[January 29, 2015] |
|
Biogen Idec 2014 Revenues Increase 40% to $9.7 Billion
Biogen Idec Inc. (NASDAQ: BIIB) today reported full year and fourth
quarter 2014 results, including full year revenues of $9.7 billion, a
40% increase versus 2013. Full year 2014 Non-GAAP diluted earnings per
share (EPS) were $13.83, an increase of 54% versus 2013. Non-GAAP net
income attributable to Biogen Idec for the year was $3.3 billion, an
increase of 54% versus the year prior.
On a reported basis, GAAP diluted EPS for 2014 were $12.37, an increase
of 58% versus 2013. GAAP net income attributable to Biogen Idec for 2014
was $2.9 billion, an increase of 58% versus 2013. (A reconciliation of
GAAP to Non-GAAP full year and quarterly financial results can be found
in Table 3 at the end of this release).
"2014 was a remarkable year for our company and the patients we serve,"
said Chief Executive Officer George A. Scangos, Ph.D. "The growth of
TECFIDERA in world markets, the improved performance of TYSABRI and our
entry into the treatment of hemophilia demonstrated our strength as a
commercial organization while benefiting patients in many countries
around the world.
"2015 promises to be another exciting year," Dr. Scangos continued. "Our
focus on novel biology to seek treatments for challenging diseases has
shaped our pipeline and business strategy, and we expect that will
continue in the future. We believe our drive to bring real value to
patients, providers and payers has the potential to improve lives,
benefit health-care systems and serve our shareholders as well."
In 2015, Biogen Idec plans to present details from clinical trials of
BIIB037 in Alzheimer's disease and the anti-LINGO antibody in acute
optic neuritis, TYSABRI® in secondary progressive MS and
stroke, and Neublastin for neuropathic pain. The company also expects to
continue to bolster its R&D capabilities and is off to a great start in
2015. In January, the company announced a collaboration with Columbia
University to conduct genetics discovery research on the underlying
causes of disease and to identify new treatment approaches; an agreement
with San Raffaele Hospital of Milan, Italy, to develop gene therapy for
both hemophilia A and B; and an agreement to acquire Convergence
Pharmaceuticals, a U.K.-based company with an innovative portfolio of
candidates for neuropathic pain and exceptional expertise in the space.
Full Year 2014 Performance Highlights
-
Interferon revenues, including AVONEX® and PLEGRIDYTM,
were $3.1 billion, consisting of $2.0 billion in U.S. sales and $1.1
billion in sales outside the U.S.
-
TECFIDERA® revenues were $2.9 billion, consisting of $2.4
billion in U.S. sales and $483 million in sales outside the U.S.
-
TYSABRI revenues were approximately $2.0 billion, consisting of $1.0
billion in U.S. sales and $934 million in sales outside the U.S.
-
Net revenues relating to RITUXAN® and GAZYVA®
from our unconsolidated joint business arrangement were $1.2 billion.
-
ALPROLIX® revenues were $76 million, and ELOCTATE®
revenues were $58 million.
Fourth Quarter 2014 Performance Highlights
-
Fourth quarter revenues increased 34% to $2.6 billion, compared to the
fourth quarter of 2013.
-
Interferon revenues, including AVONEX and PLEGRIDY, were $777 million,
consisting of $528 million in U.S. sales and $249 million in sales
outside the U.S. AVONEX U.S. sales include 14 shipping weeks in the
fourth quarter versus 13 in the third quarter of 2014.
-
TECFIDERA revenues were $916 million, consisting of $743 million in
U.S. sales and $173 million in sales outside the U.S. TECFIDERA U.S.
sales include 14 shipping weeks in the fourth quarter versus 13 in the
third quarter of 2014.
-
TYSABRI revenues were $484 million, consisting of $266 million in U.S.
sales and $218 million in sales outside the U.S. TYSABRI U.S. sales
include 13 shipping weeks in the fourth quarter versus 14 in the third
quarter of 2014.
-
Net revenues relating to RITUXAN and GAZYVA from our unconsolidated
joint business arrangement were $305 million.
