Biogen Inc. reported a total revenue of $2,465.8 million for the three months ended September 30, 2024, reflecting a decrease of $64.5 million (2.5%) compared to $2,530.3 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $7,221.2 million, down from $7,449.3 million in the prior year. The decline in revenue was primarily driven by a 9.1% decrease in Multiple Sclerosis (MS) product revenue, which fell to $1,053.9 million, while Rare Disease product revenue increased by 10.0% to $494.8 million.
Total costs and expenses for the third quarter of 2024 were $2,014.8 million, a significant decrease of $656.7 million (24.6%) from $2,671.5 million in the same quarter of 2023. This reduction was attributed to lower research and development (R&D) expenses, which decreased by 26.3% to $542.7 million, and selling, general, and administrative (SG&A) expenses, which fell by 25.3% to $588.4 million. The company reported a net income of $388.5 million for the third quarter of 2024, a recovery from a net loss of $(68.1) million in the same period of 2023.
Biogen's net income for the nine months ended September 30, 2024, was $1,365.5 million, compared to $912.6 million in the previous year. Basic earnings per share for the third quarter were $2.67, a significant increase from a loss of $(0.47) per share in the prior year. The company’s cash and cash equivalents rose to $1,699.2 million as of September 30, 2024, up from $1,049.9 million at the end of 2023.
Strategically, Biogen completed the acquisition of HI-Bio on July 2, 2024, for approximately $1.15 billion, with potential future payments of up to $650 million based on development milestones. This acquisition is expected to enhance Biogen's portfolio in targeted therapies for severe immune-mediated diseases. Additionally, the company acquired Reata Pharmaceuticals in September 2023, which introduced the first approved treatment for Friedreich's Ataxia.
Biogen is also undergoing a restructuring initiative, the Fit for Growth program, aimed at achieving approximately $1.0 billion in gross operating expense savings by the end of 2025, which includes a net reduction of about 1,000 employees. Restructuring charges for the third quarter of 2024 amounted to $43.3 million, a decrease from $114.5 million in the same period of 2023.
Overall, Biogen's financial performance in the third quarter of 2024 reflects a recovery in profitability despite a decline in revenue, supported by significant cost reductions and strategic acquisitions.
About BIOGEN INC.
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