A test tube is seen in front of the Biogen logo in this illustration taken on December 1, 2021.
Ruvic Dice | Reuters
biogen On Wednesday it reported third-quarter revenue and adjusted earnings that beat expectations, while raising its full-year earnings guidance, as sales of its breakthrough Alzheimer's drug Leqembi and other new products gain traction.
Biogen now expects full-year adjusted earnings to be between $16.10 and $16.60 per share, down from a previous forecast of $15.75 to $16.25 per share. The biotech company still expects sales in 2024 to decline by a single-digit percentage.
Leqembi, which Biogen shares with Japanese drugmaker Eisai, became the second drug shown to slow the progression of Alzheimer's to gain approval in the United States last summer. The therapy's rollout has been gradual due to hurdles related to requirements for diagnostic testing, regular brain scans and finding neurologists, among other issues.
Even so, the use of Leqembi has been increasing in recent quarters. The treatment generated $67 million in sales during the third quarter, including $39 million in U.S. dollars.
Wall Street analysts expected global sales of $50 million for Leqembi, according to estimates compiled by StreetAccount. The drug recorded just $10 million in sales last year after its launch.
It is unclear how many patients are currently taking the drug. Leqembi, along with Biogen's new treatments for rare diseases and depression, helped offset a year-over-year decline in revenue from the company's multiple sclerosis products.
Here's what Biogen reported for the third quarter compared to what Wall Street expected, according to a survey of analysts by LSEG:
- Earnings per share: $4.08 adjusted vs. $3.79 expected
- Revenue: $2.47 billion vs. $2.43 billion expected
Biogen posted sales of $2.47 billion for the quarter, down about 3% from the same period last year.
The drugmaker posted net income of $388.5 million, or $2.66 per share, for the period ended Sept. 30. That compares with a net loss of $68.1 million, or 47 cents per share, during the same period a year earlier.
Adjusting for one-time items, including certain restructuring charges and costs associated with intangible assets, the company reported earnings of $4.08 per share.
