Biogen tops estimates, raises profit guidance as Alzheimer's drug Leqembi gains traction

Core Insights - Biogen reported third-quarter revenue and adjusted earnings that exceeded expectations, driven by the sales of its Alzheimer's drug, Leqembi, and other new products [1][4] - The company raised its full-year adjusted earnings guidance to between $16.10 and $16.60 per share, up from a previous forecast of $15.75 to $16.25 per share [2] - Despite the positive outlook for 2023, Biogen anticipates a low-single-digit percentage decline in sales for 2024 [2] Financial Performance - Biogen's third-quarter revenue was $2.47 billion, slightly above the expected $2.43 billion, but down approximately 3% year-over-year [5] - The company reported adjusted earnings of $4.08 per share, surpassing the expected $3.79 per share [5] - Net income for the quarter was $388.5 million, or $2.66 per share, a significant improvement from a net loss of $68.1 million, or 47 cents per share, in the same period last year [6] Product Performance - Leqembi generated $67 million in sales during the third quarter, including $39 million from the U.S., exceeding Wall Street's expectations of $50 million in global sales [4] - The uptake of Leqembi has been gradually increasing, despite initial launch challenges related to diagnostic requirements and access to specialists [3][4] - The drug's sales performance, along with new treatments for rare diseases and depression, helped mitigate revenue declines from Biogen's multiple sclerosis products [5]