Biogen (BIIB) earnings Q3 2024

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 achieve 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 anticipates 2024 gross sales to say no by a low-single-digit proportion. 

Leqembi, which Biogen shares with the Japanese drugmaker Eisai, grew to become the second drug confirmed to gradual the development of Alzheimer’s to win approval within the U.S. final summer season. The remedy’s launch has been gradual attributable to bottlenecks associated to diagnostic take a look at necessities, common mind scans and discovering neurologists, amongst different points. 

Nonetheless, uptake of Leqembi has been rising over the previous couple of 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 world gross sales of $50 million for Leqembi, in response to estimates compiled by StreetAccount. The drug posted simply $10 million in gross sales final yr following its launch. 

It’s unclear what number of sufferers are presently taking the drug. Leqembi, together with Biogen’s new uncommon illness and despair therapies, helped offset a year-over-year decline in income for the corporate’s a number of sclerosis merchandise. 

This is what Biogen reported for the third quarter in contrast with what Wall Avenue was anticipating, primarily based 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 Sept. 30. That compares with a web lack of $68.1 million, or 47 cents per share, for a similar interval a yr in the past. 

Adjusting for one-time objects, together with sure restructuring costs and prices related to intangible belongings, the corporate reported earnings of $4.08 per share.