Oct 28 (Reuters) – Biogen beat Wall Street estimates for third-quarter results on Wednesday, as strong demand for its rare disease and Alzheimer’s drugs helped offset declining sales of its multiple sclerosis treatments.
The drugmaker is banking on Syfovre and Empaveli, treatments acquired from its recent $5.6 billion buyout of Apellis Pharmaceuticals, along with its rare-disease drugs to drive growth, as pricing pressure weighs on its aging multiple sclerosis portfolio.
Sales of eye disease drug Syfovre rose 27% to $191 million in the third quarter, while kidney disease treatment Empaveli brought in $52 million, up 92% from a year earlier.
Its rare disease portfolio – which includes genetic disorder drug Skyclarys and spinal muscular atrophy drug Spinraza – brought in sales of $676 million in the quarter, up 27% from a year earlier.
CEO Christopher Viehbacher expects upcoming late-stage trial results over the next year to bolster long-term growth, with analysts highlighting lupus drug litifilimab and kidney-disease treatment felzartamab as potential growth drivers.
Global sales of its Alzheimer’s drug Leqembi, developed with Eisai, rose 67% from a year earlier to about $202 million, beating analysts’ average expectation of $130.6 million, according to LSEG data.
Biogen is counting on recent U.S. approvals for a more convenient under-the-skin formulation of Leqembi to drive patient uptake.
Revenue for the quarter rose 11% to $2.8 billion, and came in above estimates of $2.63 billion.
Biogen raised the lower end of its 2026 adjusted profit forecast by 20 cents, projecting a range of $12.20 to $13 per share, compared with its prior expectation of between $12 and $13. The midpoint of the updated range is above expectations of $12.36.
The company reported an adjusted profit of $2.62 per share for the quarter, compared with expectations of $1.99.
(Reporting by Christy Santhosh in Bengaluru; Editing by Devika Syamnath)
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