Biogen raises annual earnings guidance, tops Q3 estimates; shares up

Investing.com -- Biogen (NASDAQ:BIIB) raised its annual earnings guidance and reported better-than-expected top and bottom lines for the third quarter, sending the company’s shares rising 3% in premarket trading Wednesday.

The biotech firm reported Q3 earnings per share (EPS) of $4.08, surpassing analyst expectations of $3.77. Revenue came in at $2.47 billion, slightly above the consensus estimate of $2.43 billion.

Biogen reported multiple sclerosis revenue of $1.05 billion, nearly in line with the projected $1.06 billion.

Sales of the company’s Alzheimer’s drug Leqembi grew to $67 million, up from around $40 million in the previous quarter.

“In the third quarter Biogen made continued progress toward our goal of returning to sustainable growth,” said President and CEO Christopher A. Viehbacher.

“We continue to see momentum with ongoing product launches and we are increasingly excited about the potential of our pipeline.

For fiscal year 2024, Biogen has raised its EPS guidance to a range of $16.10 to $16.60, up from the prior range of $15.75 to $16.25, compared to the consensus of $16.19.

The company continues to expect full-year revenue to decline by a low-single-digit percentage versus 2023, with core pharmaceutical revenue projected to remain approximately flat compared to last year.

Biogen now forecasts full-year operating income growth in the high-teens percentage range compared to 2023 and maintains its expectation for a mid-single-digit percentage improvement in the operating margin.