[July 25, 2017] |
|
Biogen Reports Record Quarterly Revenues of $3.1 Billion, Raises Full Year Revenue Guidance
Biogen Inc. (NASDAQ: BIIB) today reported second quarter 2017 financial
results, including:
-
Total revenues of $3.1 billion, a 6% increase versus the prior year
and a 15% increase excluding hemophilia revenues*.
-
Revenue growth was driven by strength in MS revenues, which
increased 5% versus prior year. This included a 13% increase in
TECFIDERA® revenues versus the prior year.
-
Additionally, SPINRAZA® revenues grew to $203 million
and BENEPALITM revenues increased to $89 million in the
second quarter of 2017.
-
GAAP net income and diluted earnings per share (EPS) attributable to
Biogen Inc. of $863 million and $4.07, respectively.
-
Non-GAAP net income and diluted EPS attributable to Biogen Inc. of
$1.1 billion and $5.04, respectively.
* In Q1 2017, Biogen completed the separation of its global hemophilia
business into a new company, known as Bioverativ. The 15% increase in
total revenues excludes all hemophilia revenues from Q2 2016. Hemophilia
revenues include ELOCTATE® and ALPROLIX® product
revenues as well as royalty and contract manufacturing revenue related
to Sobi.
(In millions, except per share amounts)
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
Q2 '16
|
|
|
Q2 '17 v. Q1 '17
|
|
|
Q2 '17 v. Q2 '16
|
Total revenues**
|
|
|
$
|
3,078
|
|
|
|
$
|
2,811
|
|
|
|
$
|
2,894
|
|
|
|
10%**
|
|
|
6%**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income***
|
|
|
$
|
863
|
|
|
|
$
|
748
|
|
|
|
$
|
1,050
|
|
|
|
15
|
%
|
|
|
(18
|
%)
|
GAAP diluted EPS
|
|
|
$
|
4.07
|
|
|
|
$
|
3.46
|
|
|
|
$
|
4.79
|
|
|
|
18
|
%
|
|
|
(15
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income***
|
|
|
$
|
1,069
|
|
|
|
$
|
1,123
|
|
|
|
$
|
1,142
|
|
|
|
(5
|
%)
|
|
|
(6
|
%)
|
Non-GAAP diluted EPS
|
|
|
$
|
5.04
|
|
|
|
$
|
5.20
|
|
|
|
$
|
5.21
|
|
|
|
(3
|
%)
|
|
|
(3
|
%)
|
** Total revenues grew 13% versus Q1 2017 and 15% versus Q2 2016
excluding hemophilia.
|
***Net income attributable to Biogen Inc.
|
A reconciliation of GAAP to Non-GAAP quarterly financial results can be
found in Table 3 at the end of this press release.
"Biogen continued to perform well across multiple areas of our business.
This quarter demonstrated our ability to advance and expand the
pipeline, deliver strong commercial results, and build our senior
management team," said Michel Vounatsos, Biogen's Chief Executive
Officer. "Our market-leading MS portfolio continues to perform as we
anticipated at the beginning of the year, as an increasing number of
patients worldwide are benefiting from our therapies. Through Biogen's
efforts, patients are gaining access to SPINRAZA around the world for a
disease that previously had no approved therapies. And, we have added
exciting assets to our pipeline to drive future growth."
Vounatsos continued, "We are developing transformational therapies to
address what we believe are becoming the world's most significant unmet
medical needs. Our mission is clear - the world needs a leader in
neuroscience, and we aim to be that leader."
Revenue Highlights
(In millions)
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
Q2 '16
|
|
|
Q2 '17 v. Q1 '17
|
|
|
Q2 '17 v. Q2 '16
|
Multiple Sclerosis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECFIDERA
|
|
|
$
|
1,111
|
|
|
|
$
|
958
|
|
|
|
$
|
987
|
|
|
|
16
|
%
|
|
|
13
|
%
|
Total Interferon
|
|
|
$
|
691
|
|
|
|
$
|
648
|
|
|
|
$
|
728
|
|
|
|
7
|
%
|
|
|
(5
|
%)
|
AVONEX®
|
|
|
$
|
557
|
|
|
|
$
|
537
|
|
|
|
$
|
606
|
|
|
|
4
|
%
|
|
|
(8
|
%)
|
PLEGRIDY®
|
|
|
$
|
133
|
|
|
|
$
|
112
|
|
|
|
$
|
123
|
|
|
|
19
|
%
|
|
|
8
|
%
|
TYSABRI®
|
|
|
$
|
496
|
|
|
|
$
|
545
|
|
|
|
$
|
497
|
|
|
|
(9
|
%)
|
|
|
(0
|
%)
|
FAMPYRATM
|
|
|
$
|
23
|
|
|
|
$
|
20
|
|
|
|
$
|
22
|
|
|
|
11
|
%
|
|
|
5
|
%
|
ZINBRYTA®
|
|
|
$
|
16
|
|
|
|
$
|
11
|
|
|
|
$
|
-
|
|
|
|
49
|
%
|
|
|
NMF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spinal Muscular Atrophy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPINRAZA
|
|
|
$
|
203
|
|
|
|
$
|
47
|
|
|
|
$
|
-
|
|
|
|
328
|
%
|
|
|
NMF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hemophilia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELOCTATE
|
|
|
$
|
-
|
|
|
|
$
|
48
|
|
|
|
$
|
125
|
|
|
|
NMF
|
|
|
NMF
|
ALPROLIX
|
|
|
$
|
-
|
|
|
|
$
|
26
|
|
|
|
$
|
80
|
|
|
|
NMF
|
|
|
NMF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Product Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biosimilars
|
|
|
$
|
91
|
|
|
|
$
|
66
|
|
|
|
$
|
15
|
|
|
|
37
|
%
|
|
|
490
|
%
|
FUMADERMTM
|
|
|
$
|
10
|
|
|
|
$
|
10
|
|
|
|
$
|
12
|
|
|
|
6
|
%
|
|
|
(13
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Product Revenues:
|
|
|
$
|
2,640
|
|
|
|
$
|
2,380
|
|
|
|
$
|
2,466
|
|
|
|
11
|
%
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anti-CD20 Revenues
|
|
|
$
|
397
|
|
|
|
$
|
341
|
|
|
|
$
|
349
|
|
|
|
17
|
%
|
|
|
14
|
%
|
Other Revenues
|
|
|
$
|
42
|
|
|
|
$
|
90
|
|
|
|
$
|
79
|
|
|
|
(54
|
%)
|
|
|
(47
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues**
|
|
|
$
|
3,078
|
|
|
|
$
|
2,811
|
|
|
|
$
|
2,894
|
|
|
|
10%**
|
|
|
6%**
|
** Total revenues grew 13% versus Q1 2017 and 15% versus Q2 2016
excluding hemophilia.
