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An Update on Biogen after 1H17

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Part 2
An Update on Biogen after 1H17 PART 2 OF 2

How Did Biogen Perform in 1H17?

Biogen’s revenue trends

In 1H17, Biogen (BIIB) generated revenues of ~$5.9 billion compared to $5.6 billion in 1H16. In 1H17, net income attributable to Biogen totaled $1.6 billion compared to $2.0 billion in 1H16. In 1H17, Biogen reported basic earnings per share (or EPS) of $7.53 compared to $9.23 in 1H16.

In 1H17, Biogen’s net revenues from product sales totaled $5.0 billion compared to $4.8 billion in 1H16. In 1H17, Biogen reported revenues of ~$3.5 billion in the US market compared to $3.4 billion in 1H16. Revenues from the US market contributed to ~60% of Biogen’s net revenues.

How Did Biogen Perform in 1H17?

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The chart above represents the revenue trajectory of Biogen from 2012 to 2016 and analysts’ estimates from 2017 to 2019. To learn more about Biogen’s 2Q17 performance, please read How Did Biogen Perform in 2Q17?

Product revenue trends

In 1H17, Tecfidera, Tysabri, and Fampyra reported revenues of ~$1.9 billion, $1.0 billion, and $43.1 million, respectively, compared to $1.9 billion, $974.0 million, and $41.8 million in 1H16. 

In 1H17, Interferons (Avonex and Plegridy) reported revenues of ~$1.3 billion compared to $1.4 billion in 1H16. In 1H17, Tecfidera contributed ~41.2% of the company’s net product revenues. In 1H17, Biogen’s Zinbryta generated revenues of ~$26.8 million.

In 1H17, Biogen’s biosimilars Benepali and Flixabi generated revenues of around $154.0 million and $2.5 million, respectively.

1H17 expenses

In 1H17, Biogen reported the cost of sales of ~$750.8 million compared to $683.3 million in 1H16. In 1H17, Biogen reported R&D (research and development) expenses and SG&A (selling, general, and administrative) expenses of ~$1.2 billion and $929.0 million, respectively, compared to $910.0 million and $990.0 million in 1H16.

Biogen’s peers in the rare disease drugs market include Alexion Pharmaceuticals (ALXN), Vertex Pharmaceuticals (VRTX), Shire, BioMarin Pharmaceutical (BMRN). Sanofi Genzyme, and Amgen. 

The revenue growth of Biogen could boost the price of the Health Care Select Sector SPDR ETF (XLV). Biogen makes up ~2.2% of XLV’s total portfolio holdings.

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