Biogen Q2 Earnings & Sales Beat, 2024 Guidance Raised
Biogen (NASDAQ: BIIB) reported second-quarter 2024 adjusted earnings per share of $5.28, beating the Zacks Consensus Estimate of $4.00. Earnings rose 31% year over year. Earnings benefited from the sale of one of Biogen’s two priority review vouchers (PRV). Excluding PRV sales, adjusted earnings rose 18% in the quarter.
Total revenues came in at $2.47 billion, flat on a reported basis and up 1% on a constant-currency basis from the year-ago quarter as lower sales of key multiple sclerosis drugs like Tecfidera and Tysabri as well as spinal muscular atrophy drug, Spinraza were partially offset by higher revenues from new drugs. Sales also beat the Zacks Consensus Estimate of $2.38 billion.
Product sales in the quarter were $1.9 billion, up 3% year over year. Revenues from anti-CD20 therapeutic programs rose 3% to $444.5 million. The revenues include royalties on sales ofRoche’s Ocrevus and Biogen’s share of Roche’s drugs, Rituxan, Gazyva and Lunsumio.
Contract manufacturing and royalty revenues declined 32% in the quarter to $121.0 million. Contract manufacturing and royalty revenues include Biogen’s 50% share of revenues (including royalties) from the Leqembi collaboration with Eisai and revenues from the manufacturing of Leqembi. Eisai recorded approximately $40 million in global sales from Alzheimer’s drug Leqembi in the second quarter, showing a strong sequential growth from $19 million in the first quarter.
Leqembi has already been launched in the United States, Japan and China and was recently approved in some other countries like Israel, Hong Kong and South Korea.
Last month, Biogen/Eisai announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency had given a negative opinion regarding marketing approval for Leqembi (lecanemab) for early Alzheimer’s disease in Europe. The CHMP’s negative opinion was reportedly due to a brain swelling side effect called amyloid-related imaging abnormalities associated with the use of anti-amyloid therapies like Leqembi. Eisai will request the CHMP to re-visit its opinion.
Core pharmaceutical revenues, comprising product sales plus Leqembi revenues, rose 5% in the quarter.
Multiple Sclerosis Revenues
Biogen’s MS revenues came in at $1.15 billion, down 5% on a reported as well as constant-currency basis year over year due to generic competition for Tecfidera and rising competitive pressure in the MS market.
Tecfidera sales declined 0.8% to $252.2 million as multiple generic versions of the drug have been launched in the United States and new generic launches are ongoing in several EU countries. Tecfidera sales beat the Zacks Consensus Estimate of $236 million as well as our estimate …
Full story available on Benzinga.com