Name: Biogen Inc. (NASDAQ:BIIB) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Biogen Inc., income statement, revenues

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Multiple Sclerosis (MS)	6,096,700)	7,832,100)	8,529,300)	8,595,200)	8,977,200)
Spinal Muscular Atrophy	1,905,100)	2,052,100)	2,097,000)	1,724,200)	883,700)
Alzheimer’s disease	3,000)	—)	—)	—)	—)
Biosimilars	831,100)	795,800)	738,300)	545,100)	379,800)
Other	11,000)	12,200)	15,200)	22,300)	39,600)
Hemophilia	—)	—)	—)	—)	74,400)
Product revenues	8,846,900)	10,692,200)	11,379,800)	10,886,800)	10,354,700)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Total product revenues exhibited a growth trajectory from 2017 to 2019, peaking at 11,379,800 thousand US dollars, before entering a period of significant contraction. A notable decline occurred between 2020 and 2021, with total revenues falling to 8,846,900 thousand US dollars, representing a substantial reduction in the overall revenue base.

Multiple Sclerosis (MS) Revenue Trend: The MS segment, the largest contributor to total product revenues, experienced a continuous downward trend throughout the analyzed period. Revenue decreased from 8,977,200 thousand US dollars in 2017 to 6,096,700 thousand US dollars in 2021. The acceleration of this decline is particularly evident in the 2021 fiscal year, indicating a significant erosion of the company's primary revenue stream.
Spinal Muscular Atrophy (SMA) Performance: Revenues from SMA showed rapid initial expansion, increasing from 883,700 thousand US dollars in 2017 to a peak of 2,097,000 thousand US dollars in 2019. However, this growth stalled after 2019, with a gradual decline observed in 2020 and 2021, ending at 1,905,100 thousand US dollars.
Biosimilars Growth Trajectory: The biosimilars segment demonstrated consistent and steady year-over-year growth. Revenues rose from 379,800 thousand US dollars in 2017 to 831,100 thousand US dollars in 2021, marking the only product category to maintain positive growth throughout the entire five-year period.
Emerging and Minor Revenue Streams: Alzheimer's disease revenues emerged in 2021, contributing 3,000 thousand US dollars. Other miscellaneous revenues showed a steady decline from 39,600 thousand US dollars in 2017 to 11,000 thousand US dollars in 2021, while Hemophilia revenues, recorded at 74,400 thousand US dollars in 2017, were absent in subsequent years.

The overall financial pattern suggests a heavy reliance on the MS portfolio, where the losses outweighed the gains achieved in the SMA and Biosimilars segments. The shift in the revenue mix indicates a transition phase, as the dominant legacy product line declines and newer therapeutic areas are introduced.

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