Biogen Inc. (NASDAQ:BIIB) Q2 2020 Earnings Conference Call - Final Transcript

Jul 22, 2020 • 08:00 am ET


Biogen Inc. (NASDAQ:BIIB) Q2 2020 Earnings Conference Call - Final Transcript


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Michel Vounatsos

release. We have progressed in our US launch readiness, including increasing our medical engagement with experts and thought leaders to better assess how aducanumab could potentially impact clinical practice. We have started to make progress engaging with payers and defining aducanumab's value proposition, and we have now established a cross-functional team dedicated to site readiness, which is currently operational. Outside the US, we made significant progress this quarter. We had formal meetings with the EU regulators as we prepare to submit the filing and we are beginning to ramp up our launch readiness efforts in Europe. In Japan, we had informal regulatory interaction and are preparing for formal consultation with the PMDA. Overall, together with our collaboration partner Eisai, we remain optimistic about the prospect of bringing aducanumab to market as the first therapy to meaningfully change the course of Alzheimer's disease. And we have continued to progress in our market preparation and launch readiness treating with an initial focus on the US. We believe that aducanumab marks the beginning of an era of new potential treatment for Alzheimer's disease. And we aim to build a broad franchise across multiple targets and modalities. This includes BAN2401 in Phase III, which we are collaborating on with Eisai, including a new study in preclinical Alzheimer's. Multiple programs targeting tau and our collaboration with Sangamo to develop gene regulation therapies for a range of neurological indications, including Alzheimer's disease. We believe Biogen is uniquely positioned to lead the fight in Alzheimer's disease over both the short and the long term. Second, we are disappointed in the recent court decision in West Virginia regarding our patent for TECFIDERA. We are appealing the decision and intend to vigorously defend our IP. No matter what the final outcome will be, we still believe Biogen is well positioned for shareholder value creation as we work to capitalize on growth opportunities in our core business and [Technical Issues] uniquely positioned and the time is now for Biogen to lead in the evolution of this space. We have a deep pipeline of 29 clinical assets, including seven in Phase III or filed and seven mid-to-late stage data readouts by the end of 2021, with near-term value creation opportunities beyond Alzheimer's disease in other important areas, such as ALS, ophthalmology, lupus and stroke. Third, as we announced yesterday, Jeff will be stepping down as CFO in August. I'd like to thank Jeff for his many contributions to the company, including establishing a very strong team, helping to deliver consistent results quarter-over-quarter, strengthening our finance processes and operations and creating a disciplined cost management culture. We are pleased that Jeff will be staying on for a brief period to ensure a seamless transition. We wish him well in his future endeavor.

I will now review our Q2 performance and progress against our strategic priorities. Compared to the same period a year ago, second quarter revenues grew 2% to $3.7 billion. Second quarter GAAP earnings per share grew 22% to $9.59 and