[July 23, 2014] |
|
Biogen Idec Second Quarter 2014 Revenues Increase 40% to $2.4 Billion; Company Raises Financial Guidance for the Year
CAMBRIDGE, Mass. --(Business Wire)--
Biogen Idec Inc. (NASDAQ: BIIB) today reported second quarter 2014
results, including revenue of $2.4 billion, a 40% increase compared to
the second quarter of 2013. Second quarter 2014 non-GAAP diluted
earnings per share (EPS) were $3.49, an increase of 52% over the second
quarter of 2013. Non-GAAP net income attributable to Biogen Idec for the
second quarter was $829 million, an increase of 51% over the second
quarter of 2013.
On a reported basis, GAAP diluted EPS for the second quarter of 2014
were $3.01, an increase of 46% over the second quarter of 2013. GAAP net
income attributable to Biogen Idec for the second quarter of 2014 was
$715 million, an increase of 46% versus the same period in the prior
year. (A reconciliation of GAAP to Non-GAAP quarterly financial results
and 2014 full year guidance can be found in Table 3 at the end of this
release).
Non-GAAP and GAAP diluted EPS benefited by approximately $0.15 and
$0.13, respectively, following the approval of an agreement with the
Italian National Medicines Agency (AIFA) relating to TYSABRI®
sales in Italy from February 2013 through March 31, 2014.
"This past quarter highlighted significant accomplishments across our
business, from the approval of ELOCTATE for hemophilia A, to the
continued patient uptake of TECFIDERA in the U.S. and new markets
worldwide, to strong clinical results for important emerging MS
treatments," said Chief Executive Officer George A. Scangos, Ph.D.
"During this time we also announced our intent with Swedish Orphan
Biovitrum AB to donate up to one billion international units of clotting
factor to humanitarian organizations, which we hope will have a
significant impact on the lives of patients in developing countries who
may otherwise not have access to these therapies."
"We remain focused on additional potential approvals and pivotal
read-outs, and continue to look to increase investment in early-stage
research to broaden and advance our neurology, immunology and hematology
pipelines," Dr. Scangos added.
Second Quarter 2014 Performance Highlights
-
TECFIDERA revenues were $700 million, consisting of $585 million in
U.S. sales and $115 million in sales outside the U.S.
-
AVONEX® revenues were $774 million in the second quarter of
2014. The total was composed of $498 million in U.S. sales and $276
million in sales outside the U.S.
-
TYSABRI revenues were $533 million, consisting of $250 million in U.S.
sales and $284 million in sales outside the U.S.
-
TYSABRI sales outside the U.S. included $54 million of previously
deferred revenue from February 2013 through March 31, 2014, which
was recognized during the quarter following an agreement with
AIFA. Beginning in the second quarter of 2014, sales of TYSABRI in
Italy were recorded at the full reimbursed price. The Company
continues to be in discussions with AIFA to resolve its dispute
for the periods February 2009 through January 2013.
-
Net revenues relating to RITUXAN® and GAZYVA®
from our unconsolidated joint business arrangement were $303 million
in the second quarter of 2014, compared to $289 million in the second
quarter of 2013.
-
ALPROLIXTM revenues were $10 million in the second quarter
of 2014.
Other Financial Results
-
Revenues for FAMPYRA® and FUMADERMTM were $38
million in the second quarter of 2014, compared to $33 million in the
second quarter of 2013.
-
Royalty revenues were $40 million in the second quarter of 2014,
compared to $38 million in the second quarter of 2013.
-
Corporate partner revenues were $22 million in the second quarter of
2014, compared to $11 million in the second quarter of 2013.
-
As of June 30, 2014, Biogen Idec had cash, cash equivalents and
marketable securities totaling approximately $2.6 billion.
Updated 2014 Financial Guidance
Biogen Idec increased its full year 2014 financial guidance. This change
represents a meaningful increase from prior guidance owing primarily to
the growth of TECFIDERA in the U.S. and the E.U., the strength of our
other MS therapies, and clarity on the AIFA pricing matter.
