Biogen Inc. (NASDAQ:BIIB) Q2 2019 Earnings Conference Call - Final Transcript

Jul 23, 2019 • 08:00 am ET

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Biogen Inc. (NASDAQ:BIIB) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Biogen Second Quarter 2019 Financial Results and Business Update. [Operator Instructions]

Thank you. I would now like to turn the conference over to Biogen's CEO, Michel Vounatsos. You may begin your conference.

Executive
Michel Vounatsos

Thank you. Good morning, everyone, and thank you for joining us. I would like to start by thanking Matt Calistri for nearly four years he spent leading our Investor Relations program. We wish him the very best in his next endeavor. I would like to welcome Joe Mara, our new Vice President and Head of Investor Relations, who is a talented and energized finance and business leader with over 12 years of experience at Biogen across a number of functions. I am confident that Joe will prove to be a valuable resource for the investment community and I look forward to all of you getting to know Joe.

Joe, the floor is yours.

Executive
Joe Mara

Thank you, Michel, and welcome everyone to Biogen's second quarter 2019 earnings conference call. I look forward to getting to know all of you over the coming months.

Before we begin, I encourage everyone to go to the Investors section of biogen.com to find the earnings release and related financial tables, including a reconciliation of the GAAP to non-GAAP financial measures that we will discuss today. Our GAAP financials are provided in Tables 1 and 2 and Table 3 includes a reconciliation of our GAAP to non-GAAP financial results. We believe non-GAAP financial results better represent the ongoing economics of our business and reflect how we manage the business internally. We have also posted slides on our website that follow the discussions related to this call.

I would like to point out that we will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties and our actual results may differ materially. I encourage you to consult the Risk Factors discussed in our SEC filings for additional detail.

On today's call. I'm joined by our Chief Executive Officer, Michel Vounatsos; Dr. Michael Ehlers, EVP of Research and Development; and our CFO, Jeff Capello. We will also be joined for the Q&A portion of the call by our Chief Medical Officer, Dr. Al Sandrock.

Now, I will turn the call back over to Michel.

Executive
Michel Vounatsos

Thank you, Joe. Now, let me begin with some financial highlights. Compared to the same period a year ago, Biogen delivered solid top line and bottom line growth. Second quarter revenues grew 8% to $3.6 billion. Second quarter GAAP earnings per share grew 88% to $7.85, and non-GAAP EPS grew 58% to $9.15. Based on our strong performance year-to-date and our updated outlook for the second half of the year, we are raising our full-year financial guidance, which Jeff will discuss in more details.

Now, let me review the highlights from the second quarter. First, revenues