On October 30, 2024, Biogen Inc. reported third-quarter 2024 financial results, with adjusted earnings per share (EPS) of $4.08, surpassing analyst expectations of $3.79 per share. The company's net income for the period ended September 30 was $388.5 million, a significant improvement from a net loss of $68.1 million in the same period a year ago. Total revenue for the quarter was $2.47 billion, representing a 3% decrease from the prior-year period.
Sales of Biogen's Alzheimer's drug, Leqembi, which is co-commercialized with Eisai, reached $67 million globally, exceeding Wall Street estimates of $50 million. U.S. sales for Leqembi contributed $39 million to this total. The company noted that Leqembi's uptake has been increasing over the last few quarters, helping to offset the continued decline in revenue from its multiple sclerosis (MS) products. Sales of MS treatments fell 8% to $1.07 billion.
Biogen raised its full-year adjusted EPS guidance for 2024 to a range of $16.10 to $16.60 per share, up from its previous forecast of $15.75 to $16.25 per share. This upward revision reflects the positive impact of cost-cutting measures and the growing traction of new products. Despite the positive profit outlook, the company still anticipates its 2024 total sales to decline by a low-single-digit percentage, primarily due to competitive pressures on its legacy MS franchise.
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