How Did Biogen’s Multiple Sclerosis Drugs Perform in 2Q17?
Tecfidera’s revenue trends
In 2Q17, Biogen’s (BIIB) Tecfidera generated revenue of ~$1.1 billion, which reflected a ~13% rise year-over-year (or YoY) and a ~16% rise quarter-over-quarter.
In 2Q17, Biogen’s US Tecfidera revenue was ~$875 million, a rise of ~16% quarter-over-quarter and 12% YoY. Biogen reported that its US inventory levels for Tecfidera were comparatively flat in 2Q17 compared to 1Q17. In 2Q17, a rise in sales volumes, lower discounts, and lower allowances contributed to Tecfidera’s US revenue growth.
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In 2Q17, outside the United States, Tecfidera generated revenue of ~$236 million, a rise of ~14% YoY and ~14% quarter-over-quarter. Outside the United States, the rise in the number of patients undergoing treatment with Tecfidera and favorable distribution channel dynamics contributed to the drug’s high revenue growth in 2Q17. To know more about Tecfidera, read How Biogen’s Tecfidera Is Expected to Perform in 2017.
The above graph demonstrates the revenue curves of Tecfidera and Tysabri from 2Q16 to 2Q17.
Tysabri’s revenue trends
In 2Q17, Tysabri generated revenue of ~$496 million, a 9% fall quarter-over-quarter. In 2Q16, Tysbari generated revenue of ~$497 million.
In 2Q17, Tysabri generated revenue of ~$289 million from the US markets and $207 million from outside the US markets. In 2Q17, in the United States, Tysabri witnessed a 5% fall quarter-over-quarter and a ~5% fall YoY.
In 2Q17, outside the United States, Biogen’s revenue rose ~$45 million due to an agreement it made with the Italian Medicines Agency’s Price and Reimbursement Committee related to its sales of Tysabri in previous periods.
Biogen estimates that foreign exchange and hedging made an unfavorable impact of ~$6 million on its revenue in 2Q17. In the quarter, Biogen’s Fampyra generated revenue of ~$23 million, compared to $20 million in 1Q17. Zinbryta generated revenue of ~$16 million for Biogen in 2Q17.
Biogen’s multiple sclerosis drugs face stiff competition from Teva Pharmaceutical’s (TEVA) Copaxone, Novartis’s (NVS) Gilenya and Extavia, and Sanofi’s (SNY) Aubagio. The PowerShares QQQ Trust, Series 1 ETF (QQQ) has ~0.94% of its total portfolio holdings in Biogen.