Biogen Inc (BIIB)

Shares of Biogen Inc. (BIIB) dropped by 5.67% from $245.61 to $231.69 in the trading on Wednesday, Novemeber 8, 2023. The reason why BIIB down is due to mixed quarterly results:

• Earnings Report: Biogen reported Q3 2023 adjusted earnings per share (EPS) of $4.36, surpassing expectations but reflecting a 9% year-over-year decrease due to increased research and development (R&D) costs.
• Sales Performance: Quarterly sales reached $2.53 billion, slightly exceeding expectations. Lower sales of multiple sclerosis drugs were offset by higher revenues from Spinraza.
• Product Sales: Product sales in the quarter were $1.81 billion, down 8% year over year. Revenues from anti-CD20 therapeutic programs rose 1%, and contract manufacturing and royalty revenues surged 135%.
• Leqembi Approval: Leqembi gained FDA approval for early Alzheimer’s disease and received reimbursement from CMS in July, with regulatory applications pending in other countries.
• Multiple Sclerosis Revenues: MS revenues were $1.16 billion, declining 14% on a reported basis and 12% on a constant currency basis. Tecfidera sales were impacted by generic competition, while Vumerity and Tysabri sales showed mixed results.
• Other Products: Spinraza sales increased by 4%, and biosimilar revenues rose 4% on a reported basis.
• 2023 Guidance: Biogen adjusted its 2023 guidance, expecting total revenues to decline slightly and adjusted earnings to be in the range of $14.50 to $15.00 per share, reflecting an acquisition-related dilution of 75 cents per share from Reata Pharmaceuticals.

Biogen Inc. Stock (BIIB) dropped by 2.29% from $246.72 to $241.08 in the trading on Thursday October 26, 2023. The reason why BIIB stock down today is due to mixed results for Alzheimer's treatment. Biogen and partner Eisai make a twice-weekly infusion called Leqembi for Alzheimer's treatment. Leqembi showed some positive results after six months of treatment. However, an updated version of Alzheimer's treatment Leqembi unexpectedly resulted in brain swelling.