Biogen(US:BIIB)2025-10-30 10:31Revenue and Income - For the three months ended September 30, 2025, total revenue was $2,534.7 million, an increase from $2,465.8 million for the same period in 2024, representing a growth of 2.8%[23] - Product revenue, net for the nine months ended September 30, 2025, was $5,452.1 million, compared to $5,380.9 million in 2024, reflecting an increase of 1.3%[23] - Net income attributable to Biogen Inc. for the three months ended September 30, 2025, was $466.5 million, up from $388.5 million in 2024, marking a growth of 20.1%[25] - Basic earnings per share for the three months ended September 30, 2025, was $3.18, compared to $2.67 in 2024, an increase of 19.1%[23] - Net income for the nine months ended September 30, 2025, was $1,341.8 million, slightly down from $1,365.5 million in the same period of 2024, reflecting a decrease of 1.7%[29] Expenses and Costs - Research and development expenses for the three months ended September 30, 2025, were $436.1 million, down from $516.2 million in 2024, a decrease of 15.5%[23] - Total cost and expense for the three months ended September 30, 2025, was $1,977.4 million, a decrease from $2,014.8 million in 2024, reflecting a reduction of 1.8%[23] - The company reported a depreciation and amortization expense of $579.7 million for the nine months ended September 30, 2025, up from $489.2 million in 2024, reflecting an increase of 18.5%[29] - The company incurred excess and obsolescence charges related to inventory of $13.9 million for the nine months ended September 30, 2025, down from $68.7 million in 2024, a decrease of 79.8%[29] Assets and Liabilities - Total assets increased to $29,207.5 million as of September 30, 2025, up from $28,049.3 million as of December 31, 2024, representing a growth of 4.1%[28] - Cash and cash equivalents rose to $3,862.8 million, compared to $2,375.0 million at the end of 2024, marking a significant increase of 62.5%[29] - Total current liabilities decreased to $3,290.0 million as of September 30, 2025, from $5,528.8 million at the end of 2024, a reduction of 40.5%[28] - The total equity of Biogen Inc. increased to $18,207.5 million as of September 30, 2025, compared to $16,716.0 million at the end of 2024, representing a growth of 8.9%[28] Collaborations and Acquisitions - The company reported collaboration revenue from Alzheimer's programs of $42.7 million for the three months ended September 30, 2025, significantly up from $18.6 million in 2024, an increase of 129.0%[23] - Biogen plans to acquire Alcyone Therapeutics for an upfront cash payment of $85.0 million, with additional milestone payments based on development and regulatory achievements[56][57] - The acquisition of HI-Bio was completed on July 2, 2024, for a total consideration of approximately $1.622 billion, including $1.15 billion in cash and up to $650.0 million in contingent milestone payments[60][65] - The lead asset from HI-Bio, felzartamab, has received Breakthrough Therapy Designation and orphan drug designation from the FDA for multiple indications[60] Revenue by Product and Treatment - Product revenue for the three months ended September 30, 2025, reached $1,846.9 million, a slight increase from $1,769.4 million in the same period of 2024[91] - Total product revenue from Multiple Sclerosis treatments for the three months ended September 30, 2025, was $1,061.5 million, compared to $1,053.9 million in the same period of 2024[91] - Revenue from Rare Disease treatments for the three months ended September 30, 2025, was $533.3 million, an increase from $494.8 million in the same period of 2024[91] - Revenue from Multiple Sclerosis treatments totaled $3,121.7 million for the nine months ended September 30, 2025, compared to $3,279.6 million in 2024, indicating a decrease of 4.8%[93] Strategic Initiatives and Restructuring - The 2023 Fit for Growth Restructuring Program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025, with net headcount reductions of about 1,400 employees and total restructuring charges estimated at $310.0 million[82] - For the three months ended September 30, 2025, total charges from the restructuring program amounted to $8.3 million, compared to $17.2 million for the same period in 2024[84] - The restructuring reserve as of September 30, 2025, was $19.2 million, down from $40.2 million in 2024[89] Financial Instruments and Market Conditions - The company issued $1.75 billion in Senior Notes in May 2025 and redeemed its 4.050% Senior Notes due September 15, 2025, prior to maturity[137] - The total marketable equity securities decreased to $103.9 million as of September 30, 2025, from $668.7 million at the end of 2024, primarily due to a decrease in the fair value of investments[140] - Unrealized losses on foreign currency forward contracts totaled $112.9 million as of September 30, 2025, compared to $0.3 million at the end of 2024[149] - The company reported net unrealized losses of approximately $103.4 million on foreign currency contracts, expected to be settled over the next 24 months[149] Tax and Compensation - The effective tax rate for the three months ended September 30, 2024, was 16.3%, an increase from 13.9% in the same period in 2023[179] - Share-based compensation expense for the three months ended September 30, 2024, was $75.3 million, down from $128.7 million in the same period in 2023, reflecting a 41.5% decrease[176] - The company recognized approximately $56.4 million in equity-based compensation expense related to the acquisition of HI-Bio, with $42.5 million charged to research and development expenses[174]