Biogen Beats Expectations with Strong Third-Quarter Results
Biotech giant Biogen has reported impressive third-quarter revenue and adjusted earnings, exceeding analyst expectations. The company’s breakthrough Alzheimer’s drug, Leqembi, has been gaining traction, contributing to the strong results.
Revenue and Earnings Highlights
Biogen’s third-quarter revenue came in at $2.47 billion, down 3% from the same period last year. However, adjusted earnings per share (EPS) reached $4.08, beating analyst estimates. Net income for the quarter was $388.5 million, or $2.66 per share, a significant improvement from the net loss of $68.1 million, or 47 cents per share, reported in the same period last year.
Leqembi: A Key Driver of Growth
Leqembi, which Biogen co-developed with Japanese drugmaker Eisai, has been gaining momentum since its approval in the US last summer. The treatment brought in $67 million in sales for the third quarter, including $39 million from the US market. This exceeded analyst expectations of $50 million in global sales.
Offsetting Declines in Multiple Sclerosis Products
The success of Leqembi, along with Biogen’s new rare disease and depression treatments, helped offset a year-over-year decline in revenue for the company’s multiple sclerosis products. This demonstrates the company’s ability to diversify its product portfolio and reduce dependence on individual products.
Full-Year Guidance Updated
Based on the strong third-quarter results, Biogen has updated its full-year guidance. The company now expects adjusted EPS to range from $16.10 to $16.60, up from the previous forecast of $15.75 to $16.25. While 2024 sales are still expected to decline by a low-single-digit percentage, the updated guidance reflects the company’s confidence in its product pipeline and growth prospects.
Conclusion
Biogen’s strong third-quarter results demonstrate the company’s ability to deliver on its growth strategy. With Leqembi and other new products gaining traction, Biogen is well-positioned to drive future growth and innovation in the biotech industry.
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