For the third quarter of 2019 the Company's effective GAAP tax rate was approximately 12%, compared to approximately 20% in the third quarter of 2018. Results in early stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure. Adjustments to GAAP net income attributable to Biogen Inc. (as detailed below). This financial guidance consists of the following components: Revenue is expected to be approximately $14.0 billion to $14.3 billion. Third quarter GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. were $1,546 million and $8.39, respectively, compared to $1,444 million and $7.15, respectively, in the third quarter of 2018. An itemized reconciliation between diluted earnings per share on a GAAP and Non-GAAP basis is as follows: Adjustments to GAAP net income attributable to Biogen Inc. The 11.5 million shares of Ionis common stock were purchased at a premium to their fair value at the transaction closing date.

This news release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, relating to: our strategy and plans; potential of our commercial business and pipeline programs; capital allocation and investment strategy; clinical development programs, clinical trials, and data readouts and presentations; regulatory filings and the timing thereof; the potential benefits, safety, and efficacy of our products and investigational therapies; anticipated benefits and potential of investments, collaborations, and business development activities; our future financial and operating results; our 2020 financial guidance; the potential benefits and results that may be achieved through the proposed transaction with Pfizer; and the anticipated completion and timing of the proposed transaction with Pfizer. The number of commercial patients receiving SPINRAZA grew approximately 3% in the U.S. and approximately 18% outside the U.S. versus the second quarter of 2019. These costs may include employee separation costs, retention bonuses, facility closing and exit costs, asset impairment charges or additional depreciation when the expected useful life of certain assets have been shortened due to changes in anticipated usage and other costs or credits that management believes do not have a direct correlation to our ongoing or future business operations. 2035 0 obj <> endobj We currently believe the probability of earning these payments is remote and therefore we did not include these contingent payments in our calculation of the fair value of the operations. You should not place undue reliance on these statements or the scientific data presented.

As a result of that decision, we adjusted the value of our contingent consideration obligations related to the TGN program to reflect the lower cumulative probabilities of success resulting in a gain of $89.6 million in the third quarter of 2018.

Supplemental information in the form of a slide presentation is also accessible at the same location on the internet and will be subsequently available on the website for at least one month. Tax reform amounts for the twelve months ended December 31, 2018, reflects the effect of a net reduction of $34.6 million to our 2017 preliminary estimate associated with a one-time mandatory deemed repatriation tax on accumulated foreign subsidiaries' previously untaxed foreign earnings (the Transition Toll Tax), an expense of $12.7 million for the remeasurement of our deferred tax balances and an $11.0 million expense to reflect other aspects of the 2017 Tax Act. In addition, we may earn certain contingent payments based on future manufacturing activities at the Hillerød facility. Amortization and impairment of acquired intangible assets A, B, Acquired in-process research and development, (Gain) loss on fair value remeasurement of contingent consideration C, Loss on divestiture of Hillerød, Denmark manufacturing operations D, Net distribution to noncontrolling interests K. Restructuring, business transformation and other cost saving initiatives: Subtotal: Restructuring, business transformation and other cost saving, Premium paid on purchase of Ionis common stock J, Amortization included in Equity in loss of investee, net of tax H, 2020 Full Year Guidance: GAAP to Non-GAAP Reconciliation. We exclude certain purchase accounting related items associated with the acquisition of assets and amounts in relation to the consolidation or deconsolidation of variable interest entities.

As part of this transaction, we have provided FUJIFILM with certain minimum batch production commitment guarantees. "In addition, as part of our expanded pipeline, we are excited about the prospects for aducanumab in Alzheimer's disease and look forward to completing a regulatory filing in the U.S. as soon as possible.

Acquisition and divestiture related costs.

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