Biogen lifts 2024 profit forecast on cost cuts, drug launches, ET HealthWorld

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Biogen lifts 2024 profit forecast on cost cuts, ***** launches, ET HealthWorld

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London: Biogen lifted its full-year earnings forecast on Thursday, as the launch of new treatments and cost-cutting program are expected to make up for falling sales of its older multiple sclerosis medicines.

The drugmaker has cut jobs, bolstered its pipeline for rare ******** medicines through takeover deals and unveiled new products, such as Alzheimer’s ******** ***** Leqembi, as part of a plan to return to growth.

Biogen also said on Thursday it would retain its biosimilars business, for which it had been exploring options, including a *****, since CEO Christopher Viehbacher took the helm in 2022.

Sales of Leqembi, which it sells with Eisai, came in at $40 million for the second quarter ended June 30. Wall Street consensus was at $30-$33 million, according to brokerage Jefferies.

Leqembi sales in the ******* States have been slow to take off due to requirements such as additional diagnostic tests, twice-monthly infusions and regular brain scans.

In a fresh ***** to the companies, the *****’s application was rejected in the EU last week.

Revenue for the quarter came in at $2.47 billion, compared with LSEG estimates of $2.38 billion.

Sales of spinal muscular atrophy ***** Spinraza, which is competing with rival drugs made by Roche and Novartis , fell 1.8 per cent to $429.1 million, but beat estimates of $405.24 million.

Skyclarys, used in treating a rare genetic disorder that causes progressive damage to the nervous system, brought in sales of $100 million for the quarter. Analysts had expected $92.06 million.

Sales of multiple sclerosis drugs such as Tecfidera fell 4.9 per cent to $1.15 billion.

(Reporting by Mariam Sunny and Manas Mishra in Bengaluru; Editing by Anil D’Silva)

• Published On Aug 2, 2024 at 06:43 AM IST

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