Drugmaker Biogen tops 4Q forecasts despite sales slip

By AP News

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Biogen closed 2022 with a better-than-expected fourth quarter, as more cost cutting helped counter sales declines for some key treatments

Biogen-Results

Biogen closed 2022 with a better-than-expected fourth quarter, as more cost cutting helped counter sales declines for some key treatments.

The drugmaker said Wednesday that total cost and expenses fell 17% in the quarter, and Biogen’s bottom line grew nearly 50% to $550.4 million.

Adjusted earnings totaled $4.05 per share. Total revenue slid 7% to $2.54 billion, as sales of multiple sclerosis treatments tumbled.

Analysts expected earnings of $3.48 per share on $2.44 billion in revenue, according to FactSet.

Biogen embarked on a broad cost-cutting program last year, which included slashing most of its spending on Aduhelm. The once highly anticipated Alzheimer’s disease treatment has flopped since it debuted with strict government restrictions on who can take it.

The drug brought in only $4.8 million in sales last year. Biogen’s top-selling multiple sclerosis treatment Tysabri generated $2 billion in global sales.

Biogen Inc. made $3 billion in 2022, with adjusted earnings totaling $17.67 per share.

For 2023, the company forecasts adjusted earnings to range between $15 and $16 per share.

Analysts forecast $15.80 per share.

Shares of the Cambridge, Massachusetts-based company slipped 18 cents to $288.56 in premarket trading.

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This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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