Biogen Inc. (BIIB) exceeded analysts’ expectations for both earnings and revenue in the third quarter, but its shares fell after the announcement. The company raised its 2024 earnings guidance and expects operating income to grow significantly. Analyst opinions on Biogen’s future prospects are mixed, with some downgrading their ratings while others remain bullish.
Top Wall Street analysts have adjusted their outlooks on several major companies, issuing downgrades for Kraft Heinz, Biogen, Brinker International, ARM Holdings, and Super Micro Computer. Get the details on these analyst rating changes and the reasoning behind them.
Biogen Inc. reported strong third-quarter earnings, exceeding analyst estimates on both earnings per share and revenue. The company’s Alzheimer’s drug Leqembi saw significant sales growth, but multiple sclerosis revenue continued to decline. Biogen also raised its 2024 earnings guidance and expects revenue to be relatively flat next year.
Biogen Inc. (BIIB) has consistently exceeded earnings expectations in recent quarters. Its strong track record, combined with positive analyst sentiment and a favorable Zacks Rank, suggests that the company could beat earnings estimates again in its upcoming report. This analysis delves into the factors driving this potential positive outcome.
Sage Therapeutics’ experimental treatment for essential tremor, SAGE-324, has been dropped by its partner Biogen after a Phase II trial failed to meet its primary endpoint. Despite the setback, Sage Therapeutics will retain full ownership of SAGE-324 and explore potential alternative indications for the drug. Meanwhile, Sage Therapeutics and Biogen continue their collaboration on the depression drug Zurzuvae.
UCB and Biogen have announced positive results from their Phase 3 PHOENYCS GO study, showing that dapirolizumab pegol, combined with standard care, significantly improved disease activity in patients with moderate-to-severe systemic lupus erythematosus (SLE) after 48 weeks compared to placebo. This finding offers potential hope for a new treatment option for SLE, a debilitating autoimmune disease.
Biogen’s higher dose regimen of nusinersen, a drug for spinal muscular atrophy (SMA), demonstrated a statistically significant improvement in motor function in infants compared to a sham control group in a Phase 2/3 study. The results suggest that the higher dose regimen could be more effective in slowing neurodegeneration and provide greater clinical benefit for patients.
The UK’s Medicines and Healthcare products Regulatory Agency has approved Leqembi, an Alzheimer’s drug developed by Eisai and Biogen, for treating early-stage Alzheimer’s disease. However, the National Institute for Health and Care Excellence (NICE) has declined to recommend the drug for use on the NHS due to its high cost and limited benefits.
Biogen Inc (BIIB) reported a mixed set of financial results for the first quarter of 2024. While adjusted EPS beat consensus, sales fell short of expectations. The company’s multiple sclerosis and rare disease revenues declined, but Leqembi sales accelerated, reaching approximately $19 million globally. Biogen maintained its guidance for the fiscal year 2024, with an expected EPS of $15.00-$16.00 and a low- to mid-single-digit percentage decline in total revenue. Analysts noted that the Leqembi launch faced headwinds, and the bottom-line beat was driven by cost-cutting initiatives.
Biogen reported a solid first quarter with its profits exceeding estimates. The company’s highly anticipated Alzheimer’s drug, Leqembi, has generated significant sales of about $19 million, surpassing the $14 million analysts had predicted. Leqembi, which is administered through intravenous infusions, has experienced a steady increase in patients, with the total number on the drug rising to nearly 2.5 times what it was at the end of 2023. The drug’s annual price tag is $26,500 per patient, and Medicare has agreed to cover the cost for those who meet specific criteria. Additionally, Biogen has implemented cost-cutting measures, including eliminating over 1,000 jobs since Viehbacher became CEO in late 2022.
