In this article BIIB Follow your favorite stocks CREATE FREE ACCOUNT A test tube is seen in front of displayed Biogen logo in this illustration taken on, December 1, 2021. Dado Ruvic | Reuters Biogen on Wednesday reported third-quarter revenue and adjusted earnings that topped expectations while raising its full-year profit guidance, as sales of its breakthrough Alzheimer's drug, Leqembi, and other new products gain traction. Biogen now expects full-year adjusted earnings to come in between $16.
10 and $16.60 per share, up from a previous forecast of $15.75 to $16.
25 per share. The biotech company still expects 2024 sales to decline by a low-single-digit percentage. Leqembi, which Biogen shares with the Japanese drugmaker Eisai , became the second drug proven to slow the progression of Alzheimer's to win approval in the U.
S. last summer. The therapy's launch has been gradual due to bottlenecks related to diagnostic test requirements, regular brain scans and finding neurologists, among other issues.
Still, uptake of Leqembi has been picking up over the last few quarters. The treatment brought in $67 million in sales for the third quarter, including $39 million from the U.S.
Wall Street analysts had expected global sales of Leqembi of $50 million, according to estimates compiled by StreetAccount. The drug posted just $10 million in sales last year following its launch. It is unclear how many patients are currently taking the drug.
Leqembi, along with Biogen's new rare disease an.