Biogen Raises Guidance as Leqembi Sales Boost Q3 Earnings, Stock Rises

Oct 31, 2024, 10:38 AM

Biogen Inc. reported stronger-than-expected third-quarter earnings for 2024 and raised its full-year earnings guidance, as cost-cutting measures helped offset declining sales of its multiple sclerosis medications. The company increased its full-year non-GAAP diluted EPS guidance to between $16.10 and $16.60, up from the previous range of $15.75 to $16.25. Biogen's revenue for the quarter was $2.5 billion, with GAAP diluted EPS of $2.66 and non-GAAP diluted EPS of $4.08, surpassing analysts' estimates. Sales of its Alzheimer's drug Leqembi contributed to the positive results, generating global in-market sales of $67 million, including $39 million in the United States. The company's stock rose after the announcement, reflecting investor optimism in Biogen's performance and outlook.