Biogen Inc BIIB is scheduled to report its third-quarter earnings on Tuesday during the premarket session amid cautious hope for its neurodegenerative disease programs and an ongoing CEO search.
Analysts estimate Q3 EPS of $4.16 and sales of $2.47 billion, according to data on Benzinga Pro.
The company has suffered several setbacks over the last year, primarily driven by the commercial failure of its controversial Alzheimer's disease drug, Aduhelm. Biogen is also facing stiff competition from biosimilars.
Related: These Stocks Are On The Radar After Biogen-Eisai's Surprising Alzheimer's Trial Win
Last month, Biogen and its partner, Eisai Ltd ESALY, announced that a 1,795-person study of lecanemab reduced the rate of cognitive decline by 27% in mild Alzheimer's. As SVB Leerink analyst said, the positive results would reinvigorate the AD space.
Biogen is not just working on Alzheimer's. The next drug in line is for another neurodegenerative disorder, amyotrophic lateral sclerosis (ALS). The FDA will decide in April next year whether or not to approve tofersen for ALS.
During its Q1 earnings, Biogen started looking for new CEO. Michel Vounatsos will continue to serve as CEO & board member until his successor is appointed.
Price Action: BIIB shares are up 2.33% at $273.85 on the last check Monday.
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