-
ALPROLIX revenues were $40 million, and ELOCTATE revenues were $37
million.
-
GAAP diluted EPS were $3.74, an increase of 94% versus the fourth
quarter of 2013. GAAP net income attributable to Biogen Idec for the
quarter was $883 million, an increase of 93% from the fourth quarter
of 2013.
-
Non-GAAP diluted EPS were $4.09, an increase of 74% versus the fourth
quarter of 2013. Non-GAAP net income attributable to Biogen Idec for
the quarter was $966 million, an increase of 73% from the fourth
quarter of 2013.
Other Financial Highlights
-
Revenues for FAMPYRA® and FUMADERM™ totaled $33 million in
the fourth quarter of 2014 and $143 million for the full year.
-
Royalty revenues totaled $31 million in the fourth quarter of 2014 and
$177 million for the full year.
-
Corporate partner revenues totaled $18 million in the fourth quarter
of 2014 and $128 million for the full year.
-
As of December 31, 2014, Biogen Idec had cash, cash equivalents and
marketable securities totaling approximately $3.3 billion.
2015 Financial Guidance
Biogen Idec also announced its full year 2015 financial guidance. This
guidance consists of the following components:
-
Revenue growth is expected to be approximately 14% to 16% compared to
2014.
-
R&D expense is expected to be approximately 19% to 20% of total
revenue.
-
SG&A expense is expected to be approximately 20% to 21% of total
revenue.
-
GAAP diluted EPS is expected to be between $15.45 and $15.85.
-
Non-GAAP diluted EPS is expected to be between $16.60 and $17.00.
Biogen Idec may incur charges, realize gains or experience other events
in 2015 that could cause actual results to vary from this guidance.
In 2015, the Company plans to provide annual financial guidance and one
update per year, which is expected to be provided in connection with its
second quarter earnings release. This modest change is intended to
synchronize guidance with internal business planning processes and to
ensure a continued focus on long-term value creation.
(A reconciliation of GAAP to Non-GAAP 2015 financial guidance can be
found in Table 3 at the end of this release).
Recent Company Events
-
In December 2014, Biogen Idec reported positive interim data from the
Phase 1b trial of BIIB037 for the treatment of Alzheimer's disease,
finding a statistically significant reduction in beta amyloid plaque
in the brains of Alzheimer's patients, an improvement in two measures
of cognition, and an acceptable safety profile, with the most
significant safety findings observed to date being amyloid-related
imaging abnormalities.
-
In January 2015, Biogen Idec announced positive top-line results from
the Phase 2 acute optic neuritis (AON) RENEW trial in which treatment
with anti-LINGO-1 showed evidence of biological repair of the visual
system. Anti-LINGO-1 also demonstrated an acceptable safety profile.
-
In January 2015, Biogen Idec announced it agreed to acquire U.K.-based
Convergence Pharmaceuticals. Convergence is a clinical-stage
biopharmaceutical company with an innovative portfolio of ion
channel-modulating product candidates for neuropathic pain including
CNV1014802, a product candidate being developed for trigeminal
neuralgia, a chronic orphan disease.
-
In January 2015, Biogen Idec and Columbia University Medical Center
formed a $30 million strategic alliance to conduct genetics discovery
research on the underlying causes of disease and to identify new
treatment approaches.
-
In January 2015, Samsung Bioepis, a joint venture between Samsung
Biologics and Biogen Idec, announced that it received European
Medicines Agency (EMA) acceptance and validation of its etanercept
biosimilar marketing application. Following the process outlined by
EMA, the compound could potentially be the first biosimilar version of
etanercept to be approved in the EU.
-
In January 2015, Biogen Idec and Google[x] Life Sciences began a
partnership to explore drivers of multiple sclerosis disease
progression through investigational technologies and methods, such as
novel sensor platforms, advanced laboratory science, and
bio-analytical tools.