This guidance consists of the following components:
-
Revenue growth is expected to be approximately 38% to 41%.
-
R&D expense is expected to be approximately 20% to 21% of total
revenue.
-
For the balance of the year, full year guidance for R&D expense
includes greater than $150 million intended for new early and
mid-stage business development opportunities.
-
SG&A expense is expected to be approximately 22% to 23% of total
revenue.
-
GAAP diluted EPS is expected to be between $11.26 and $11.46.
-
Non-GAAP diluted EPS is expected to be between $12.90 and $13.10.
Biogen Idec may incur charges, realize gains or experience other events
in 2014 that could cause actual results to vary from this guidance.
Multiple Sclerosis (MS) Events
-
In May 2014, Biogen Idec received a positive recommendation from the
Committee for Medicinal Products for Human Use of the European
Medicines Agency for the marketing authorization of PLEGRIDY™
(Peginterferon Beta-1a), a pegylated interferon administered
subcutaneously for adults with relapsing-remitting multiple sclerosis.
-
In June 2014, Biogen Idec and AbbVie announced positive top-line
results from the Phase 3 DECIDE clinical trial investigating
Daclizumab High Yield Process (HYP) in MS, with Daclizumab HYP
demonstrating superiority over interferon beta-1a in annual relapse
rate.
-
At the 66th American Academy of Neurology (AAN) annual meeting in
April and May 2014, Biogen Idec presented new data on several of its
MS programs, including:
-
Two-year data from its Phase 3 ADVANCE clinical trial for PLEGRIDY
in people with relapsing MS.
-
Data that reinforces the efficacy of TECFIDERA (dimethyl fumarate)
in a wide range of patients with relapsing MS, as well as support
for its favorable safety and tolerability profile in the
real-world setting.
-
Post hoc analysis of data from the AFFIRM study demonstrating
improvement in walking speed for TYSABRI (natalizumab) relative to
placebo at two years.
-
Additional data from observational registry studies showing the
benefit of switching to TYSABRI after experiencing an MS relapse
while taking interferon beta or glatiramer acetate.
Hemophilia Events
-
In June 2014, the U.S. Food and Drug Administration approved ELOCTATE
[Antihemophilic Factor (Recombinant), Fc Fusion Protein] for the
control and prevention of bleeding episodes, surgical management and
routine prophylaxis in adults and children with hemophilia A.
-
In July 2014, ALPROLIX [Coagulation Factor IX (Recombinant), Fc Fusion
Protein] for hemophilia B obtained marketing approval from Japan's
Ministry of Health, Labor and Welfare, while ELOCTATE for hemophilia A
was approved by Australia's Therapeutic Goods Administration.
-
At the World Federation of Hemophilia 2014 World Congress in May 2014,
Biogen Idec and Swedish Orphan Biovitrum AB announced their intent to
donate up to one billion international units of clotting factor
therapy for humanitarian aid programs in the developing world.
Other Events
-
In April 2014, Biogen Idec and Quintiles entered into a five-year
strategic clinical development agreement to help optimize Biogen
Idec's clinical development processes.
-
In May 2014, Biogen Idec announced that Richard A. Rudick, M.D., has
joined the Company as Vice President, Development Sciences,
Value-Based Medicine. Dr. Rudick will lead Biogen Idec's newly created
Value-Based Medicine Group, which will focus on using advanced
technologies to develop innovative programs and tools to better
understand, measure and manage the treatment of multiple sclerosis.
-
During the second quarter of 2014, the Company made a $35 million
donation to the Biogen Idec Foundation to support the Foundation's
mission of providing grants to STEM (Science, Technology, Engineering,
Math) education programs.
