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Biogen Inc. (BIIB+2.80%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Biogen's financial performance, including a 1.6% decrease in total revenue to $9,675.9 million compared to the previous year. This decline was attributed to a decrease in multiple sclerosis product revenue, which fell by 6.7%, and a decrease in contract manufacturing revenue.
Biogen's net income for the year was $1,632.2 million, with diluted earnings per share increasing by 40.3% to $11.17. The increase in net income was driven by lower operating expenses and the impact of one-time gains.
The report highlights Biogen's acquisition of Human Immunology Biosciences (HI-Bio) for approximately $1.15 billion, aimed at augmenting its pipeline in immunology. The acquisition includes potential future milestone payments of up to $650.0 million.
Biogen's research and development expenses decreased by 17.1% to $2,041.8 million, reflecting cost-reduction measures and the completion of certain clinical trials. The company continues to invest in its pipeline, with a focus on neurology, specialized immunology, and rare diseases.
The filing also discusses Biogen's strategic collaborations, including its partnership with Eisai on the commercialization of LEQEMBI for Alzheimer's disease and Sage on the commercialization of ZURZUVAE for postpartum depression.
Biogen's biosimilars revenue increased by 3.0% to $793.1 million, driven by higher sales volumes of BENEPALI. However, the company faces challenges related to supply constraints and increased competition.
The company reported a decrease in selling, general, and administrative expenses by 5.7% to $2,403.7 million, due to cost-saving initiatives and lower equity-based compensation expenses.
Biogen's effective tax rate for the year was 14.4%, up from 10.4% in the previous year, due to changes in the geographic mix of earnings and the impact of discrete tax items.
The filing outlines Biogen's liquidity position, with cash and cash equivalents totaling $2,375.0 million as of December 31, 2024. The company expects its existing funds and cash generated from operations to be sufficient to meet its future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biogen Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.