|
Note: Numbers may not foot due to rounding; percent changes
represented as favorable/(unfavorable)
|
-
In the second quarter of 2017, TECFIDERA revenues comprised $875
million in sales in the U.S. and $236 million in sales outside the
U.S. In the U.S., inventory levels for TECFIDERA were relatively flat
compared to the first quarter of 2017, following a drawdown of
approximately $50 million to $60 million in the first quarter of 2017.
U.S. TECFIDERA revenues benefitted from seasonal recovery in both unit
volumes and discounts and allowances.
-
In the second quarter of 2017, SPINRAZA revenues comprised $195
million in sales in the U.S. and $8 million in sales outside the U.S.
U.S. SPINRAZA revenues included approximately $30 million related to
an inventory build reflecting strong demand. Outside the U.S.,
SPINRAZA revenues included sales from the initial launch in the
Nordics as well as named patient sales in the Middle East and Latin
America.
-
In the second quarter of 2017, TYSABRI revenues comprised $289 million
in sales in the U.S. and $207 million in sales outside the U.S.
TYSABRI revenues were stable versus the same period in the prior year.
In the first quarter of 2017, TYSABRI revenues outside the U.S.
benefitted by approximately $45 million due to reaching an agreement
with the Price and Reimbursement Committee of the Italian National
Medicines Agency (AIFA) related to TYSABRI sales in prior periods.
Business Development Highlights
-
In May 2017, Biogen completed an asset purchase of Remedy
Pharmaceuticals' Phase 3-ready candidate, CIRARA™ (intravenous
glibencamide), now known as BIIB093. The target indication for BIIB093
is large hemispheric infarction, a severe form of ischemic stroke
where brain swelling (cerebral edema) often leads to a
disproportionately large share of stroke-related morbidity and
mortality. In the second quarter of 2017, Biogen recorded a $120
million GAAP-only charge related to this acquisition to acquired
in-process research and development expense, which is reflected as a
separate line item within our condensed consolidated statement of
income.
-
In June 2017, Biogen completed an exclusive license agreement with
Bristol-Myers Squibb for BIIB092 (formerly known as BMS-986168), an
anti-tau antibody with potential in Alzheimer's disease and
progressive supranuclear palsy (PSP). Biogen recently initiated the
Phase 2 study in PSP with the first patient dosed in June 2017. These
events triggered an upfront payment of $300 million to Bristol-Myers
Squibb as well as a $60 million milestone payment to the former
stockholders of iPierian, Inc. These amounts were included in both
GAAP and non-GAAP R&D expense in the second quarter of 2017.
Expense Highlights
(In millions)
|
|
|
Q2 '17
|
|
|
Q1 '17
|
|
|
Q2 '16
|
|
|
Q2 '17 v. Q1 '17
|
|
|
Q2 '17 v. Q2 '16
|
GAAP cost of sales
|
|
|
$
|
366
|
|
|
|
$
|
385
|
|
|
|
$
|
370
|
|
|
|
5
|
%
|
|
|
1
|
%
|
Non-GAAP cost of sales
|
|
|
$
|
366
|
|
|
|
$
|
385
|
|
|
|
$
|
354
|
|
|
|
5
|
%
|
|
|
(3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D
|
|
|
$
|
796
|
|
|
|
$
|
423
|
|
|
|
$
|
473
|
|
|
|
(88
|
%)
|
|
|
(68
|
%)
|
Non-GAAP R&D
|
|
|
$
|
796
|
|
|
|
$
|
421
|
|
|
|
$
|
473
|
|
|
|
(89
|
%)
|
|
|
(68
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A
|
|
|
$
|
430
|
|
|
|
$
|
499
|
|
|
|
$
|
492
|
|
|
|
14
|
%
|
|
|
13
|
%
|
Non-GAAP SG&A
|
|
|
$
|
430
|
|
|
|
$
|
483
|
|
|
|
$
|
489
|
|
|
|
11
|
%
|
|
|
12
|
%
|
Note: Percent changes represented as favorable/(unfavorable)
|
Other Financial Highlights
-
As of June 30, 2017, Biogen had cash, cash equivalents and marketable
securities totaling approximately $5.5 billion, with approximately 80%
of this outside the U.S., and approximately $6.5 billion in notes
payable and other financing arrangements.
