Biogen reported Q2 2024 results with modest topline growth and a resilient profitability profile, underpinned by high-margin core franchises and disciplined cost management. Revenue of $2.4649 billion rose 0.36% year-over-year and 7.61% quarter-over-quarter, while gross margin stood at approximately 77.8% and operating margin near 27.5%. Net income of $583.6 million yielded an EPS of $4.01 (undiluted $4.00), reflecting a solid after-tax contribution despite ongoing investment in R&D and a sizable intangibles base.
Cash flow remained a key strength, with operating cash flow of about $625.8 million and free cash flow of approximately $583.2 million. Biogen finished the period with $1.909 billion in cash and equivalents and a net debt position of roughly $4.75 billion, supported by a strong balance sheet (total assets ~$26.80 billion; stockholders’ equity ~$15.89 billion). The balance sheet also shows a substantial goodwill and intangible asset base (~$14.46 billion), highlighting Biogen’s pipeline and brand value as key strategic assets.
Looking ahead, there is no formal numeric guidance provided in the dataset for 2H 2024. Near-term drivers will hinge on ongoing execution across Biogen’s neurology and immunology portfolio, competitive dynamics, and any pipeline milestones (including Aducanumab, Lecanemab-related programs, and other investigational assets). Management commentary (when available) typically emphasizes pipeline progress and growth opportunities in MS, neurodegenerative diseases, and immunology, but investors should closely monitor regulatory updates, pricing and reimbursement dynamics, and competitive developments in CNS therapies.