Biogen Reports Strong Q3 Earnings

Investing.com — Biogen (NASDAQ:BIIB) raised its annual earnings guidance and reported better-than-expected top and bottom lines for the third quarter, sending the company’s shares rising 3% in premarket trading Wednesday.

The biotech firm reported Q3 earnings per share (EPS) of $4.08, surpassing analyst expectations of $3.77. Revenue came in at $2.47 billion, slightly above the consensus estimate of $2.43 billion.

Biogen reported multiple sclerosis revenue of $1.05 billion, nearly in line with the projected $1.06 billion.

Sales of the company’s Alzheimer’s drug Leqembi grew to $67 million, up from around $40 million in the previous quarter.

> “In the third quarter Biogen made continued progress toward our goal of returning to sustainable growth,” said President and CEO Christopher A. Viehbacher.

> “We continue to see momentum with ongoing product launches and we are increasingly excited about the potential of our pipeline.”

For fiscal year 2024, Biogen has raised its EPS guidance to a range of $16.10 to $16.60, up from the prior range of $15.75 to $16.25, compared to the consensus of $16.19.

The company continues to expect full-year revenue to decline by a low-single-digit percentage versus 2023, with core pharmaceutical revenue projected to remain approximately flat compared to last year.

Biogen now forecasts full-year operating income growth in the high-teens percentage range compared to 2023 and maintains its expectation for a mid-single-digit percentage improvement in the operating margin.