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    Biogen Inc (BIIB)

    CFO Change

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    Business Description

    Biogen Inc. is a biotechnology company dedicated to discovering, developing, and delivering innovative therapies for serious neurological and neurodegenerative diseases, operating as a single segment company . The company offers a range of products, including treatments for multiple sclerosis (MS), rare diseases, and biosimilars . Biogen also engages in collaborations and partnerships to expand its pipeline and market presence, such as with Eisai for LEQEMBI and Sage Therapeutics for ZURZUVAE .

    1. Multiple Sclerosis (MS) Treatments - Provides a comprehensive suite of therapies for MS, including TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA.
    2. Rare Disease Treatments - Offers specialized treatments for rare diseases, featuring products like SPINRAZA, QALSODY, and SKYCLARYS.
    3. Biosimilars - Develops and markets biosimilar products, including BENEPALI, IMRALDI, FLIXABI, and BYOOVIZ.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Christopher A. ViehbacherPresident and Chief Executive OfficerNovember 2022Christopher A. Viehbacher has served as the President and CEO of Biogen since November 2022. He was previously the Managing Partner at Gurnet Point Capital and Global CEO of Sanofi S.A. .
    Susan H. AlexanderExecutive Vice President, Chief Legal OfficerApril 2018Susan H. Alexander has been serving as the EVP, Chief Legal Officer at Biogen since April 2018. She joined Biogen in 2006 and has held various legal executive roles .
    Michael R. McDonnellExecutive Vice President and Chief Financial OfficerAugust 2020Michael R. McDonnell has served as the EVP and CFO of Biogen since August 2020. He plans to retire on February 28, 2025 .
    Nicole MurphyExecutive Vice President, Pharmaceutical Operations and TechnologyFebruary 2022Nicole Murphy has served as the EVP, Pharmaceutical Operations and Technology at Biogen since February 2022. She joined Biogen in 2015 and has held various senior executive positions .
    Ginger Gregory, Ph.D.Executive Vice President and Chief Human Resources OfficerJuly 2017Ginger Gregory, Ph.D., has served as the EVP and Chief Human Resources Officer at Biogen since July 2017. She previously held HR executive roles at Shire PLC and other companies .
    Rachid IzzarExecutive Vice President, Global Product Strategy and CommercializationJuly 2021Rachid Izzar has served as the EVP, Head of Global Product Strategy and Commercialization at Biogen since July 2021. He previously held leadership roles at AstraZeneca .
    Priya Singhal, M.D., M.P.H.Executive Vice President, Head of DevelopmentJanuary 2023Priya Singhal, M.D., M.P.H., has served as the EVP and Head of Development at Biogen since January 2023. She rejoined Biogen in 2020 and has held various senior positions .
    Jane Grogan, Ph.D.Executive Vice President, Head of ResearchSeptember 2023Jane Grogan, Ph.D., has served as the EVP, Head of Research at Biogen since September 2023. She was previously the Chief Scientific Officer at Graphite Bio and ArsenalBio .
    Adam Keeney, Ph.D.Executive Vice President, Head of Corporate DevelopmentApril 2023Adam Keeney, Ph.D., has served as the EVP and Head of Corporate Development at Biogen since April 2023. He was previously the CEO of NodThera and held roles at Sanofi .
    Robin C. KramerSenior Vice President, Chief Accounting OfficerDecember 2020Robin C. Kramer has served as the SVP, Chief Accounting Officer at Biogen since December 2020. She will become CFO effective February 28, 2025 .

    Questions to Ask Management

    1. Given surveys indicating a less favorable view among neurologists and Alzheimer's specialists regarding LEQEMBI's risk-benefit and cost-benefit ratios, and some questioning the amyloid hypothesis, how is Biogen addressing these concerns, and are you experiencing any pushback from healthcare providers who were initially ready to prescribe LEQEMBI?
    2. With the EMA's negative opinion on LEQEMBI, what specific steps is Biogen taking to reverse this decision, and what is your confidence level that the decision can be overturned through reexamination, considering the issues raised by the EMA?
    3. For SKYCLARYS, can you provide more details on patient discontinuation rates and how they compare to clinical trial data, and what strategies are you implementing to ensure patient adherence, especially among those who may not see immediate efficacy?
    4. After opting out of the Angelman syndrome program with Ionis, how has your approach to evaluating partnerships and collaborations evolved, and what specific aspects of potential programs are you now scrutinizing more closely before committing resources?
    5. Given competitive pressures on your core products and the need for successful new launches, what gives you confidence that 2023 will be the trough year for earnings, and what are the key factors that need to play out for Biogen to achieve sustainable growth through the end of the decade?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateOctober 2020
    End Date/DurationNo expiration
    Total additional amount$5.0 billion
    Remaining authorization amount$2.1 billion
    DetailsAll shares repurchased will be retired

