Biogen's Q3 Profit Beats Expectations On Lower Multiple Sclerosis Revenues But New Products Offset Losses, Raises Profit Outlook

On Wednesday, Biogen Inc BIIB reported third-quarter adjusted EPS of $4.08, down 6%, beating the consensus of $3.79.

The company reported sales of $2.47 billion, down 3% year over on constant currency and reported basis, beating the consensus of $2.43 billion.

Multiple sclerosis revenue of $1.05 billion decreased by 9% (down 9% on constant currency). The multiple sclerosis drug Tysabri sales were down to $406.1 million from $456.3 million.

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Rare disease revenue increased 10% year over year (up 10% CC) to $495 million.

Spinraza’s revenue fell to $381.4 million from $448.2 million a year ago.

Revenues from Skyclarys, acquired via Reata acquisition, reached $102.3 million during the quarter.

In Alzheimer’s disease, Biogen said Leqembi third quarter global in-market sales of approximately $67 million, including U.S. in-market sales of approximately $39 million; E.U. CHMP re-examination expected to be completed this year.

Postpartum depression drug Zurzuvae’s third-quarter sales reached $22 million.

Guidance: Biogen raised its 2024 adjusted EPS guidance to $16.10-$16.60 versus prior guidance of $15.75-$16.25 and consensus of $16.19.

Biogen continues to expect 2024 revenue to decline by a low-single-digit percentage, with core pharmaceutical revenue to be relatively flat 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 high-teen percentage with mid-single digit percentage point operating margin improvement.

Price Action: BIIB stock is down 1.37% at $180.95 at the last check on Wednesday.

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