A check tube is seen in entrance of displayed Biogen emblem on this illustration taken on, December 1, 2021.
Dado Ruvic | Reuters
Biogen on Wednesday reported third-quarter income and adjusted earnings that topped expectations whereas elevating its full-year revenue steerage, as gross sales of its breakthrough Alzheimer’s drug, Leqembi, and different new merchandise acquire traction.
Biogen now expects full-year adjusted earnings to come back in between $16.10 and $16.60 per share, up from a earlier forecast of $15.75 to $16.25 per share. The biotech firm nonetheless expects 2024 gross sales to say no by a low-single-digit share.
Leqembi, which Biogen shares with the Japanese drugmaker Eisai, turned the second drug confirmed to sluggish the development of Alzheimer’s to win approval within the U.S. final summer time. The remedy’s launch has been gradual attributable to bottlenecks associated to diagnostic check necessities, common mind scans and discovering neurologists, amongst different points.
Nonetheless, uptake of Leqembi has been choosing up over the previous few quarters. The therapy introduced in $67 million in gross sales for the third quarter, together with $39 million from the U.S.
Wall Avenue analysts had anticipated international gross sales of Leqembi of $50 million, in keeping with estimates compiled by StreetAccount. The drug posted simply $10 million in gross sales final 12 months following its launch.
It’s unclear what number of sufferers are at the moment taking the drug. Leqembi, together with Biogen’s new uncommon illness and melancholy therapies, helped offset a year-over-year decline in income for the corporate’s a number of sclerosis merchandise.
Here is what Biogen reported for the third quarter in contrast with what Wall Avenue was anticipating, based mostly on a survey of analysts by LSEG:
- Earnings per share: $4.08 adjusted vs. $3.79 anticipated
- Income: $2.47 billion vs. $2.43 billion anticipated
Biogen booked gross sales of $2.47 billion for the quarter, which is down round 3% from the year-earlier interval.
The drugmaker posted web earnings of $388.5 million, or $2.66 per share, for the interval ended September 30. That compares with a web lack of $68.1 million, or 47 cents per share, for a similar interval a 12 months in the past.
Adjusting for one-time gadgets, together with sure restructuring fees and prices related to intangible belongings, the corporate reported earnings of $4.08 per share.