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$1,748.1 4.050% Senior Notes 4.050 27.8% = (1,748.1 / 6,293.9) * 100
    2030$1,494.5 2.250% Senior Notes 2.250 23.7% = (1,494.5 / 6,293.9) * 100
    2045$1,101.0 5.200% Senior Notes 5.200 17.5% = (1,101.0 / 6,293.9) * 100
    2050$1,474.8 3.150% Senior Notes 3.150 23.4% = (1,474.8 / 6,293.9) * 100
    2051$475.5 3.250% Senior Notes 3.250 7.6% = (475.5 / 6,293.9) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Sanofi Genzyme: Competitor for AUBAGIO (teriflunomide) in the MS market .
    • Banner Life Sciences: Competitor for BAFIERTAM (monomethyl fumarate) in the MS market .
    • Bayer Group: Competitor for BETASERON/BETAFERON (interferon-beta-1b) in the MS market .
    • TG Therapeutics, Inc.: Competitor for BRIUMVI (ublituximab-xiiy) in the MS market .
    • Teva Pharmaceuticals Industries Ltd.: Competitor for COPAXONE (glatiramer acetate) in the MS market .
    • Novartis AG: Competitor for EXTAVIA (interferon-beta-1b), GILENYA (fingolimod), KESIMPTA (ofatumumab), and MAYZENT (siponimod) in the MS market .
    • Sandoz, a division of Novartis AG: Competitor for GLATOPA (glatiramer acetate) and TYRUKO (natalizumab-sztn) in the MS market .
    • Genentech: Competitor for OCREVUS (ocrelizumab) in the MS market .
    • Janssen Pharmaceutical Companies of Johnson & Johnson: Competitor for PONVORY (ponesimod) in the MS market .
    • EMD Serono: Competitor for REBIF (interferon-beta-1) and MAVENCLAD (cladribine) in the MS market .
    • Bristol Myers Squibb Company: Competitor for ZEPOSIA (ozanimod) in the MS market .
    • TG Therapeutics, Inc.: Competitor for BRIUMVI (ublituximab-xiiy) in the MS market .
    • Samsung Bioepis: Partner for biosimilars BENEPALI, IMRALDI, FLIXABI, and BYOOVIZ, which compete with ENBREL, HUMIRA, REMICADE, and LUCENTIS, respectively .
    • Genentech: Competitor for RITUXAN, RITUXAN HYCELA, GAZYVA, and LUNSUMIO in oncology and rheumatoid arthritis markets .
    • Teva Pharmaceuticals Industries Ltd.: Competitor for COPAXONE (glatiramer acetate) in the MS market .
    • Novartis AG: Competitor for EXTAVIA (interferon-beta-1b), GILENYA (fingolimod), KESIMPTA (ofatumumab), and MAYZENT (siponimod) in the MS market .
    • Sandoz, a division of Novartis AG: Competitor for GLATOPA (glatiramer acetate) and TYRUKO (natalizumab-sztn) in the MS market .
    • Genentech: Competitor for OCREVUS (ocrelizumab) in the MS market .
    • Janssen Pharmaceutical Companies of Johnson & Johnson: Competitor for PONVORY (ponesimod) in the MS market .
    • EMD Serono: Competitor for REBIF (interferon-beta-1) and MAVENCLAD (cladribine) in the MS market .
    • Bristol Myers Squibb Company: Competitor for ZEPOSIA (ozanimod) in the MS market .

    Customer Concentration

    CustomerRelationshipSegmentDetails
    Major Wholesaler #1
    Wholesale distribution partner
    All
    In 2023, accounted for approx. 27.0% of gross product revenue, 2022: 26.8%, 2021: 28.8%.Accounts receivable: approx. 24.6% as of Dec. 31, 2023And 22.7% as of Dec. 31, 2022.
    Major Wholesaler #2
    Wholesale distribution partner
    All
    In 2023, accounted for approx. 9.9% of gross product revenue, 2022: 11.1%, 2021: 10.1%.Accounts receivable: approx. 11.6% as of Dec. 31, 2023And 10.9% as of Dec. 31, 2022.

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2003 PresentCurrent auditor

    Latest news

    Recent developments and announcements about BIIB.

    Corporate Leadership

      CFO Change

      ·
      Jan 15, 2025, 2:12 PM

      Michael McDonnell, the current Chief Financial Officer (CFO) of Biogen Inc., will retire on March 1, 2025. Robin Kramer, the current Chief Accounting Officer, has been appointed as the new CFO effective upon his retirement.

      Leadership Change

      ·
      Jan 15, 2025, 2:11 PM

      Michael McDonnell is retiring as Chief Financial Officer of Biogen Inc. on March 1, 2025. Robin Kramer will step up as the new Chief Financial Officer. Sean Godbout has been appointed as Vice President, Chief Accounting Officer & Global Corporate Controller, effective March 1, 2025, replacing Robin Kramer in that role.

      CFO Change

      ·
      Oct 30, 2024, 12:00 AM

      Michael McDonnell, the Chief Financial Officer of Biogen Inc., has announced his retirement effective February 28, 2025. Robin Kramer, currently the Chief Accounting Officer, will succeed him as CFO .