Conference Call and Webcast
The Company's earnings conference call for the second quarter will be
broadcast via the internet at 9:00 a.m. EDT on July 23, 2014, 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 2014 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;
uncertainty of success in execution of our commercialization of new
products; failure to protect and enforce our data, intellectual property
and other proprietary rights and the diminution of our ability to derive
anticipated benefits from our products; difficulties in obtaining or
changes in the availability of reimbursement for our products;
uncertainty of success in developing other product candidates, including
our ability to obtain product approvals in a timely manner or at all for
new or current products; the occurrence of adverse safety events with
our products; failure to compete effectively due to significant product
competition in the markets for our products; dependence on collaborators
and other third parties for the development and commercialization of
products; problems with our manufacturing processes; failure to manage
our growth and execute our growth initiatives; failure to comply with
legal and regulatory requirements; the risks of doing business
internationally; charges and other costs relating to our properties;
risks and uncertainties relating to the timing, outcome and impact of
legal, administrative and other proceedings and disputes; fluctuations
in our effective tax rate; our ability to attract and retain qualified
personnel; uncertainty and potential liabilities relating to product
liability and intellectual property claims; 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.
|
TABLE 1
|
Biogen Idec Inc. and Subsidiaries
|
Condensed Consolidated Statements of Income
|
(unaudited, in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
|
|
|
For the Six Months
|
|
|
|
|
|
Ended June 30,
|
|
|
|
|
Ended June 30,
|
|
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product, net
|
|
|
|
$
|
2,056,292
|
|
|
|
$
|
1,385,918
|
|
|
|
|
|
$
|
3,799,057
|
|
|
|
|
$
|
2,481,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated joint business
|
|
|
|
|
303,296
|
|
|
|
|
288,785
|
|
|
|
|
|
|
600,181
|
|
|
|
|
|
553,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty
|
|
|
|
|
40,344
|
|
|
|
|
38,111
|
|
|
|
|
|
|
78,200
|
|
|
|
|
|
70,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate partner
|
|
|
|
|
21,520
|
|
|
|
|
10,659
|
|
|
|
|
|
|
73,765
|
|
|
|
|
|
32,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
|
2,421,452
|
|
|
|
|
1,723,473
|
|
|
|
|
|
|
4,551,203
|
|
|
|
|
|
3,138,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, excluding amortization of acquired intangible assets
|
|
|
|
|
291,887
|
|
|
|
|
230,728
|
|
|
|
|
|
|
571,132
|
|
|
|
|
|
364,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
447,273
|
|
|
|
|
327,463
|
|
|
|
|
|
|
976,157
|
|
|
|
|
|
611,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
576,622
|
|
|
|
|
431,012
|
|
|
|
|
|
|
1,088,296
|
|
|
|
|
|
783,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
116,826
|
|
|
|
|
82,225
|
|
|
|
|
|
|
260,084
|
|
|
|
|
|
133,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration profit sharing
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
85,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
4,019
|
|
|
|
|
(5,163
|
)
|
|
|
|
|
|
3,220
|
|
|
|
|
|
(2,886
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost and expenses
|
|
|
|
|
1,436,627
|
|
|
|
|
1,066,265
|
|
|
|
|
|
|
2,898,889
|
|
|
|
|
|
1,975,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of rights
|
|
|
|
|
3,900
|
|
|
|
|
5,319
|
|
|
|
|
|
|
7,759
|
|
|
|
|
|
10,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
|
988,725
|
|
|
|
|
662,527
|
|
|
|
|
|
|
1,660,073
|
|
|
|
|
|
1,173,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
|
|
4,861
|
|
|
|
|
(10,428
|
)
|
|
|
|
|
|
(740
|
)
|
|
|
|
|
(24,885
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense and equity in loss of investee,
net of tax
|
|
|
|
|
993,586
|
|
|
|
|
652,099
|
|
|
|
|
|
|
1,659,333
|
|
|
|
|
|
1,148,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
268,521
|
|
|
|
|
159,140
|
|
|
|
|
|
|
446,935
|
|
|
|
|
|
224,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of investee, net of tax
|
|
|
|
|
1,933
|
|
|
|
|
2,289
|
|
|
|
|
|
|
9,538
|
|
|
|
|
|
6,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
723,132
|
|
|
|
|
490,670
|
|
|
|
|
|
|
1,202,860
|
|
|
|
|
|
917,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests, net
of tax
|
|
|
|
|
8,626
|
|
|
|
|
-
|
|
|
|
|
|
|
8,398
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Biogen Idec Inc.
