Biogen's Q2 earnings beat estimates, raising full-year guidance, driven by strong Alzheimer's drug sales.

From CNBC: 2024-08-01 06:56:47

Biogen reported Q2 earnings and revenue exceeding estimates, raising full-year guidance due to cost cuts and strong Alzheimer’s drug sales. Leqembi sales reached $40 million for the quarter, up from $10 million last year. However, Europe rejected approval due to risks, prompting a request for reexamination. Other new products show promising growth.

In Q2, Biogen posted earnings per share of $5.28 adjusted, surpassing the expected $4.03, with revenue at $2.47 billion versus $2.38 billion projected. Net income was $583.6 million, or $4 per share, compared to $591.6 million and $4.07 per share last year. Growth initiatives are underway to offset declining multiple sclerosis treatments sales.

Skyclarys, acquired through Reata Pharmaceuticals, generated $100 million in Q2 sales, exceeding the $92.3 million estimate. FDA approval of Skyclarys for Friedreich’s ataxia signaled a successful launch. Zurzuvae, a postpartum depression pill, brought in $14.9 million, outperforming the $11 million expected sales. Multiple sclerosis drug sales slightly declined.

Despite facing competition from generics, Biogen’s Tecfidera revenue reached $252.2 million, matching Q2 of the prior year. Financial targets through 2025 include $1 billion in cost savings to drive growth amidst challenges. Emerging products and cost-cutting measures are key drivers of future success for Biogen.



Read more at CNBC:: Biogen (BIIB) earnings Q2 2024