Biogen Reports Mixed Q1 Results, Leqembi Sales Accelerate
Biogen Inc (BIIB) reported its financial results for the first quarter of 2024 on Wednesday. The company beat consensus estimates for adjusted earnings per share (EPS), reporting $3.67 per share, an 8% increase year over year. However, sales fell short of expectations, coming in at $2.29 billion, a 7% decrease year over year.
Multiple sclerosis revenue declined by 4% to $1.1 billion, with Tysabri sales falling to $431.3 million from $472.8 million a year ago. Rare disease revenue also decreased by 4% to $423.9 million, driven by a decline in Spinraza sales to $341.3 million from $443.3 million a year ago.
However, the company highlighted the accelerated uptake of Leqembi, its Alzheimer’s drug. Global in-market sales for Leqembi reached approximately $19 million in the first quarter, nearly triple the sales in the fourth quarter of 2023. The number of patients on therapy has increased nearly 2.5 times since the end of 2023, with a significant increase in new patient starts observed in March.
Postpartum depression drug Zurzuvae’s launch has also shown encouraging early trends.
For the full fiscal year 2024, Biogen reaffirmed its adjusted EPS guidance of $15.00-$16.00, which represents a 5% increase at the mid-point compared to 2023. The company expects total revenue to decline by a low- to mid-single-digit percentage, while operating income is projected to grow at a low-double-digit percentage. Core pharmaceutical revenue is expected to remain flat compared to 2023.
Despite the mixed results, analysts noted that the bottom-line beat was largely driven by cost-cutting initiatives through Biogen’s “Fit for Growth” savings initiative.