-
For the second quarter of 2017, the Company's weighted average diluted
shares were approximately 212 million. The Company ended the quarter
with approximately 211 million basic shares outstanding.
-
During the second quarter of 2017, Biogen repurchased approximately
2.9 million shares of the Company's common stock for a total value of
$782 million.
2017 Financial Guidance
Biogen is updating its full year 2017 financial guidance. This guidance
consists of the following components:
-
Revenue is expected to be approximately $11.5 to $11.8 billion.
-
The increase from prior guidance is primarily related to faster
than anticipated adoption of SPINRAZA in the U.S.
-
This guidance continues to reflect a decrease, effective July 1,
2017, to 37.5% in Biogen's share of RITUXAN annual pre-tax
co-promotion profits in the U.S.
-
GAAP and non-GAAP R&D expense is expected to be approximately 18% to
19% of total revenue.
-
The increase from prior guidance is primarily a result of $360
million in business development expense related to the recent
licensing agreement with Bristol-Myers Squibb.
-
GAAP and non-GAAP SG&A expense is expected to be approximately 15% to
16% of total revenue.
-
GAAP diluted EPS is expected to be between $17.05 and $17.65 compared
to prior guidance range of $18.00 and $18.80.
-
Non-GAAP diluted EPS is expected to be between $20.80 and $21.40,
representing an increase over prior guidance range of $20.45 to $21.25.
Full year guidance for GAAP diluted EPS reflects the impact of the $120
million GAAP-only pre-tax charge recognized in the second quarter
related to the transaction with Remedy Pharmaceuticals as well as the
impact of the GAAP-only pre-tax impairment charge recognized in the
first quarter related to the settlement and license agreement with
Forward Pharma.
Biogen may incur charges, realize gains or experience other events or
circumstances in 2017 that could cause actual results to vary from this
guidance.
Corporate Strategy Update
Today Biogen announced an updated strategic framework to drive long-term
growth. The Company aims to maximize the value of its core business
while building its future growth engines. Through the end of the decade,
Biogen expects cash flows to significantly increase, driven by continued
performance of commercial assets and the anticipated expiration of the
contingent consideration payments to Fumapharm in the first half of
2019, thus enabling the Company to invest in and build an industry
leading neuroscience pipeline. With an overarching goal of being the
world's leading neurosciences company, Biogen is focused on the
following top priorities:
1. Maximize Resilience in Multiple Sclerosis
(MS): In MS, the Company plans to evolve its operating
model around a portfolio-first, customer-centric approach, and to
strengthen its leadership in MS through new services and solutions while
continuing to invest in MS-focused R&D. Biogen believes a healthy,
resilient MS business is the primary driver of future cash flow
generation, allowing the Company to invest for growth.
2. Accelerate Efforts in Spinal Muscular
Atrophy (SMA): SPINRAZA, and SMA more broadly,
represent an important potential growth driver for the Company. Biogen
plans to continue launching SPINRAZA in multiple new markets worldwide,
develop additional data in teens and adults, accelerate diagnosis and
newborn screening, and pursue additional treatment advancements such as
an optimized dose, gene therapy, and symptomatic therapies.
3. Develop and Expand Neuroscience Portfolio:
Biogen's focus on R&D excellence centers on (1) building a translational
machine in neuroscience to increase the probability of success; (2)
investing in assets and capabilities in the Company's prioritized growth
areas; and (3) augmenting its pipeline to emphasize both innovation and
risk balance. Biogen intends to remain focused on neuroscience and
adjacencies, including MS and neuroimmunology, Alzheimer's disease and
dementias, Parkinson's disease and related movement disorders,
neuromuscular disease including SMA and ALS, and emerging growth areas
such as pain, ophthalmology, neuropsychiatry, and acute neurology.
4. Focus Capital Allocation on Investing for
Future Growth: Biogen's new priority for capital deployment
is to invest in building its pipeline through increased business
development activity. The Company continues to focus on maximizing
long-term shareholder value creation, and aims to deploy capital to
generate returns meaningfully above its cost of capital. Biogen views
investment in growth as its top priority, but also recognizes the value
of opportunistically returning excess capital to shareholders through
share repurchases.
5. Create a Leaner and Simpler Operating Model:
Biogen aims to implement a plan to streamline its operations and unlock
resources that can be reallocated towards investment in growth. The
Company expects that by 2019 up to $400 million annually may be
available to be redirected towards prioritized R&D and commercial value
creation opportunities.
Biogen may experience events, circumstances, or changes in its corporate
strategy that could cause actual results to vary from the anticipated
goals, targets, and objectives outlined in this corporate strategy
update.
Other Recent Events
-
In July 2017, Biogen presented a new post-hoc analysis of the Phase 1b
PRIME study of aducanumab in Alzheimer's disease at the Alzheimer's
Association International Conference (AAIC) in London. Data presented
included changes in the cognitive and functional subscores of the
clinical dementia rating (CDR) score. Aducanumab slowed decline on
both the cognitive and functional assessments compared to placebo, and
the results of all subgroups studied were consistent with the overall
study population.
-
In June and July 2017, SPINRAZA (nusinersen) was approved in Canada
and Japan, respectively, for the treatment of SMA. In Canada, SPINRAZA
was approved for 5q SMA, which is the most common form of the disease
and represents approximately 95% of all SMA cases. In Japan, SPINRAZA
was approved for infantile SMA.
