(Reuters) -Biogen lifted its full-year profit forecast on Thursday due to cost cuts and better-than-expected sales of its various treatments, even as the U.S. adoption of its Alzheimer’s drug remains slow. #BiogenProfitForecast
CEO Christopher Viehbacher, leading Biogen’s turnaround since 2022, said the company is now positioned for growth. Cost-cutting efforts, acquisitions, and a focus on new launches have strengthened Biogen’s future prospects.
“We’re not done yet, and we’ve certainly had a few setbacks along the way. But I think we can now focus on sustainable growth,” Viehbacher told reporters.
Biogen also beat estimates for profit in the second quarter. This was helped by better-than-expected performance of its newer drugs, such as Skyclarys. Additionally, its older multiple sclerosis treatments contributed to the positive outcome. These factors supported the strong Biogen profit forecast.
Sales of Alzheimer’s drug Leqembi, which it sells with Japan’s Eisai, came in at $40 million, modestly above estimates of $32 million.
Its take-up has been slow due to requirements like additional diagnostic tests, twice-monthly infusions, and regular brain scans. Its EU application was rejected last week.
The company also said it had decided to retain its biosimilars business after a year-long review.
In the second quarter, sales of older multiple sclerosis drug, which are facing competition from rivals, fell 4.9% to $1.15 billion but came in ahead of estimates of $1.4 billion.
Skyclarys brought in sales of $100 million for the quarter. Analysts had expected $92.06 million.
The drugmaker raised its 2024 adjusted per-share profit forecast to a range of $15.75 to $16.25 from $15 to $16 previously. The company’s second-quarter adjusted profit of $5.28 per share beat estimates of $4.03. #BiogenProfitForecast
Shares of the company were marginally higher at $214.44 in premarket trading.
