Company focuses on new products in Alzheimer’s, postpartum depression as multiple sclerosis product revenues decline
Biogen Inc. BIIB, -1.21% on Wednesday reported third quarter results that topped analyst estimates, even as it navigates a complex launch of its new Alzheimer’s treatment Leqembi.
The company boosted its full-year sales outlook, saying it now expects a low-single digit percentage decline in revenue versus the full year 2022, whereas it previously projected a mid-single digit percentage decline. But Biogen reined in its full-year guidance for adjusted earnings per share to a range of $14.50 to $15.00, down from $15.00 to $16.00 previously, reflecting about 75 cents of dilution from its recently closed acquisition of Reata Pharmaceuticals.
Leqembi, which is jointly developed and commercialized by Biogen and Eisai Co. Ltd. ESALF, -0.57%, has faced a slow launch since its July approval by the U.S. Food and Drug Administration. “We’re seeing all the green shoots of growth, but it is complex,” Biogen CEO Chris Viehbacher said on a call with reporters Wednesday morning. The treatment relies in part on care networks that “did not exist until we launched this product,” he said.
Biogen’s multiple sclerosis product revenues totaled $1.159 billion in the third quarter, down 14% from a year earlier. Blockbuster multiple sclerosis drug Tecfidera, which has faced increasing generic competition, had sales of $239.5 million, versus $339 million a year earlier.
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