Biogen’s (BIIB.O) shares dropped 5% in premarket trade on Tuesday after the firm’s fourth-quarter earnings missed Wall Street predictions. The business opens new tab and forecasts a return to yearly profit growth following cost reduction and a bump up in sales of its newer products.
Biogen has trimmed staff, started reviewing its biosimilars division, and closed a $6.5 billion agreement to acquire Reata, a developer of medications for rare diseases, in an effort to get back on track since CEO Christopher Viehbacher took over the company in late 2022.
Additionally, it is depending on more recent medications to fuel growth over the next years, such the Alzheimer’s treatment Leqembi, which was created in collaboration with Eisai (4523.T), opens new tab.
Compared to LSEG forecasts of $15.65 per share, Biogen projected an adjusted profit per share for 2024 of between $15 and $16. A five percent rise is represented by the anticipated range’s midpoint.
But in 2024, product sales are predicted to remain unchanged. The business anticipates a modest increase in Leqembi sales following its complete clearance last year.
“Declining sales and profit over the past few years is not unexpected when dealing with patent expirations. How to resume growth is the question, according to CEO Viehbacher.
Following its decision last month to return the rights for the Alzheimer’s disease therapy Aduhelm and on sluggish demand for the multiple sclerosis drug Tecfidera and the spinal muscular atrophy treatment Spinraza, Biogen missed Wall Street projections for fourth-quarter earnings.
The company’s earnings for the fourth quarter was negatively impacted by Aduhelm departure costs by 35 cents.
Sales of Biogen’s once-blockbuster medication Tecfidera, which is up against competition from a less expensive generic alternative, dropped 17.8% to $244.3 million in the fourth quarter, falling short of LSEG projections of $252.3 million.
Analysts had predicted that the business would make $3.18 per share, but instead it announced an adjusted profit of $2.95 per share.
Revenue missed projections of $2.47 billion, falling 6.2% to $2.39 billion.
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