-
In July 2017, the European Medicines Agency (EMA) announced that it
has provisionally restricted the use of ZINBRYTA (daclizumab) to adult
patients with highly active relapsing disease despite a full and
adequate course of treatment with at least one disease modifying
therapy (DMT) or with rapidly evolving severe relapsing MS who are
unsuitable for treatment with other DMTs. This follows the initiation
of an EMA review of ZINBRYTA, following the report of a case of fatal
fulminant liver failure, as well as four cases of serious liver injury.
-
In July 2017, Ginger Gregory, PhD, joined Biogen as Executive Vice
President, Chief Human Resources Officer. Dr. Gregory, who was most
recently the Chief Human Resources Officer at Shire Pharmaceuticals,
brings more than 20 years of human resources experience to Biogen. Dr.
Gregory also served in HR leadership roles at Dunkin' Brands,
Bristol-Myers Squibb, Novo Nordisk, and Novartis.
-
In July 2017, Biogen announced that Alisha A. Alaimo will be joining
the Company as Senior Vice President of U.S. Therapeutic Operations,
where she will lead sales and marketing, market access, patient
services, and commercial operations and strategy. Alaimo will join
Biogen from Novartis, where she was Vice President and Head of its
Cardiovascular Business Unit.
-
In July 2017, Biogen entered into four value-based contracts,
effective July 1, with health plans across the U.S. Through these
agreements, Biogen is piloting two separate pricing approaches, the
first aligning price to patient outcomes, and the second adjusting
price for patients initiating therapy who discontinue for any reason
including efficacy or tolerability concerns. Three of the
outcomes-based contracts are with regional health plans and the fourth
contract is with a Medicaid provider.
-
In June 2017, Biogen presented robust efficacy and safety data from
Phase 2 and Phase 3 SPINRAZA studies at the Cure SMA 2017 Annual SMA
Conference in Orlando, FL. Data demonstrated motor function
improvements in infants on permanent ventilation and no increase in
the risk of adverse events in children with scoliosis.
-
In June 2017, the U.S. Food and Drug Administration (FDA) approved
RITUXAN HYCELA™ (rituximab and hyaluronidase human) for subcutaneous
injection for the treatment of adults with the following blood
cancers: previously untreated and relapsed or refractory follicular
lymphoma, previously untreated diffuse large B-cell lymphoma, and
previously untreated and previously treated chronic lymphocytic
leukemia. This new treatment includes the same monoclonal antibody as
intravenous RITUXAN® (rituximab) in combination with
hyaluronidase human, an enzyme that helps to deliver rituximab under
the skin. Roche and Biogen collaborate on RITUXAN in the U.S.
-
In June 2017, the Committee for Medicinal Products for Human Use
(CHMP) of the EMA issued a positive opinion for IMRALDITM
(also known as SB5), an adalimumab biosimilar candidate referencing
HUMIRA®. IMRALDI marks the third anti-TNF candidate to be
submitted to the EMA by Samsung Bioepis, the joint venture between
Samsung BioLogics and Biogen.
-
In June 2017, Jean-Paul Kress, MD, joined Biogen as Executive Vice
President, President, International, and Head of Global Therapeutic
Operations. Dr. Kress was most recently senior vice president, head of
North America at Sanofi Genzyme, where he oversaw the MS, oncology,
and immunology business units in the U.S. and Canada. Dr. Kress has
direct responsibility for worldwide commercial operations outside the
U.S. and oversees the Rare and Specialty Disease Asset teams.
-
Effective as of June 30, 2017, Paul Clancy, Executive Vice President,
Finance & Chief Financial Officer (CFO), left the Company to join
another biopharmaceutical company. Greg Covino, Biogen's Chief
Accounting Officer, is serving as the Company's interim Principal
Financial Officer as the Company conducts a search for a new CFO.
-
In June 2017, the European Commission (EC) granted a marketing
authorization for SPINRAZA for the treatment of 5q SMA. SPINRAZA is
the first approved treatment in the European Union for SMA. SPINRAZA
was reviewed under the EMA's accelerated assessment program.
-
In May 2017, Biogen announced that it has amended the protocol of the
Phase 3 trials of aducanumab in Alzheimer's disease. ApoE4 carriers
that previously would be on a high dose of 6 mg/kg may now be titrated
up to 10 mg/kg. This amendment is being reviewed by regulatory bodies
and clinical study ethic independent review boards globally and may be
implemented on a country by country basis. The change has already been
incorporated in the U.S.
-
In May 2017, the EC granted a standard marketing authorization for
FAMPYRA (prolonged-release fampridine tablets) for walking improvement
in people with MS. The EC granted a conditional marketing
authorization for FAMPYRA in 2011.
Conference Call and Webcast The Company's earnings
conference call for the second quarter will be broadcast via the
internet at 8:00 a.m. ET on July 25, 2017, and will be accessible
through the Investors section of Biogen's homepage, www.biogen.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 Through cutting-edge science and medicine,
Biogen discovers, develops, and delivers innovative therapies worldwide
for people living with serious neurological and neurodegenerative
diseases. Founded in 1978, Biogen is a pioneer in biotechnology and
today the Company has the leading portfolio of medicines to treat
multiple sclerosis, has introduced the first and only approved treatment
for spinal muscular atrophy, and is at the forefront of neurology
research for conditions including Alzheimer's disease, Parkinson's
disease, and amyotrophic lateral sclerosis. Biogen also manufactures and
commercializes biosimilars of advanced biologics. For more information,
please visit www.biogen.com.
Follow us on social media - Twitter,
LinkedIn,
Facebook,
YouTube.
