In this article, Biogen reported third-quarter revenue and adjusted earnings that exceeded expectations while also raising its full-year profit guidance. This was driven by the strong sales of its Alzheimer’s drug, Leqembi, and other new products gaining momentum. Biogen now anticipates full-year adjusted earnings to be between $16.10 and $16.60 per share, up from the previous forecast of $15.75 to $16.25 per share. The company still foresees a low-single-digit percentage decline in 2024 sales.
Leqembi, developed in partnership with Eisai, was the second drug approved in the U.S. to slow Alzheimer’s progression. However, its launch has been gradual due to various challenges such as diagnostic test requirements, brain scans, and the availability of neurologists. Despite these obstacles, Leqembi’s uptake has been increasing over recent quarters, generating $67 million in sales for the third quarter, with $39 million from the U.S.
Analysts had projected global sales of $50 million for Leqembi, while the drug only achieved $10 million in sales in the previous year. The current number of patients using the drug remains uncertain. Leqembi, along with Biogen’s new treatments for rare diseases and depression, helped offset the decline in revenue from the company’s multiple sclerosis products.
For the third quarter, Biogen reported sales of $2.47 billion, a slight decrease of around 3% from the same period last year. The company recorded a net income of $388.5 million, or $2.66 per share, for the quarter ending on Sept. 30. This marks a significant improvement from a net loss of $68.1 million, or 47 cents per share, during the corresponding period the previous year. Adjusted for one-time items, Biogen reported earnings of $4.08 per share.
