Biogen (BIIB) raises forecast as Alzheimer's drug Leqembi shows signs of growth

Biogen Inc. raised its annual profit forecast after the company reported better-than-expected sales and profit in the third quarter, driven by continued cost-cutting measures and strong performance of its new Alzheimer's drug.

The biotech company now expects adjusted earnings per share of between $16.10 and $16.60 for 2024 – a rise of 35 cents from the midpoint of its previous guidance.