Revenue Analysis
BIIB’s Total Revenue showed a decrease from $2,530,300,000 in Q3 2023 to $2,290,500,000 in Q1 2024, indicating a downward trend in total sales. Operating Revenue followed a similar pattern, peaking in Q3 2023 at $2,226,100,000 and contracting to $1,896,500,000 by Q1 2024. Gross Profit margins reflected this decline, as the Gross Profit dropped from $1,870,700,000 in Q3 2023 to $1,748,300,000 in Q1 2024.
Cost Management
Cost of Revenue increased incrementally from $595,500,000 in Q3 2023 to $542,200,000 in Q1 2024. Operating Expenses spiked in Q3 2023 at $1,635,900,000 but declined to $1,178,300,000 by the end of Q1 2024. Total Expenses mirrored this trend, initially climbing to $2,295,500,000 in Q3 2023, before reducing to $1,720,500,000 by Q1 2024.
Profitability Analysis
BIIB’s EBITDA reduced from $874,600,000 in Q2 2023 to $681,500,000 by Q1 2024. Operating Income showed fluctuations, peaking at $621,300,000 mid-year but decreased to $570,000,000 by the beginning of 2024. BIIB recorded its highest Pretax Income at $708,100,000 in Q2 2023, dropping to $464,800,000 in Q1 2024. Net Income followed a similar pattern, experiencing a high of $591,600,000 in Q2 2023 and lowering to $393,400,000 in Q1 2024.
Cash Flow Indicators
The Reconciled Depreciation was highest in Q1 2024 at $147,500,000, having risen sequentially each quarter. Interest Expense fluctuated, peaking at $71,500,000 in Q4 2023, followed by a slight decline to $69,200,000 by Q1 2024.
Taxation
BIIB’s Tax Rate varied, starting at 0.21 in Q3 2023 then adjusting to 0.154 by Q1 2024. Tax Provision was highest in Q2 2023 at $114,800,000, but reduced to $71,400,000 by Q1 2024. The Tax Effect of Unusual Items had various impacts, with notable negative effects in several quarters.
Shareholder Metrics
Diluted EPS peaked at 4.07 in Q2 2023 but fell to 2.7 by Q1 2024. Basic EPS followed a similar trend. Average Shares remained relatively constant, with only slight fluctuations across the period. Net Income Available to Common Stockholders peaked at $591,600,000 in Q2 2023 and then decreased to $393,400,000 by Q1 2024.
Conclusion
BIIB showed strong performance mid-year 2023 but experienced a general decline toward Q1 2024 across revenue, profitability, and shareholder returns. It is recommended to closely monitor cost management and explore strategies to boost operational efficiency and revenue growth to counteract the declining trend.