mohd izzuan
Biogen (NASDAQ:BIIB) traded lower in the premarket Tuesday after the company disappointed investors with its Q4 2023 financials and indicated declining revenue this year, amid a flat topline contribution from its new Alzheimer’s therapy, Leqembi.
Cambridge, Massachusetts-based Biogen (BIIB) projected $15.00–$16.00 in non-GAAP diluted earnings per share for 2024, compared to $15.45 in the consensus.
It expects its 2024 revenue to contract by a low- to mid-single-digit percentage amid a flat contribution from its core pharmaceutical revenue from products including Leqembi, which Biogen (BIIB) markets with Eisai (OTCPK:ESALF) (OTCPK:ESAIY).
The company reported $2.4B in revenue for the quarter with a ~6% YoY decline on a reported basis, falling short of the consensus as its multiple sclerosis product revenue slipped ~8% YoY to $1.3M.
Tecfidera and Avonex sales reached $244.3M and $206.1M in product revenue amid ~18% YoY and ~10% YoY declines, respectively, exceeding Wall Street estimates, according to Bloomberg data. Meanwhile, Vumerity sales disappointed after a ~4% YoY rise to $156.4M, and product revenue for Spinraza, a drug for spinal muscular atrophy, fell ~10% YoY to $412.6M.
Meanwhile, BIIB’s partner, Eisai (OTCPK:ESALF), recorded ~$7M of in-market product revenue for Leqembi in Q3. And depression therapy Zurzuvae that Biogen (BIIB) markets with Sage Therapeutics (SAGE) reached ~$2M.
However, the company’s Q4 2023 non-GAAP EPS fell ~27% YoY to $2.95, and its full-year non-GAAP EPS slipped ~17% YoY to $14.72 amid a $0.35 negative impact related to its decision to discontinue its Alzheimer’s disease drug Aduhelm.