Biogen Posts Q3 Earnings Beat and Raises 2024 Guidance

Biogen (NASDAQ:BIIB) reported better-than-expected third-quarter results and raised its annual earnings guidance. The biotech firm posted Q3 earnings per share of $4.08, beating Wall Street expectations of $3.77, with revenue reaching $2.47 billion, slightly above the consensus of $2.43 billion.

The company’s multiple sclerosis segment generated $1.05 billion in revenue, close to estimates, while sales of Biogen's Alzheimer’s drug Leqembi rose to $67 million from about $40 million in the prior quarter.

Biogen raised its full-year 2024 EPS guidance to between $16.10 and $16.60, compared to the previous range of $15.75 to $16.25 and above the $16.19 consensus at the midpoint. The company maintained its outlook for a low-single-digit revenue decline compared to 2023, with core pharmaceutical revenue expected to stay roughly flat.