{"id":82520,"date":"2023-11-09T09:02:17","date_gmt":"2023-11-09T14:02:17","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/biogen-cuts-profit-forecast-on-alzheimers-drug-launch-deal-costs\/"},"modified":"2023-11-09T09:02:20","modified_gmt":"2023-11-09T14:02:20","slug":"biogen-cuts-profit-forecast-on-alzheimers-drug-launch-deal-costs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82520","title":{"rendered":"Biogen cuts profit forecast on Alzheimer’s drug launch, deal costs"},"content":{"rendered":"
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\u00a9 Reuters. Biogen logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration<\/span>
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By Bhanvi Satija and Mariam Sunny<\/p>\n

(Reuters) -Biogen on Wednesday cut its annual profit forecast to below Wall Street estimates due to higher costs associated with the launch of Alzheimer’s drug Leqembi and its $6.5 billion Reata Pharmaceuticals (NASDAQ:) acquisition, and shares fell more than 4%.<\/p>\n

About 800 people were currently being treated with Leqembi, Biogen (NASDAQ:)’s Alzheimer’s partner, Japanese drugmaker Eisai, said on Tuesday, making Biogen’s target of 10,000 patients on the drug by the end of March 2024 look increasingly difficult. <\/p>\n

“I think people were looking for a few more patients on therapy there,” said William Blair analyst Myles Minter, adding that it was a “long way” from hitting that 10,000-patient goal.<\/p>\n

Biogen said it now expects full-year adjusted profit of $14.50 to $15.00 per share, the new high end of the range matching the low end of its previous forecast of $15 to $16. Analysts were estimating $15.26 per share.<\/p>\n

Biogen shares have declined over 11% so far this year as its older multiple sclerosis drugs, long a growth driver for the company, face intense competition from cheaper versions and other rival treatments. <\/p>\n

Biogen urged investors to focus on its newer treatments including postpartum depression drug Zurzuvae, and Friedreich ataxia treatment Skyclarys, acquired with the purchase of rare disease drugmaker Reata.<\/p>\n

“This really is the start of a transition from a historical maturing product portfolio of multiple sclerosis to a new portfolio,” CEO Christopher Viehbacher said on a call with reporters. <\/p>\n

“We now have the elements to grow sustainably so our focus is no longer on doing anything of significance in M&A at least for the time being,” Viehbacher said.<\/p>\n

Since taking the helm a year ago, the former Sanofi <\/span><\/span> (NASDAQ:) CEO has led efforts to cut expenses and help Biogen recover from missteps around the Alzheimer’s drug Aduhelm, which never gained traction after a controversial approval. <\/p>\n

“Whether the ‘new Biogen’ has arrived remains to be seen,” said BMO Capital Markets analyst Evan Seigerman. <\/p>\n

Eisai on Tuesday said it was targeting revenue of 10 billion yen ($66.5 million) from Leqembi by March. Leqembi revenue recorded by Eisai was about $2 million for the third quarter.<\/p>\n

Biogen said it expects annual sales to decline in low-single digits from last year, up from a previous forecast of a mid-single digit drop.<\/p>\n

Total expenses more than doubled to $2.67 billion in the third quarter.<\/p>\n

Third-quarter profit of $4.36 per share topped Wall Street estimates by 39 cents, buoyed by sales of Spinraza, its expensive treatment for spinal muscular atrophy, and higher contract manufacturing revenue. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Biogen logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Bhanvi Satija and Mariam Sunny (Reuters) -Biogen on Wednesday cut its annual profit forecast to below Wall Street estimates due to higher costs associated with the launch of Alzheimer’s drug Leqembi and its $6.5 billion Reata Pharmaceuticals (NASDAQ:) […]<\/p>\n","protected":false},"author":1,"featured_media":651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-82520","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBiogen cuts profit forecast on Alzheimer's drug launch, deal costs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. Biogen logo is seen displayed in this illustration taken, May 3, 2022. 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