In its first-quarter earnings report, Biogen Inc. (BIIB) revealed a profit that surpassed analysts’ estimates. This was primarily attributed to the company’s cost-cutting measures and the higher-than-anticipated sales of its closely watched Alzheimer’s drug, Leqembi. In July 2022, Leqembi, developed jointly by Biogen and Eisai, became the first drug approved in the United States for slowing the progression of Alzheimer’s disease. Despite a sluggish initial launch, uptake of Leqembi appears to have accelerated in the first quarter, bringing in sales of approximately $19 million. This is a significant increase from the $10 million generated in the same period last year and exceeds the $11 million analysts had projected. The number of patients receiving Leqembi therapy has surged nearly 2.5 times since the end of 2023, according to Biogen. Notably, the company reported a substantial increase in new patients starting Leqembi treatment in March, accounting for over 20% of the total patients currently using the drug. Although Biogen has not provided specific patient numbers for Leqembi, CEO Chris Viehbacher indicated in February that there were approximately 2,000 patients receiving the treatment. The company anticipates that Leqembi and other newly launched drugs will fuel growth as it navigates cost reductions and declining sales of its multiple sclerosis therapies, some of which are facing generic competition. Aside from Leqembi, investors are also關注 on the performance of other recently launched drugs, including Skyclarys. Acquired by Biogen through its purchase of Reata Pharmaceuticals in July, Skyclarys contributed $78 million in revenue during the first quarter, surpassing analysts’ expectations of $68.8 million. The FDA approved Skyclarys last year as the first treatment for Friedreich ataxia, a rare inherited disease that affects coordination and walking in children as young as 5. In February, European Union regulators also approved Skyclarys for treating Friedreich ataxia in patients aged 16 and above. Additionally, Biogen has partnered with Sage Therapeutics on the development of the first oral medication for postpartum depression, Zurzuvae, which received FDA approval in August. However, the agency did not approve the drug for major depressive disorder, a much larger market. Biogen reported first-quarter sales of $12 million for Zurzuvae, exceeding analysts’ estimates of $5 million.
Biogen Beats Q1 Estimates on Alzheimer’s Drug Sales, Cost Cuts
