Biogen (BIIB) Q3 2024 Earnings

Biogenic reported third-quarter revenue and adjusted earnings that beat expectations on Wednesday, while raising its full-year profit forecast as sales of its breakthrough Alzheimer's drug Leqembi and other new products gain momentum.

Biogen now expects full-year adjusted earnings to be between $16.10 and $16.60 per share, versus a previous forecast of $15.75 to $16.25 per share. For 2024, the biotech company continues to expect a decline in sales in the low single-digit percentage range.

Leqembi, which Biogen shares with Japanese drugmaker Eisai, became the second drug proven to slow the progression of Alzheimer's disease to be approved in the United States last summer. The therapy's rollout has been slow, due in part to shortages related to diagnostic testing requirements, regular brain scans and the search for neurologists.

Nevertheless, Leqembi's adoption has increased in recent quarters. The treatment brought in $67 million in third-quarter sales, including $39 million from the United States

Wall Street analysts had expected global sales of $50 million for Leqembi, according to StreetAccount estimates. The drug generated just $10 million in sales after its launch last year.

It is unclear how many patients are currently taking the drug. Leqembi, along with Biogen's new treatments for rare diseases and depression, helped offset year-over-year sales declines in the company's multiple sclerosis products.

Here's what Biogen reported for the third quarter compared to Wall Street's expectations, based on an analyst survey from LSEG:

• Earnings per share: $4.08 adjusted vs. $3.79 expected
• Revenue: $2.47 billion versus expected $2.43 billion

Biogen reported revenue of $2.47 billion in the quarter, down about 3% from the same period last year.

The drugmaker reported net income of $388.5 million, or $2.66 per share, for the period ended Sept. 30. That compares with a net loss of $68.1 million, or 47 cents per share, in the same period last year.

Adjusted for one-time items, including certain restructuring charges and costs related to intangible assets, the company reported earnings of $4.08 per share.