Biogen's Leqembi Commercial Ramp-Up Modest But Up Ticking, Reports Mixed Bag Q1 Earnings
Portfolio Pulse from Vandana Singh
Biogen Inc (NASDAQ:BIIB) reported Q1 adjusted EPS of $3.67, beating consensus but with a 7% year-over-year sales decline to $2.29 billion, missing expectations. Multiple sclerosis and rare disease revenues fell, while Leqembi (Alzheimer's drug) sales showed significant growth. The company reaffirmed its fiscal 2024 EPS guidance and expects a low to mid-single-digit percentage decline in total revenue. Shares rose 4.47% following the report.
April 24, 2024 | 4:12 pm
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Biogen reported a mixed Q1 with an EPS beat and sales miss, but significant growth in Leqembi sales. The company reaffirmed its 2024 EPS guidance, expecting a revenue decline but operating income growth.
The EPS beat and positive growth trajectory for Leqembi, despite overall sales decline, suggest a positive short-term impact on BIIB's stock. The reaffirmed 2024 guidance and share price increase post-earnings indicate investor confidence.
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