|
|
|
|
$
|
714,506
|
|
|
|
$
|
490,670
|
|
|
|
|
|
$
|
1,194,462
|
|
|
|
|
$
|
917,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Idec Inc.
|
|
|
|
$
|
3.02
|
|
|
|
$
|
2.07
|
|
|
|
|
|
$
|
5.05
|
|
|
|
|
$
|
3.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Biogen Idec Inc.
|
|
|
|
$
|
3.01
|
|
|
|
$
|
2.06
|
|
|
|
|
|
$
|
5.03
|
|
|
|
|
$
|
3.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in calculating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Idec Inc.
|
|
|
|
|
236,661
|
|
|
|
|
237,484
|
|
|
|
|
|
|
236,729
|
|
|
|
|
|
237,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to Biogen Idec Inc.
|
|
|
|
|
237,401
|
|
|
|
|
238,743
|
|
|
|
|
|
|
237,634
|
|
|
|
|
|
238,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2
|
Biogen Idec Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
|
As of
|
|
|
|
|
June 30,
|
|
|
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
$
|
1,573,066
|
|
|
|
|
|
$
|
1,222,729
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
1,002,328
|
|
|
|
|
|
|
824,406
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
|
|
|
|
|
715,935
|
|
|
|
|
|
|
659,003
|
|
|
|
|
|
|
|
|
|
|
|
Other current assets
|
|
|
|
|
633,684
|
|
|
|
|
|
|
478,796
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
3,925,013
|
|
|
|
|
|
|
3,184,934
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
|
|
1,010,837
|
|
|
|
|
|
|
625,772
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
1,756,164
|
|
|
|
|
|
|
1,750,710
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets, net
|
|
|
|
|
4,249,378
|
|
|
|
|
|
|
4,474,653
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
1,364,815
|
|
|
|
|
|
|
1,232,916
|
|
|
|
|
|
|
|
|
|
|
|
Investments and other assets
|
|
|
|
|
611,791
|
|
|
|
|
|
|
594,350
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
12,917,998
|
|
|
|
|
|
$
|
11,863,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of notes payable and line of credit
|
|
|
|
$
|
3,386
|
|
|
|
|
|
$
|
3,494
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities
|
|
|
|
|
1,913,238
|
|
|
|
|
|
|
1,754,785
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
586,091
|
|
|
|
|
|
|
592,433
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deferred tax liability
|
|
|
|
|
139,092
|
|
|
|
|
|
|
232,554
|
|
|
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
|
710,965
|
|
|
|
|
|
|
659,231
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
9,565,226
|
|
|
|
|
|
|
8,620,838
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
$
|
12,917,998
|
|
|
|
|
|
$
|
11,863,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 3
|
Biogen Idec Inc. and Subsidiaries
|
GAAP to Non-GAAP Reconciliation: Net Income and Net Income Per
Share
|
(unaudited, in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
|
|
For the Six Months
|
|
|
|
|
|
|
|
Ended June 30,
|
|
|
|
Ended June 30,
|
EARNINGS PER SHARE
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per share - Diluted
|
|
|
|
|
|
$
|
3.01
|
|
|
|
|
$
|
2.06
|
|
|
|
|
$
|
5.03
|
|
|
|
|
$
|
3.85
|
|
Adjustments to net income attributable to Biogen Idec Inc. (as
detailed below)
|
|
|
|
|
|
|
0.48
|
|
|
|
|
|
0.24
|
|
|
|
|
|
0.93
|
|
|
|
|
|
0.42
|
|
Non-GAAP earnings per share - Diluted
|
|
|
|
|
|
$
|
3.49
|
|
|
|
|
$
|
2.30
|
|
|
|
|
$
|
5.96
|
|
|
|
|
$
|
4.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
An itemized reconciliation between net income attributable to Biogen
Idec Inc. on a GAAP basis and net income attributable to Biogen Idec
Inc. on a non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
