release and other documents related to our results as well as reconciliations between GAAP and non-GAAP results discussed on this call can be found in the Investors section of biogen.com. We have also posted
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