Biogen Q2 Earnings: Beats Consensus, Lifts 2024 Profit Forecast As New Drug Launches Expected To Offset Decline In Multiple Sclerosis Med Sales

On Thursday, Biogen Inc BIIB reported second-quarter adjusted EPS of $5.28, up 31%, beating the consensus of $4.03.

The company reported sales of $2.47 billion, almost flat year over year and up 1% on constant currency, beating the consensus of $2.38 billion.

Multiple sclerosis revenue of $1.15 billion decreased by 5% (down 5% on constant currency). Multiple sclerosis drug Tysabri sales were down to $462.2 million from $483.1 million.

Also Read: Sage, Biogen Shelve Development Of Nervous System Disorder Drug After Data Disappoints.

Rare disease revenue increased 22% year over year (up 25% CC) to $534 million.

Spinraza’s revenue fell to $429.1 million from $437.1 million a year ago.

Revenues from Skyclarys, acquired via Reata acquisition, reached $100 million during the quarter. A dose-finding study for pediatric indication is underway.

In Alzheimer’s disease, Leqembi launch delivered accelerated sequential growth with second-quarter global in-market sales of approximately $40 million, including U.S. in-market sales of approximately $30 million.

Postpartum depression drug Zurzuvae’s second quarter reached $15 million.

Guidance: For the fiscal year 2024, Biogen raised its 2024 adjusted EBITDA guidance to $15.75-$16.25 versus prior guidance of $15.00-$16.00 and consensus of $15.58.

Biogen now expects 2024 revenue to decline by a low-single-digit percentage (previously low to mid-single percentage), with core pharmaceutical revenue to be relatively flat for 2024 compared to 2023 as further declines in multiple sclerosis product revenues are expected to be offset by increases in revenue from new product launches.

For 2024 compared to 2023, Biogen expects operating income to grow at a mid- to high-teen percentage with mid-single digit percentage point operating margin improvement.

Price Action: BIIB stock is down 1.96% at $209.03 at the last check on Thursday.

Also Read:

• Biogen/Eisai’s Alzheimer’s Drug Leqembi Gets ‘No Go’ From European Drug Regulator’s Advisory Panel, Cites Serious Side Events.