Multiple Sclerosis (MS) Highlights
-
In November 2014, PLEGRIDY was launched in the U.S. as a new treatment
for people with relapsing forms of multiple sclerosis. PLEGRIDY offers
patients a combination of compelling efficacy, a favorable safety
profile, and a sub-Q autoinjector administered every-two-weeks.
-
TECFIDERA has now treated more than 135,000 people worldwide.
-
TECFIDERA recently received full reimbursement in the U.K., Italy, and
Spain.
Hemophilia Highlights
-
In October 2014, the EMA validated the Marketing Authorization
Application of ELOCTA™ (rFVIIIFc). ELOCTA is the approved trade name
in Europe for ELOCTATE.
-
In January 2015, Biogen Idec and San Raffaele Hospital announced they
entered into a worldwide collaboration to jointly develop gene
therapies for the treatment of both hemophilia A and B. The agreement
will combine San Raffaele Hospital's extensive expertise in creating
vectors that deliver genetic material to cells with Biogen Idec's deep
understanding of hemophilia biology to potentially treat the
underlying causes of hemophilia A and B.
Conference Call and Webcast
The Company's earnings conference call for the fourth quarter will be
broadcast via the internet at 4:30 p.m. EST on January 29, 2015, and
will be accessible through the Investors section of Biogen Idec's
homepage, www.biogenidec.com.
Supplemental information in the form of a slide presentation will also
be accessible at the same location on the internet at the time of the
conference call and will be subsequently available on the website for at
least one month.
About Biogen Idec
Through cutting-edge science and medicine, Biogen Idec discovers,
develops and delivers to patients worldwide innovative therapies for the
treatment of neurodegenerative diseases, hematologic conditions and
autoimmune disorders. Founded in 1978, Biogen Idec is the world's oldest
independent biotechnology company and patients worldwide benefit from
its leading multiple sclerosis and innovative hemophilia therapies. For
product labeling, press releases and additional information about the
Company, please visit www.biogenidec.com.
Safe Harbor
This press release contains forward-looking statements, including
statements about our plans and business strategy, the potential of our
pipeline and the development of new treatments, anticipated data
readouts, research and development and business development activities,
and financial guidance. These forward-looking statements may be
accompanied by such words as "anticipate," "believe," "could,"
"estimate," "expect," "forecast," "intend," "may," "plan," "potential,"
"project," "target," "will" and other words and terms of similar
meaning. You should not place undue reliance on these statements.
These statements involve risks and uncertainties that could cause actual
results to differ materially from those reflected in such statements,
including: our dependence on sales from our principal products; failure
to compete effectively due to significant product competition in the
markets for our products; failure to protect and enforce our data,
intellectual property and other proprietary rights and the risks and
uncertainties relating to intellectual property claims; difficulties in
obtaining adequate coverage or changes in pricing or the availability of
reimbursement for our products; the occurrence of adverse safety events,
restrictions on use with our products or product liability claims;
uncertainty of success in developing, licensing or acquiring other
product candidates or additional indications for existing products,
including the risk that unexpected concerns may arise from additional
data or analysis obtained during clinical trials, regulatory authorities
may require additional information or further studies or may fail to
approve or may delay approval of our drug candidates; results in early
stage clinical trials may not be predictive of results in later stage or
large scale clinical trials or trials in other potential indications;
our dependence on collaborators and other third parties for the
development and commercialization of products and other aspects of our
business, which are outside of our control; failure to manage our growth
and execute our growth initiatives; problems with our manufacturing
processes or capacity; failure to comply with legal and regulatory
requirements; the risks of doing business internationally; charges and
other costs relating to our properties; currency fluctuations;
fluctuations in our effective tax rate; the market, interest and credit
risks associated with our portfolio of marketable securities;
environmental risks; and the other risks and uncertainties that are
described in the Risk Factors section of our most recent annual or
quarterly report and in other reports we have filed with the SEC.
These statements are based on our current beliefs and expectations and
speak only as of the date of this press release. We do not undertake any
obligation to publicly update any forward-looking statements.
