A test tube is seen in front of the Biogen logo displayed in this illustration taken on December 1, 2021.
Dado Ruvic | Reuters
Biogenic First-quarter profit on Wednesday came in better than estimates, thanks to the company’s cost-cutting efforts and sales of its closely watched Alzheimer’s drug, Leqembi, which came in better than expected.
Biogenic and EisaiLeqembi became the first drug capable of slowing the progression of Alzheimer’s disease to be approved in the United States in July. The treatment’s rollout was slow, but adoption appeared to accelerate in the first quarter.
Leqembi generated about $19 million in revenue for the quarter, compared to the $10 million the drug generated last year. That exceeds the $11 million expected by analysts, according to estimates compiled by FactSet.
The number of patients receiving treatment has increased almost 2.5 times since the end of 2023, according to Biogen. The company added that the number of new patients starting Leqembi jumped in March, accounting for more than 20% of the cumulative number of patients currently on treatment.
Biogen did not provide specific numbers of patients using Leqembi. In February, Biogen CEO Chris Viehbacher told reporters that there were currently about 2,000 patients on Leqembi.
The company hopes the drug will spur growth as it lowers costs and sees sales fall for its multiple sclerosis treatments, some of which face generic competition.
Here’s what Biogen reported for the first quarter compared to what Wall Street expected, based on a survey of analysts by LSEG:
- Earnings per share: $3.67 adjusted versus $3.45 expected
- Revenue: $2.29 billion versus $2.31 billion expected
The biotechnology company reported revenue of $2.29 billion for the quarter, down 7% from the same period last year. It reported net income of $393.4 million, or $2.70 per share, for the first quarter, up from net income of $387.9 million, or $2.67 per share, for the same period a year ago.
Including one-time items, the company reported earnings of $3.67 per share.
Biogen reiterated its full-year 2024 adjusted earnings forecast of between $15 and $16 per share. Analysts polled by LSEG expected full-year earnings of $15.49 per share.
The company also reiterated its sales forecast for 2024, a decline of between 5 and 10% compared to last year.
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