- Biogen Inc BIIB posted Q4 sales of $2.54 billion, beating the consensus of $2.44 billion, down 7% Y/Y and 4% at constant currency (CC).
- Multiple sclerosis revenue of $1.27 billion decreased by 17% (down 14% CC). Multiple sclerosis drug Tysabri sales are down to $488.4 million from $512.7.
- Spinraza's revenue of $458.8 million increased by 4% at actual currency (increased by 10% at CC).
- Aduhelm generated sales of $0.3 million in Q4, compared to $1.0 million a year ago.
- Biosimilars' revenue of $174.8 million decreased by 21% versus the prior year at actual currency and by 15% at constant currency.
- Adjusted EPS of $4.05 increased 19% and came above the consensus of $3.48.
- Guidance: Biogen expects FY23 sales to decline by a mid-single-digit percentage versus the reported FY22.
- The company expects adjusted EPS of $15.00-$16.00 compared to the consensus of $15.72.
- The guidance assumes a favorable decision by the Court of Justice of the European Union relating to regulatory data protection for Tecfidera, which is expected on March 16.
- Biogen expects modest in-market revenue for Leqembi in 2023, with commercialization expenses exceeding revenue. The FDA approved the Alzheimer's disease treatment via the Accelerated Approval pathway.
- Biogen will record its share of net commercial profits and losses for Leqembi in the U.S. as a component of total revenue, which is expected to be a headwind in 2023.
- Price Action: BIIB shares are down 3.27% at $279.62 session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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