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• Total Revenue: $2.4 billion, up 6% year-over-year.

• Non-GAAP Diluted EPS: $3.02, down 18% year-over-year; adjusted EPS would have been $3.97, up 8% year-over-year excluding a $165 million charge.

• Free Cash Flow: $222 million, including a $165 million upfront payment to Stoke.

• Cash Position: $2.6 billion at the end of the quarter.

• MS Franchise Revenue Decline: 11% year-over-year, primarily due to competition.

• LEQEMBI Sales: $96 million, up approximately 11% sequentially.

• SKYCLARYS Revenue: $124 million, up 59% year-over-year and 21% quarter-on-quarter.

• ZURZUVAE Sales: $28 million in Q1.

• VUMERITY Demand Increase: Remains the number 1 branded oral therapy.

• Guidance for 2025: Non-GAAP diluted EPS expected between $14.50 and $15.50; total revenue expected to decline by a mid-single-digit percentage.

• Warning! GuruFocus has detected 6 Warning Signs with BIIB.

Release Date: May 01, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Biogen Inc (NASDAQ:BIIB) reported a strong start to the year with a significant increase in revenue from new product launches, contributing to 45% of product revenue.

• The company received FDA Fast Track designation for its ASO targeting BIIB080, indicating confidence in its potential for Alzheimer's treatment.

• LEQEMBI received marketing authorization in the EU, marking a significant regulatory endorsement for its efficacy and safety profile.

• Biogen Inc (NASDAQ:BIIB) has a robust pipeline with five Phase III studies initiating this year, indicating a maturation of its pipeline.

• The company maintains a strong balance sheet, allowing for continued investment in internal and external growth opportunities.

Negative Points

• Biogen Inc (NASDAQ:BIIB) faces declining revenue in its MS franchise due to competition from biosimilars and generics.

• The launch of LEQEMBI has been challenging due to the workload it imposes on treating physicians.

• The company anticipates a mid-single-digit percentage decline in total revenue for 2025, primarily driven by a decline in the MS business.

• Biogen Inc (NASDAQ:BIIB) is experiencing impacts from the Medicare tax, affecting net sales growth.

• The tariff landscape remains uncertain, posing potential risks to the company's financial outlook.

Q & A Highlights

Q: Congrats on the recent LEQEMBI approval in Europe. Can you talk about what the rollout strategy could look like there and your sense of what the reimbursement process and amenability could be? A: The rollout strategy in Europe will take some time due to the complexity of launching a first-in-class, disease-modifying agent. These products are incremental adds to the healthcare budget, making the process more challenging. However, the thorough examination by the EMA should aid in reimbursement discussions. We will approach this market by market with our partners, Eisai, focusing on expanding in Europe's aging population.