|
|
$
|
714.5
|
|
|
|
|
$
|
490.7
|
|
|
|
|
$
|
1,194.5
|
|
|
|
|
$
|
917.4
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
113.0
|
|
|
|
|
|
79.5
|
|
|
|
|
|
252.8
|
|
|
|
|
|
128.1
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
|
|
4.0
|
|
|
|
|
|
(5.2
|
)
|
|
|
|
|
3.2
|
|
|
|
|
|
(2.9
|
)
|
|
SG&A: Stock option expense
|
|
|
|
|
|
|
1.5
|
|
|
|
|
|
1.0
|
|
|
|
|
|
4.0
|
|
|
|
|
|
2.9
|
|
|
R&D: Stock option expense
|
|
|
|
|
|
|
1.2
|
|
|
|
|
|
0.8
|
|
|
|
|
|
3.5
|
|
|
|
|
|
2.4
|
|
|
Donation to Biogen Idec Foundation
|
|
|
|
|
|
|
35.0
|
|
|
|
|
|
-
|
|
|
|
|
|
35.0
|
|
|
|
|
|
-
|
|
|
Income tax effect related to reconciling items
|
|
|
|
|
|
|
(40.1
|
)
|
|
|
|
|
(18.0
|
)
|
|
|
|
|
(77.1
|
)
|
|
|
|
|
(29.7
|
)
|
Non-GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
|
|
$
|
829.1
|
|
|
|
|
$
|
548.8
|
|
|
|
|
$
|
1,415.9
|
|
|
|
|
$
|
1,018.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Full Year Guidance: GAAP to Non-GAAP Adjustments
|
An itemized reconciliation between projected EPS 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.
|
|
|
|
|
|
|
2,697
|
|
|
|
|
|
237
|
|
|
|
|
$
|
11.36
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
|
|
463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option expense
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Donation to Biogen Idec Foundation
|
|
|
|
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effect related to reconciling items
|
|
|
|
|
|
|
(131
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected Non-GAAP net income attributable to Biogen Idec Inc.
|
|
|
|
|
|
|
3,085
|
|
|
|
|
|
237
|
|
|
|
|
$
|
13.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. 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 thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
|
|
|
|
|
Ended June 30,
|
|
|
|
|
|
|
2014
|
|
|
|
|
2013
|
PRODUCT REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVONEX
|
|
|
|
|
$
|
773,772
|
|
|
|
|
$
|
774,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYSABRI
|
|
|
|
|
|
533,440
|
|
|
|
|
|
386,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECFIDERA
|
|
|
|
|
|
700,380
|
|
|
|
|
|
192,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAMPYRA
|
|
|
|
|
|
22,316
|
|
|
|
|
|
16,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUMADERM
|
|
|
|
|
|
15,987
|
|
|
|
|
|
15,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALPROLIX
|
|
|
|
|
|
10,397
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total product revenues, net
|
|
|
|
|
$
|
2,056,292
|
|
|
|
|
$
|
1,385,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
|
|
|
|
|
|
|
Ended June 30,
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
PRODUCT REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVONEX
|
|
|
|
|
$
|
1,535,246
|
|
|
|
|
$
|
1,520,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYSABRI
|
|
|
|
|
|
974,485
|
|
|
|
|
|
698,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECFIDERA
|
|
|
|
|
|
1,206,090
|
|
|
|
|
|
192,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAMPYRA
|
|
|
|
|
|
41,277
|
|
|
|
|
|
40,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUMADERM
|
|
|
|
|
|
31,562
|
|
|
|
|
|
30,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALPROLIX
|
|
|
|
|
|
10,397
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total product revenues, net
|
|
|
|
|
$
|
3,799,057
|
|
|
|
|
$
|
2,481,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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