BIOGEN INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
BIIB$253.25-0.6%Stored close · as of Nov 10, 2026
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Item 1. Financial Statements (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions, except per share amounts)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Product, net | $1,769.4 | $1,805.2 | $5,380.9 | $5,414.3 |
| Revenue from anti-CD20 therapeutic programs | 446.2 | 420.9 | 1,284.7 | 1,253.8 |
| Contract manufacturing, royalty and other revenue | 250.2 | 304.2 | 555.6 | 781.2 |
| Total revenue | 2,465.8 | 2,530.3 | 7,221.2 | 7,449.3 |
| Cost and expense: | ||||
| Cost of sales, excluding amortization and impairment of acquired intangible assets | 638.7 | 659.6 | 1,726.9 | 1,915.1 |
| Research and development | 542.7 | 736.3 | 1,509.5 | 1,891.1 |
| Selling, general and administrative | 588.4 | 788.2 | 1,723.7 | 1,941.2 |
| Amortization and impairment of acquired intangible assets | 130.3 | 60.9 | 295.5 | 164.0 |
| Collaboration profit sharing/(loss reimbursement) | 69.3 | 50.5 | 197.3 | 164.5 |
| (Gain) loss on fair value remeasurement of contingent consideration | 23.8 | — | 23.8 | — |
| Restructuring charges | 6.8 | 76.0 | 24.9 | 120.0 |
| Gain on sale of priority review voucher, net | — | — | (88.6) | — |
| Other (income) expense, net | 14.8 | 300.0 | 193.7 | 248.2 |
| Total cost and expense | 2,014.8 | 2,671.5 | 5,606.7 | 6,444.1 |
| Income (loss) before income tax (benefit) expense | 451.0 | (141.2) | 1,614.5 | 1,005.2 |
| Income tax (benefit) expense | 62.5 | (72.9) | 249.0 | 92.6 |
| Net income (loss) | 388.5 | (68.3) | 1,365.5 | 912.6 |
| Net income (loss) attributable to noncontrolling interests, net of tax | — | (0.2) | — | 1.2 |
| Net income (loss) attributable to Biogen Inc. | $388.5 | $(68.1) | $1,365.5 | $911.4 |
| Net income (loss) per share: | ||||
| Basic earnings (loss) per share attributable to Biogen Inc. | $2.67 | $(0.47) | $9.38 | $6.30 |
| Diluted earnings (loss) per share attributable to Biogen Inc. | $2.66 | $(0.47) | $9.35 | $6.26 |
| Weighted-average shares used in calculating: | ||||
| Basic earnings (loss) per share attributable to Biogen Inc. | 145.7 | 144.8 | 145.5 | 144.7 |
| Diluted earnings (loss) per share attributable to Biogen Inc. | 146.1 | 144.8 | 146.0 | 145.5 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income (loss) attributable to Biogen Inc. | $388.5 | $(68.1) | $1,365.5 | $911.4 |
| Other comprehensive income (loss): | ||||
| Unrealized gains (losses) on securities available for sale, net of tax | — | 14.5 | — | 15.7 |
| Unrealized gains (losses) on cash flow hedges, net of tax | (41.0) | 29.6 | (6.2) | 1.1 |
| Unrealized gains (losses) on pension benefit obligation, net of tax | 0.3 | (0.1) | 0.2 | 0.6 |
| Currency translation adjustment | 41.0 | (30.5) | 14.0 | (11.8) |
| Total other comprehensive income (loss), net of tax | 0.3 | 13.5 | 8.0 | 5.6 |
| Comprehensive income (loss) attributable to Biogen Inc. | 388.8 | (54.6) | 1,373.5 | 917.0 |
| Comprehensive income (loss) attributable to noncontrolling interests, net of tax | — | (0.2) | — | 1.2 |
| Comprehensive income (loss) | $388.8 | $(54.8) | $1,373.5 | $918.2 |
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