In this illustration, taken on December 1, 2021, a test tube can be seen in front of the Biogen logo displayed.
Ruvik Dice | Reuters
Biogen First-quarter profit on Wednesday beat expectations as the company continued its cost-cutting efforts and saw higher-than-expected sales of its closely watched Alzheimer’s drug Leqembi.
Biogen and EisaiIn July, Leqembi became the first drug approved in the U.S. to slow the progression of Alzheimer’s disease. The treatment’s rollout has been slow, but adoption appeared to accelerate in the first quarter.
Sales of Leqembi during the quarter were about $19 million, up from the drug’s $10 million last year. The figure topped analysts’ expectations of $11 million, according to estimates compiled by FactSet.
According to Biogen, the number of patients receiving the therapy has increased nearly 2.5-fold since the end of 2023. The company added that the number of new patients starting Leqembi surged in March and represents more than 20% of the cumulative number of patients currently receiving treatment.
Biogen did not provide a specific number of patients taking Leqembi. In February, Biogen CEO Chris Viehbacher told reporters that about 2,000 patients are currently receiving Leqembi treatment.
The company hopes the drug will drive growth as it cuts costs and sees sales of its multiple sclerosis treatments slump, some of which face generic competition.
Biogen’s first-quarter report compared with Wall Street expectations, according to a survey of analysts by LSEG:
- Earnings per share: Adjusted $3.67, $3.45 expected
- Revenue: $2.29 billion, $2.31 billion expected
The biotech company’s sales for the quarter were $2.29 billion, down 7% from the same period last year. The company reported first-quarter net income of $393.4 million, or $2.70 per share, up from $387.9 million, or $2.67 per share, in the same period last year.
Adjusting for one-time items, the company reported earnings of $3.67 per share.
Biogen reiterated its full-year 2024 adjusted earnings per share forecast of $15 to $16. Analysts surveyed by LSEG had expected full-year profit guidance of $15.49 per share.
The company also reiterated its 2024 sales guidance, which projects a low- to mid-single-digit percentage decline compared with last year.
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