Biogen Boosts Profit Outlook On New Drug Success

Biogen raises profit outlook on strong sales of new Alzheimer's drug

Biogen Inc on Thursday raised its 2023 profit forecast, boosted by strong demand for its new Alzheimer's drug, Leqembi, and higher sales of its other medicines.

The company now expects adjusted earnings per share of $17.00 to $19.00, up from its previous forecast of $16.00 to $18.00.

Analysts optimistic on Biogen's long-term prospects

Analysts are optimistic about Biogen's long-term prospects, citing the potential of Leqembi and the company's other pipeline drugs.

SVB Securities analyst Yaron Werber said in a note to clients that he expects Leqembi to generate $10 billion in sales by 2030.

Leqembi approved for treatment of Alzheimer's disease

Leqembi was approved by the U.S. Food and Drug Administration in January for the treatment of Alzheimer's disease.

The drug is a monoclonal antibody that targets amyloid beta, a protein that forms plaques in the brains of Alzheimer's patients.

Leqembi sales expected to reach $10 billion by 2030

Analysts expect Leqembi sales to reach $10 billion by 2030.

The drug is expected to be a major driver of growth for Biogen, which has been struggling in recent years due to declining sales of its older drugs.

Other Biogen drugs also performing well

In addition to Leqembi, Biogen's other drugs are also performing well.

Sales of the company's multiple sclerosis drug, Tecfidera, rose 7% in the fourth quarter to $1.1 billion.

Sales of the company's spinal muscular atrophy drug, Spinraza, rose 10% to $552 million.

Biogen well-positioned for future growth

Biogen is well-positioned for future growth, with a strong pipeline of new drugs in development.

The company is also investing in new technologies, such as gene therapy and artificial intelligence, to develop new treatments for neurological diseases.