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Biogen Idec Earnings Q2 2014

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Biogen Idec's latest earnings report is the envy of the industry as Tecfidera keeps marching toward its multi-billion dollar potential. Beyond multiple sclerosis collaboration revenue from Roche's best-selling cancer therapy Rituxan continues to fill Biogen's coffers, and a recent approval opened the door to the $6 billion hemophilia A market.

Of course, these gains come at a price. Analysts have been rightfully concerned that Tecfidera might cannibalize previous MS blockbusters. Also, gaining market share in an increasingly crowded hemophilia space isn't going to be easy. Watch the slideshow below to see whether or not these concerns are materializing.

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Biogen Idec Earnings Q2 2014

  1. 1. Biogen Idec: Firing on All Cylinders
  2. 2. Biogen Idec: Second Quarter Earnings At a glance: • Revenue up 40% to $2.4 billion • non-GAAP EPS up 52% to $3.49 • GAAP EPS up 46% to $3.01
  3. 3. Biogen Idec: Second Quarter Earnings Beat estimates on top and bottom: • Boosted by surprisingly strong uptake of Tecfidera in ex-US markets • Revenue of $2.42 billion beat estimates by $280 million, or 11.6% • non-GAAP EPS of $3.49 beat estimates by $0.65, or 18.6%
  4. 4. Biogen Idec: Multiple Sclerosis Tecfidera continues to soar in the second quarter • Year to year growth of 265% • Sequential growth of 38.5% • Surprisingly strong Ex-US sequential growth of 151%, from $45.9 million in Q1 to $115 million in Q2
  5. 5. Biogen Idec: Multiple Sclerosis Avonex still biggest seller • ...but not for long. Losing share to Tecfidera • Q2 2014 sales of $774 million inline with Q2 2013 • US sales grew to $498 million from $479.4 year-to- year • Ex-US sales fell to $276 million from $295.0 million
  6. 6. Biogen Idec: Multiple Sclerosis Tysabri still making gains • Q2 sales of $533.4 million up 37.9% year-to-year from $386.7 million. • US sales of $250 million up 14.7% year-to-year from $217.9 million • Ex-US sales of $284 million up 68.1% year-to-year from $168.9 million
  7. 7. Biogen Idec: Multiple Sclerosis Closer look at Tysabri Ex-US • Ex-US sales of $284 million include 14 months of deferred revenue from Italy • Excluding $54 million in deferred revenue – Ex-US sales grew just 36.2%
  8. 8. Biogen Idec: Multiple Sclerosis What to look for in quarters ahead: • Tecfidera to continue cannibalizing Avonex and Tysabri • Generic Copaxone could begin pressuring sales of Avonex • Launch of recently approved Plegridy (long acting Avonex) in the EU
  9. 9. Biogen Idec: Oncology • Rituxan still a top-selling cancer treatment • Biogen’s share of pre-tax profit from Roche for Rituxan and Gazyva growing slightly • Net revenues from collaboration grew year-to- year by 4.8%, to $303 million from $289 million
  10. 10. Biogen Idec: Hemophilia • US approval of Eloctate for hemophilia A patients Look for: • Winning share from Baxter’s Advate – prepared to compete on both price and more convenient dosage schedule • Hemophilia A market roughly $6 billion per year, but competition increasingly fierce
  11. 11. Leaked: This coming blockbuster will make even Biogen Idec jealous