Biogen Stock ( NASDAQ:BIIB )
On Wednesday, Biogen ( NASDAQ:BIIB ) reported stronger-than-anticipated quarterly earnings and in-line guidance while highlighting the upcoming introduction of its newly authorized Alzheimer’s medicine Leqembi (lecanemab) might damage its 2023 forecast. As a result, Biogen stock declined in the market.
Biogen stock, once known for its Alzheimer’s franchise led by Aduhelm, expanded that franchise in January with the addition of lecanemab, an anti-amyloid antibody developed in collaboration with Biogen’s Japanese partner Eisai ( OTCPK:ESALF ) (OTCPK:ESALY).
However, Aduhelm’s quarterly sales of $0.3M fell short of Wall Street’s expectations due to coverage limits from Medicare and doubts about the drug’s performance.
The business predicts a mid-single-digit revenue reduction for 2023, compared to analysts’ 7% YoY loss due to the projected offset of revenue by commercialization expenditures.
Earnings per share estimates for Biogen of $15.00 – $16.00 are in line with the $15.76 expected by market analysts.
In his first conference call as CEO of Biogen, Christopher Viehbacher spoke about the difficulties of introducing lecanemab to the American market.
To give PET scans or CSF testing, “there is going to be an awful lot of education of clinicians around safety, around the diagnosis, and the infrastructure needs to increase,” he added.
Viehbacher said that the company’s future success ...
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