Biogen Raises Annual Earnings Guidance After Q3 Report

Biogen (BIIB) reported better-than-expected third-quarter earnings, with adjusted EPS of $4.08 surpassing analyst expectations of $3.77, and revenues of $2.47 billion, slightly exceeding forecasts. The company's Alzheimer's drug, Leqembi, saw sales increase to $67 million, despite earlier concerns over its cost and efficacy. In response to its performance, Biogen raised its annual earnings guidance to a range of $16.10 to $16.60 per share, reflecting ongoing cost-cutting measures and hopes for sustainable growth. CEO Christopher Viehbacher emphasized progress and excitement around new product launches and pipeline potential. Additionally, the company is focused on higher-growth products after making significant cuts to jobs and unsuccessful drug candidates. Biogen's stock rose approximately 3% in premarket trading following the announcement, although the stock is still down over 29% for the year.