Safe Harbor This press release contains forward-looking
statements, including statements relating to: Biogen's strategy and
plans; corporate strategy update; potential of our commercial business
and pipeline programs; capital allocation and investment strategy;
clinical trials and data readouts and presentations; regulatory filings
and the timing thereof; anticipated benefits and potential of
investments, collaborations, and business development activities; and
2017 financial guidance. These forward-looking statements may be
accompanied by such words as "aim," "anticipate," "believe," "could,"
"estimate," "expect," "forecast," "intend," "may," "plan," "potential,"
"possible," "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; difficulties in obtaining and maintaining
adequate coverage, pricing, and reimbursement for our products; risks
associated with current and potential future healthcare reforms; the
occurrence of adverse safety events, restrictions on use with our
products, or product liability claims; failure to protect and enforce
our data, intellectual property, and other proprietary rights and the
risks and uncertainties relating to intellectual property claims and
challenges; uncertainty of long-term success in developing, licensing,
or acquiring other product candidates or additional indications for
existing products; the risk that positive results in a clinical trial
may not be replicated in subsequent or confirmatory trials or success 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; risks associated with clinical trials, including our
ability to adequately manage clinical activities, unexpected concerns
that 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; risks relating to management and key personnel changes,
including attracting and retaining key personnel; problems with our
manufacturing processes; our dependence on collaborators and other third
parties for the development, regulatory approval, and commercialization
of products and other aspects of our business, which are outside of our
control; failure to successfully execute on our growth initiatives;
risks relating to investment in and expansion of manufacturing capacity
for future clinical and commercial requirements; risks relating to
technology failures or breaches; failure to comply with legal and
regulatory requirements; fluctuations in our effective tax rate; risks
related to indebtedness; the risks of doing business internationally,
including currency exchange rate fluctuations; risks related to
commercialization of biosimilars; risks related to investment in
properties; the market, interest, and credit risks associated with our
portfolio of marketable securities; risks relating to stock repurchase
programs; risks relating to access to capital and credit markets; risks
relating to the spin-off of our hemophilia business, including risks of
operational difficulties, exposure to claims and liabilities, and the
ability to achieve some or all of the anticipated benefits;
environmental risks; risks relating to the sale and distribution by
third parties of counterfeit versions of our products; risks relating to
the use of social media for our business; change in control provisions
in certain of our collaboration agreements; 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 Securities and Exchange Commission.
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 INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENT OF INCOME
|
(Unaudited) (in millions, except per share amounts)
|
|
|
|
|
For the Three Months Ended June 30,
|
|
|
For the Six Months Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product, net
|
|
|
$
|
2,639.7
|
|
|
|
$
|
2,466.0
|
|
|
|
$
|
5,019.8
|
|
|
|
$
|
4,775.4
|
|
Revenues from anti-CD20 therapeutic programs
|
|
|
397.1
|
|
|
|
349.2
|
|
|
|
737.7
|
|
|
|
678.7
|
|
Other
|
|
|
41.6
|
|
|
|
79.0
|
|
|
|
131.6
|
|
|
|
166.9
|
|
Total revenues
|
|
|
3,078.4
|
|
|
|
2,894.2
|
|
|
|
5,889.1
|
|
|
|
5,621.0
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, excluding amortization of acquired intangible assets
|
|
|
366.2
|
|
|
|
370.3
|
|
|
|
750.8
|
|
|
|
683.3
|
|
Research and development
|
|
|
796.2
|
|
|
|
473.1
|
|
|
|
1,219.6
|
|
|
|
910.4
|
|
Selling, general and administrative
|
|
|
430.2
|
|
|
|
492.4
|
|
|
|
929.3
|
|
|
|
989.7
|
|
Amortization of acquired intangible assets
|
|
|
117.5
|
|
|
|
92.9
|
|
|
|
566.0
|
|
|
|
181.7
|
|
Acquired in-process research and development
|
|
|
120.0
|
|
|
|
-
|
|
|
|
120.0
|
|
|
|
-
|
|
Collaboration profit (loss) sharing
|
|
|
26.5
|
|
|
|
(5.6
|
)
|
|
|
47.3
|
|
|
|
(5.6
|
)
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
21.2
|
|
|
|
10.6
|
|
|
|
31.2
|
|
|
|
12.9
|
|
Restructuring charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9.7
|
|
Total cost and expenses
|
|
|
1,877.8
|
|
|
|
1,433.7
|
|
|
|
3,664.2
|
|
|
|
2,782.1
|
|
Income from operations
|
|
|
1,200.6
|
|
|
|
1,460.5
|
|
|
|
2,224.9
|
|
|
|
2,838.9
|
|
Other income (expense), net
|
|
|
(68.2
|
)
|
|
|
(58.5
|
)
|
|
|
(105.8
|
)
|
|
|
(111.3
|
)
|
Income before income tax expense and equity in loss of investee, net
of tax
|
|
|
1,132.4
|
|
|
|
1,402.0
|
|
|
|
2,119.1
|
|
|
|
2,727.6
|
|
Income tax expense
|
|
|
269.6
|
|
|
|
353.6
|
|
|
|
508.8
|
|
|
|
710.0
|
|
Equity in loss of investee, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income
|
|
|
862.8
|
|
|
|
1,048.4
|
|
|
|
1,610.3
|
|
|
|
2,017.6
|
|
Net income (loss) attributable to noncontrolling interests, net of
tax
|
|
|
-
|
|
|
|
(1.4
|
)
|
|
|
(0.1
|
)
|
|
|
(3.1
|
)
|
Net income attributable to Biogen Inc.
