From CNBC:

Biogen reported a decline in fourth-quarter revenue and profit compared to last year, largely due to charges related to dropping its Alzheimer’s drug Aduhelm and slumping sales in its multiple sclerosis therapies category. The drugmaker is pinning its hopes on other Alzheimer’s drugs, such as Leqembi, and newly launched products. Shares of Biogen fell 5% in early trading Tuesday. Here are the fourth-quarter results and 2024 guidance compared to Wall Street expectations. Earnings per share: $2.95 adjusted vs. $3.18 expected. Revenue: $2.39 billion vs. $2.47 billion expected. Biogen issued full-year 2024 guidance for adjusted earnings of $15 to $16 per share, with 2024 sales expected to decline by a low to mid-single digit percentage. Pharmaceutical revenue is expected to be flat this year compared to 2023. Multiple sclerosis drug sales declined, along with revenue from other products, leading to lower overall revenue. Biogen’s rare disease drugs fared better, recording $471.8 million in sales, up 3% from the same period a year ago. Spinraza, a medication used to treat spinal muscular atrophy, recorded $412.6 million in sales. Despite efforts to increase sales of Leqembi, Biogen and Eisai are working toward FDA approval of an injectable version that could pave the way for higher uptake. Eisai recorded $7 million in fourth-quarter revenue and $10 million in full-year sales from Leqembi. Biogen’s newly launched drugs, such as Skyclarys, brought in revenue of $56 million. On Monday, EU regulators approved Skyclarys for the treatment of Friedreich ataxia in patients ages 16 and up. Biogen has also partnered with Sage Therapeutics on a pill for postpartum depression, but the drug has generated only $2 million in sales for the fourth quarter. Overall, Biogen’s financial results show a company in transition, adapting to declining revenue from its traditional multiple sclerosis therapies while investing in new products, partnerships, and treatments for rare diseases. Despite challenges, the company remains focused on organic growth and long-term success.



Read more: Biogen (BIIB) earnings Q4 2023