From CNBC: 2024-10-30 08:33:27

Biogen reported third-quarter revenue and earnings that exceeded expectations, thanks to sales of its Alzheimer’s drug, Leqembi. The company raised its full-year profit guidance and now expects adjusted earnings between $16.10 and $16.60 per share. Leqembi sales reached $67 million for the quarter, with $39 million from the U.S.

Despite a gradual launch, Leqembi sales are increasing, surpassing analyst expectations of $50 million globally. The drug, approved last summer, brought in $10 million in sales last year. The number of patients currently taking Leqembi is unknown, but it, along with new rare disease and depression treatments, helped offset a decline in revenue from multiple sclerosis products.

For the third quarter, Biogen reported adjusted earnings per share of $4.08, higher than the expected $3.79, and revenue of $2.47 billion, slightly above the expected $2.43 billion. The company posted net income of $388.5 million, compared to a net loss of $68.1 million a year ago. Adjusted earnings per share were $4.08 after accounting for one-time charges.



Read more at CNBC: Biogen (BIIB) earnings Q3 2024