|
|
|
$
|
862.8
|
|
|
|
$
|
1,049.8
|
|
|
|
$
|
1,610.4
|
|
|
|
$
|
2,020.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Inc.
|
|
|
$
|
4.07
|
|
|
|
$
|
4.79
|
|
|
|
$
|
7.53
|
|
|
|
$
|
9.23
|
|
Diluted earnings per share attributable to Biogen Inc.
|
|
|
$
|
4.07
|
|
|
|
$
|
4.79
|
|
|
|
$
|
7.52
|
|
|
|
$
|
9.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in calculating:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to Biogen Inc.
|
|
|
211.9
|
|
|
|
219.1
|
|
|
|
213.7
|
|
|
|
219.0
|
|
Diluted earnings per share attributable to Biogen Inc.
|
|
|
212.2
|
|
|
|
219.4
|
|
|
|
214.0
|
|
|
|
219.3
|
|
|
TABLE 2
|
|
BIOGEN INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Unaudited) (in millions)
|
|
|
|
|
As of June 30, 2017
|
|
|
As of December 31, 2016
|
ASSETS
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
$
|
2,893.0
|
|
|
|
$
|
4,895.1
|
Accounts receivable, net
|
|
|
1,630.2
|
|
|
|
1,441.6
|
Inventory
|
|
|
936.5
|
|
|
|
1,001.6
|
Other current assets
|
|
|
1,649.0
|
|
|
|
1,393.9
|
Total current assets
|
|
|
7,108.7
|
|
|
|
8,732.2
|
Marketable securities
|
|
|
2,632.7
|
|
|
|
2,829.4
|
Property, plant and equipment, net
|
|
|
2,827.6
|
|
|
|
2,501.8
|
Intangible assets, net
|
|
|
4,051.3
|
|
|
|
3,808.3
|
Goodwill
|
|
|
3,870.4
|
|
|
|
3,669.3
|
Investments and other assets
|
|
|
1,268.3
|
|
|
|
1,335.8
|
TOTAL ASSETS
|
|
|
$
|
21,759.0
|
|
|
|
$
|
22,876.8
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
$
|
3,379.7
|
|
|
|
$
|
3,419.9
|
Notes payable and other financing arrangements
|
|
|
5,954.0
|
|
|
|
6,512.7
|
Other long-term liabilities
|
|
|
851.7
|
|
|
|
815.6
|
Equity
|
|
|
11,573.6
|
|
|
|
12,128.6
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$
|
21,759.0
|
|
|
|
$
|
22,876.8
|
|
TABLE 3
|
|
BIOGEN INC. AND SUBSIDIARIES
|
GAAP TO NON-GAAP RECONCILIATION:
|
NET INCOME ATTRIBUTABLE TO BIOGEN INC. AND DILUTED EARNINGS PER
SHARE
|
(Unaudited) (in millions, except per share amounts)
|
|
An itemized reconciliation between diluted earnings per share on a
GAAP and Non-GAAP basis is as follows:
|
|
|
|
|
For the Three Months Ended
|
|
|
|
June 30, 2017
|
|
|
March 31, 2017
|
|
|
June 30, 2016
|
GAAP earnings per share - Diluted
|
|
|
$
|
4.07
|
|
|
|
$
|
3.46
|
|
|
|
$
|
4.79
|
Adjustments to GAAP net income attributable to Biogen Inc. (as
detailed below)
|
|
|
0.97
|
|
|
|
1.74
|
|
|
|
0.42
|
Non-GAAP earnings per share - Diluted
|
|
|
$
|
5.04
|
|
|
|
$
|
5.20
|
|
|
|
$
|
5.21
|
|
|
|
For the Six Months Ended
|
|
|
|
June 30, 2017
|
|
|
June 30, 2016
|
GAAP earnings per share - Diluted
|
|
|
$
|
7.52
|
|
|
|
$
|
9.21
|
Adjustments to GAAP net income attributable to Biogen Inc. (as
detailed below)
|
|
|
2.72
|
|
|
|
0.78
|
Non-GAAP earnings per share - Diluted
|
|
|
$
|
10.24
|
|
|
|
$
|
9.99
|
|
An itemized reconciliation between net income attributable to
Biogen Inc. on a GAAP and Non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
June 30, 2017
|
|
|
March 31, 2017
|
|
|
June 30, 2016
|
GAAP net income attributable to Biogen Inc.
|
|
|
$
|
862.8
|
|
|
|
$
|
747.6
|
|
|
|
$
|
1,049.8
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assetsA
|
|
|
117.5
|
|
|
|
448.5
|
|
|
|
89.6
|
|
Acquired in-process research and development
|
|
|
120.0
|
|
|
|
-
|
|
|
|
-
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
21.2
|
|
|
|
10.0
|
|
|
|
10.6
|
|
Hemophilia business separation costs
|
|
|
-
|
|
|
|
19.2
|
|
|
|
3.7
|
|
Restructuring, business transformation and other cost saving
initiatives:
|
|
|
|
|
|
|
|
|
|
Cambridge manufacturing facility rationalization costsB
|
|
|
-
|
|
|
|
-
|
|
|
|
15.8
|
|
Income tax effect related to reconciling items
|
|
|
(52.4
|
)
|
|
|
(102.4
|
)
|
|
|
(27.1
|
)
|
Non-GAAP net income attributable to Biogen Inc.
|
|
|
$
|
1,069.1
|
|
|
|
$
|
1,122.9
|
|
|
|
$
|
1,142.4
|
|
|
|
|
For the Six Months Ended
|
|
|
|
June 30, 2017
|
|
|
June 30, 2016
|
GAAP net income attributable to Biogen Inc.