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TABLE 1
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Biogen Idec Inc. and Subsidiaries
|
Condensed Consolidated Statements of Income
|
(unaudited, in thousands, except per share amounts)
|
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For the Three Months
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For the Twelve Months
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Ended December 31,
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Ended December 31,
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2014
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2013
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2014
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2013
|
Revenues:
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Product, net
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$
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2,286,981
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$
|
1,607,080
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$
|
8,203,404
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|
$
|
5,542,331
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Unconsolidated joint business
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304,530
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269,416
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1,195,389
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1,126,017
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Royalty
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31,351
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60,613
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|
|
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176,699
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185,689
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Corporate partner
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17,813
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28,741
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127,832
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|
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|
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78,162
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Total revenues
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2,640,675
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1,965,850
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9,703,324
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6,932,199
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Cost and expenses:
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Cost of sales, excluding amortization of acquired intangible assets
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297,265
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|
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258,553
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1,171,036
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857,726
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Research and development
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500,091
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422,233
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1,893,422
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1,444,053
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Selling, general and administrative
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573,610
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522,857
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2,232,342
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1,712,051
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Amortization of acquired intangible assets
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107,246
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109,424
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489,761
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342,948
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Collaboration profit sharing
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-
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-
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-
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85,357
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(Gain) loss on fair value remeasurement of contingent consideration
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7,320
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2,436
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(38,893
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)
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(547
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)
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Total cost and expenses
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1,485,532
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1,315,503
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5,747,668
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4,441,588
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Gain on sale of rights
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4,620
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7,579
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16,758
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24,898
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Income from operations
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1,159,763
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657,926
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3,972,414
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2,515,509
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Other income (expense), net
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(8,751
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)
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(5,405
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)
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(25,781
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)
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(34,930
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)
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Income before income tax expense and equity in loss of investee,
net of tax
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1,151,012
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652,521
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3,946,633
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2,480,579
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Income tax expense
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268,233
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190,261
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989,942
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601,014
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Equity in loss of investee, net of tax
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194
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4,954
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15,126
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17,224
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Net income
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882,585
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457,306
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2,941,565
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1,862,341
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Net income (loss) attributable to noncontrolling interests, net
of tax
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(879
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)
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-
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6,781
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|
-
|
|
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|
|
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Net income attributable to Biogen Idec Inc.
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$
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883,464
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$
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457,306
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$
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2,934,784
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$
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1,862,341
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Net income per share:
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Basic earnings per share attributable to Biogen Idec Inc.
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$
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3.75
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|
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$
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1.94
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|
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$
|
12.42
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|
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$
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7.86
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Diluted earnings per share attributable to Biogen Idec Inc.
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$
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3.74
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|
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$
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1.92
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|
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$
|
12.37
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|
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$
|
7.81
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Weighted-average shares used in calculating:
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|
Basic earnings per share attributable to Biogen Idec Inc.
|
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235,481
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|
|
|
|
236,283
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|
|
|
|
|
236,359
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|
|
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236,919
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|
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|
|
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|
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|
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|
Diluted earnings per share attributable to Biogen Idec Inc.
