In this illustration, taken on December 1, 2021, a test tube can be seen in front of the Biogen logo displayed.
Givenruvich | Reuters
Biogen The company reported third-quarter revenue and adjusted earnings on Wednesday that beat expectations while raising full-year profit guidance as sales of its breakthrough Alzheimer’s drug Leqembi and other new products gained momentum.
Biogen now expects full-year adjusted earnings to be in a range of $16.10 to $16.60 per share, up from its previous forecast of $15.75 to $16.25 per share. The biotech still expects sales to decline by a low-single-digit percentage in 2024.
Leqembi, Biogen share with Japanese drugmaker Eisaibecoming the second drug shown to slow the progression of Alzheimer’s disease to be approved in the United States last summer. The treatment’s rollout has been gradual due to bottlenecks such as diagnostic testing requirements, regular brain scans and finding a neurologist.
Nonetheless, Leqembi usage has been increasing over the past few quarters. The treatment brought in $67 million in sales in the third quarter, $39 million of which came from the U.S.
Wall Street analysts expect Leqembi’s global sales to be $50 million, according to estimates compiled by StreetAccount. Sales of the drug were just $10 million after its launch last year.
It’s unclear how many patients are taking the drug. Leqembi, along with Biogen’s new rare disease and depression treatments, helped offset year-over-year declines in the company’s multiple sclerosis product revenue.
What’s this Biogen reports third-quarter results Compared to Wall Street expectations, according to a survey of analysts by LSEG:
- Earnings per share: Adjusted $4.08, expected $3.79
- income: $2.47 billion vs. $2.43 billion expected
Biogen’s sales for the quarter were $2.47 billion, down about 3% from the same period last year.
The drugmaker reported net profit of $388.5 million, or $2.66 per share, for the period ended Sept. 30.
Adjusting for one-time items, including certain restructuring charges and costs related to intangible assets, the company reported earnings of $4.08 per share.