|
|
|
$
|
1,610.4
|
|
|
|
$
|
2,020.7
|
|
Adjustments:
|
|
|
|
|
|
|
Amortization of acquired intangible assetsA
|
|
|
566.0
|
|
|
|
175.3
|
|
Acquired in-process research and development
|
|
|
120.0
|
|
|
|
-
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
|
|
31.2
|
|
|
|
12.9
|
|
Hemophilia business separation costs
|
|
|
19.2
|
|
|
|
3.7
|
|
Restructuring, business transformation and other cost saving
initiatives:
|
|
|
|
|
|
|
2015 restructuring charges
|
|
|
-
|
|
|
|
9.7
|
|
Cambridge manufacturing facility rationalization costsB
|
|
|
-
|
|
|
|
15.8
|
|
Income tax effect related to reconciling items
|
|
|
(154.8
|
)
|
|
|
(46.3
|
)
|
Non-GAAP net income attributable to Biogen Inc.
|
|
|
$
|
2,192.0
|
|
|
|
$
|
2,191.8
|
|
|
2017 Full Year Guidance: GAAP to Non-GAAP Reconciliation
|
An itemized reconciliation between projected net income
attributable to Biogen Inc. and diluted earnings per share on a
GAAP and Non-GAAP basis is as follows:
|
|
|
|
|
|
|
|
$
|
|
Shares
|
|
Diluted EPS
|
GAAP net income attributable to Biogen Inc.
|
$
|
3,700
|
|
|
213
|
|
|
$
|
17.37
|
Adjustments:
|
|
|
|
|
|
Amortization of acquired intangible assetsA
|
785
|
|
|
|
|
|
Acquired in-process research and development
|
120
|
|
|
|
|
|
(Gain) loss on fair value remeasurement of contingent consideration
|
75
|
|
|
|
|
|
Hemophilia business separation costs
|
20
|
|
|
|
|
|
Income tax effect related to reconciling items
|
(200
|
)
|
|
|
|
|
Non-GAAP net income attributable to Biogen Inc.
|
$
|
4,500
|
|
|
213
|
|
|
$
|
21.13
|
|
|
|
|
|
|
|
|
|
|
A Amortization of acquired intangible assets for the three
and six months ended June 30, 2017 includes $29.4 million and $383.0
million, respectively, of impairment and amortization charges related to
the intangible asset associated with our U.S. and rest of world licenses
to Forward Pharma's intellectual property related to TECFIDERA. As we
prevailed in the U.S. proceeding in March 2017, we evaluated the
recoverability of the U.S. asset acquired from Forward Pharma and
recorded an impairment charge to adjust the carrying value of the
acquired U.S. asset to fair value reflecting the impact of the
developments in the U.S. legal dispute over certain TECFIDERA
intellectual property rights. We also continue to amortize the remaining
net book value of the U.S. and rest of world licenses in our
consolidated statements of income utilizing an economic consumption
model.
B Cambridge manufacturing facility rationalization costs for
the six months ended June 30, 2016, reflects $15.8 million of additional
depreciation expense included in cost of sales, excluding amortization
of acquired intangible assets in our condensed consolidated statements
of income.
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 Inc. and diluted earnings per share.
Our "Non-GAAP net income attributable to Biogen Inc." and "Non-GAAP
earnings per share - Diluted" financial measures exclude the following
items from "GAAP net income attributable to Biogen Inc." and "GAAP
earnings per share - Diluted":
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 or deconsolidation of variable interest
entities for which we are the primary beneficiary. These adjustments
include, but are not limited to, charges for in-process research and
development, the amortization of certain acquired intangible assets, and
charges or credits from the fair value remeasurement of our contingent
consideration obligations.
2. Hemophilia business separation costs We
have excluded costs that are directly associated with the set up and
spin-off of our hemophilia business into an independent, publicly-traded
company. These costs represent incremental third party costs
attributable solely to hemophilia separation and set up activities.
3. Restructuring, business transformation and
other cost saving initiatives We exclude costs associated
with the company's execution of certain strategies and initiatives to
streamline operations, achieve targeted cost reductions, rationalize
manufacturing facilities or refocus R&D activities. These costs may
include employee separation costs, retention bonuses, facility closing
and exit costs, asset impairment charges or additional depreciation when
the expected useful life of certain assets have been shortened due to
changes in anticipated usage, and other costs or credits that management
believes do not have a direct correlation to our on-going or future
business operations.
4. Other items We evaluate other items
of income and expense 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
Inc.