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236,292
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|
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237,627
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|
|
|
|
|
237,176
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|
|
|
|
238,308
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|
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TABLE 2
|
Biogen Idec Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(unaudited, in thousands)
|
|
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As of
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As of
|
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|
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December 31,
|
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|
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December 31,
|
|
|
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2014
|
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2013
|
ASSETS
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
$
|
1,845,384
|
|
|
|
$
|
1,222,729
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
1,292,445
|
|
|
|
|
824,406
|
|
|
|
|
|
|
|
|
|
Inventory
|
|
|
|
|
804,022
|
|
|
|
|
659,003
|
|
|
|
|
|
|
|
|
|
Other current assets
|
|
|
|
|
730,822
|
|
|
|
|
478,796
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
4,672,673
|
|
|
|
|
3,184,934
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
|
|
1,470,652
|
|
|
|
|
625,772
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
1,765,683
|
|
|
|
|
1,750,710
|
|
|
|
|
|
|
|
|
|
Intangible assets, net
|
|
|
|
|
4,028,507
|
|
|
|
|
4,474,653
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
1,760,249
|
|
|
|
|
1,232,916
|
|
|
|
|
|
|
|
|
|
Investments and other assets
|
|
|
|
|
618,795
|
|
|
|
|
594,350
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
14,316,559
|
|
|
|
$
|
11,863,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of notes payable
|
|
|
|
$
|
3,136
|
|
|
|
$
|
3,494
|
|
|
|
|
|
|
|
|
|
Other current liabilities
|
|
|
|
|
2,216,570
|
|
|
|
|
1,754,785
|
|
|
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
582,061
|
|
|
|
|
592,433
|
|
|
|
|
|
|
|
|
|
Long-term deferred tax liability
|
|
|
|
|
50,656
|
|
|
|
|
232,554
|
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
|
650,096
|
|
|
|
|
659,231
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
10,814,040
|
|
|
|
|
8,620,838
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
$
|
14,316,559
|
|
|
|
$
|
11,863,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 3
|
Biogen Idec Inc. and Subsidiaries
|
GAAP to Non-GAAP Reconciliation:
|
Net Income Attributable to Biogen Idec Inc. and Diluted
Earnings Per Share
|
(unaudited, in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
|
|
For the Twelve Months
|
|
|
|
|
Ended December 31,
|
|
|
|
Ended December 31,
|
GAAP to Non-GAAP Reconciliation
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per share - Diluted
|
|
|
|
$
|
3.74
|
|
|
|
$
|
1.92
|
|
|
|
|
$
|
12.37
|
|
|
|
$
|
7.81
|
|
Adjustments to GAAP net income attributable to Biogen Idec Inc. (as
detailed below)
|
|
|
|
|
0.35
|
|
|
|
|
0.42
|
|
|
|
|
|
1.46
|
|
|
|
|
1.15
|
|
Non-GAAP earnings per share - Diluted
|
|
|
|
$
|
4.09
|
|
|
|
$
|
2.34
|
|
|
|
|
$
|
13.83
|
|
|
|
$
|
8.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between net income attributable to Biogen
Idec Inc. on a GAAP basis and on a non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
$
|
883.5
|
|
|
|
$
|
457.3
|
|
|
|
|
$
|
2,934.8
|
|
|
|
$
|
1,862.3
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
101.4
|
|
|
|
|
105.5
|
|
|
|
|
|
472.9
|
|
|
|
|
330.7
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
7.3
|
|
|
|
|
2.4
|
|
|
|
|
|
(38.9
|
)
|
|
|
|
(0.6
|
)
|
SG&A: Stock option expense
|
|
|
|
|
1.1
|
|
|
|
|
1.1
|
|
|
|
|
|
6.4
|
|
|
|
|
5.3
|
|
R&D: Stock option expense
|
|
|
|
|
1.0
|
|
|
|
|
0.8
|
|
|
|
|
|
5.8
|
|
|
|
|
4.4
|
|
Weston Exit Costs
|
|
|
|
|
-
|
|
|
|
|
27.2
|
|
|
|
|
|
-
|
|
|
|
|
27.2
|
|
Donation to Biogen Idec Foundation
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
35.0
|
|
|
|
|
-
|
|
Income tax effect related to reconciling items
|
|
|
|
|
(28.7
|
)
|
|
|
|
(37.3
|
)
|
|
|
|
|
(134.9
|
)
|
|
|
|
(93.0
|
)
|
Non-GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
$
|
965.6
|
|
|
|
$
|
557.0
|
|
|
|
|
$
|
3,281.1
|
|
|
|
$
|
2,136.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Full Year Guidance: GAAP to Non-GAAP Reconciliation
|
An itemized reconciliation between projected net income attributable
to Biogen Idec Inc. and diluted earnings per share on a GAAP basis
and on a non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
Shares
|
|
|
|
Diluted
EPS
|
|
|
|
Projected GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
|
3,685
|
|
|
|
|
235
|
|
|
|
|
$
|
15.65
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
335
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effect related to reconciling items
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
|
|
Projected Non-GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
|
3,955
|
|
|
|
|
235
|
|
|
|
|
$
|
16.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numbers may not foot due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
We supplement our consolidated financial statements presented on a GAAP
basis by providing additional measures which may be considered
"non-GAAP" financial measures under applicable SEC rules. We believe
that the disclosure of these non-GAAP financial measures provides
additional insight into the ongoing economics of our business and
reflects how we manage our business internally, set operational goals
and forms the basis of our management incentive programs. These non-GAAP
financial measures are not in accordance with generally accepted
accounting principles in the United States and should not be viewed in
isolation or as a substitute for reported, or GAAP, net income
attributable to Biogen Idec Inc. and diluted earnings per share.
Our "Non-GAAP net income attributable to Biogen Idec Inc." and "Non-GAAP
earnings per share - Diluted" financial measures exclude the following
items from GAAP net income attributable to Biogen Idec Inc. and diluted
earnings per share:
1. Purchase accounting and merger-related
adjustments.
We exclude certain purchase accounting related items associated with the
acquisition of businesses, assets and amounts in relation to the
consolidation of variable interest entities for which we are the primary
beneficiary. These adjustments include charges for in-process research
and development, the amortization of certain acquired intangible assets
and fair value remeasurements of our contingent consideration
obligations. The exclusion of these charges provides management and
investors with a supplemental measure of performance which the Company
believes better reflects the underlying economics of the business.
2. Stock option expense recorded in accordance
with the accounting standard for share-based payments.
We believe that excluding the impact of expensing stock options better
reflects the recurring economic characteristics of our business.
3. Weston Exit Costs.
As a result of our decision to relocate our headquarters to Cambridge,
MA, we vacated a portion of our Weston, MA facility in the fourth
quarter of 2013. This charge represents our remaining lease obligation
for the vacated portion of our Weston facility, net of sublease income.
4. Other items.
We evaluate other items on an individual basis, and consider both the
quantitative and qualitative aspects of the item, including (i) its size
and nature, (ii) whether or not it relates to our ongoing business
operations, and (iii) whether or not we expect it to occur as part of
our normal business on a regular basis. We also include an adjustment to
reflect the related tax effect of all reconciling items within our
reconciliation of our GAAP to Non-GAAP net income attributable to Biogen
Idec Inc.
|
|
TABLE 4
|
Biogen Idec Inc. and Subsidiaries
|
Product Revenues
|
(unaudited, in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
|
|
For the Twelve Months
|
|
|
|
|
Ended December 31,
|
|
|
|
Ended December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
PRODUCT REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multiple Sclerosis (MS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVONEX
|
|
|
|
$
|
736.0
|
|
|
$
|
751.5
|
|
|
|
$
|
3,013.1
|
|
|
$
|
3,005.5
|
PLEGRIDY
|
|
|
|
|
41.1
|
|
|
|
-
|
|
|
|
|
44.5
|
|
|
|
-
|
TECFIDERA
|
|
|
|
|
916.0
|
|
|
|
397.6
|
|
|
|
|
2,909.2
|
|
|
|
876.1
|
TYSABRI
|
|
|
|
|
483.9
|
|
|
|
426.6
|
|
|
|
|
1,959.5
|
|
|
|
1,526.5
|
FAMPYRA
|
|
|
|
|
18.5
|
|
|
|
17.3
|
|
|
|
|
80.2
|
|
|
|
74.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hemophilia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALPROLIX
|
|
|
|
|
40.3
|
|
|
|
-
|
|
|
|
|
76.0
|
|
|
|
-
|
ELOCTATE
|
|
|
|
|
36.8
|
|
|
|
-
|
|
|
|
|
58.4
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other product revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUMADERM
|
|
|
|
|
14.4
|
|
|
|
14.1
|
|
|
|
|
62.5
|
|
|
|
60.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total product revenues, net
|
|
|
|
$
|
2,287.0
|
|
|
$
|
1,607.1
|
|
|
|
$
|
8,203.4
|
|
|
$
|
5,542.3
|
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|