TABLE 4
|
|
BIOGEN INC. AND SUBSIDIARIES
|
PRODUCT REVENUES
|
(Unaudited) (in millions)
|
|
|
|
|
For the Three Months Ended
|
|
|
|
June 30, 2017
|
|
|
March 31, 2017
|
|
|
June 30, 2016
|
(In millions)
|
|
|
United
States
|
|
|
Rest of
World
|
|
|
Total
|
|
|
United
States
|
|
|
Rest of
World
|
|
|
Total
|
|
|
United
States
|
|
|
Rest of
World
|
|
|
Total
|
Multiple Sclerosis (MS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECFIDERA
|
|
|
$
|
875.0
|
|
|
|
$
|
235.6
|
|
|
|
$
|
1,110.6
|
|
|
|
$
|
751.1
|
|
|
|
$
|
207.1
|
|
|
|
$
|
958.2
|
|
|
|
$
|
780.3
|
|
|
|
$
|
206.2
|
|
|
|
$
|
986.5
|
Interferon*
|
|
|
501.7
|
|
|
|
188.9
|
|
|
|
690.6
|
|
|
|
464.8
|
|
|
|
183.5
|
|
|
|
648.3
|
|
|
|
519.0
|
|
|
|
209.3
|
|
|
|
728.3
|
TYSABRI
|
|
|
289.4
|
|
|
|
206.6
|
|
|
|
496.0
|
|
|
|
305.5
|
|
|
|
239.5
|
|
|
|
545.0
|
|
|
|
304.9
|
|
|
|
192.5
|
|
|
|
497.4
|
FAMPYRA
|
|
|
-
|
|
|
|
22.6
|
|
|
|
22.6
|
|
|
|
-
|
|
|
|
20.5
|
|
|
|
20.5
|
|
|
|
-
|
|
|
|
21.6
|
|
|
|
21.6
|
ZINBRYTA
|
|
|
-
|
|
|
|
16.1
|
|
|
|
16.1
|
|
|
|
-
|
|
|
|
10.7
|
|
|
|
10.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Hemophilia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELOCTATE
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
42.2
|
|
|
|
6.2
|
|
|
|
48.4
|
|
|
|
110.3
|
|
|
|
14.4
|
|
|
|
124.7
|
ALPROLIX
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21.0
|
|
|
|
5.0
|
|
|
|
26.0
|
|
|
|
63.0
|
|
|
|
17.3
|
|
|
|
80.3
|
Spinal Muscular Atrophy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPINRAZA
|
|
|
194.8
|
|
|
|
8.1
|
|
|
|
202.9
|
|
|
|
46.4
|
|
|
|
1.0
|
|
|
|
47.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Other Product Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUMADERM
|
|
|
-
|
|
|
|
10.3
|
|
|
|
10.3
|
|
|
|
-
|
|
|
|
9.7
|
|
|
|
9.7
|
|
|
|
-
|
|
|
|
11.8
|
|
|
|
11.8
|
BENEPALI
|
|
|
-
|
|
|
|
88.7
|
|
|
|
88.7
|
|
|
|
-
|
|
|
|
65.3
|
|
|
|
65.3
|
|
|
|
-
|
|
|
|
15.4
|
|
|
|
15.4
|
FLIXABI
|
|
|
-
|
|
|
|
1.9
|
|
|
|
1.9
|
|
|
|
-
|
|
|
|
0.6
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Total product revenues
|
|
|
$
|
1,860.9
|
|
|
|
$
|
778.8
|
|
|
|
$
|
2,639.7
|
|
|
|
$
|
1,631.0
|
|
|
|
$
|
749.1
|
|
|
|
$
|
2,380.1
|
|
|
|
$
|
1,777.5
|
|
|
|
$
|
688.5
|
|
|
|
$
|
2,466.0
|
|
|
|
For the Six Months Ended
|
|
|
|
June 30, 2017
|
|
|
June 30, 2016
|
(In millions)
|
|
|
United
States
|
|
|
Rest of
World
|
|
|
Total
|
|
|
United
States
|
|
|
Rest of
World
|
|
|
Total
|
Multiple Sclerosis (MS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECFIDERA
|
|
|
$
|
1,626.1
|
|
|
|
$
|
442.7
|
|
|
|
$
|
2,068.8
|
|
|
|
$
|
1,524.6
|
|
|
|
$
|
407.8
|
|
|
|
$
|
1,932.4
|
Interferon*
|
|
|
966.5
|
|
|
|
372.4
|
|
|
|
1,338.9
|
|
|
|
986.5
|
|
|
|
412.2
|
|
|
|
1,398.7
|
TYSABRI
|
|
|
594.9
|
|
|
|
446.1
|
|
|
|
1,041.0
|
|
|
|
593.1
|
|
|
|
381.3
|
|
|
|
974.4
|
FAMPYRA
|
|
|
-
|
|
|
|
43.1
|
|
|
|
43.1
|
|
|
|
-
|
|
|
|
41.8
|
|
|
|
41.8
|
ZINBRYTA
|
|
|
-
|
|
|
|
26.8
|
|
|
|
26.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Hemophilia:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELOCTATE
|
|
|
42.2
|
|
|
|
6.2
|
|
|
|
48.4
|
|
|
|
209.0
|
|
|
|
23.4
|
|
|
|
232.4
|
ALPROLIX
|
|
|
21.0
|
|
|
|
5.0
|
|
|
|
26.0
|
|
|
|
127.6
|
|
|
|
27.7
|
|
|
|
155.3
|
Spinal Muscular Atrophy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPINRAZA
|
|
|
241.2
|
|
|
|
9.1
|
|
|
|
250.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Other Product Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUMADERM
|
|
|
-
|
|
|
|
20.0
|
|
|
|
20.0
|
|
|
|
-
|
|
|
|
23.2
|
|
|
|
23.2
|
BENEPALI
|
|
|
-
|
|
|
|
154.0
|
|
|
|
154.0
|
|
|
|
-
|
|
|
|
17.2
|
|
|
|
17.2
|
FLIXABI
|
|
|
-
|
|
|
|
2.5
|
|
|
|
2.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Total product revenues
|
|
|
$
|
3,491.9
|
|
|
|
$
|
1,527.9
|
|
|
|
$
|
5,019.8
|
|
|
|
$
|
3,440.8
|
|
|
|
$
|
1,334.6
|
|
|
|
$
|
4,775.4
|
*Interferon includes AVONEX and PLEGRIDY
View source version on businesswire.com: http://www.businesswire.com/news/home/20170725005435/en/
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