Biogen shares slide as guidance cut overshadows Q3 earnings beat

Investing.com -- Biogen Inc. (NASDAQ: BIIB) shares fell 2.6% after the biotech company cut its full-year earnings guidance despite reporting better-than-expected third quarter results, with adjusted earnings and revenue surpassing analyst estimates.

The company reported third quarter adjusted earnings of $4.81 per share, significantly beating the analyst consensus of $3.88. Revenue came in at $2.53 billion, exceeding expectations of $2.34 billion and representing a 3% increase YoY.

Despite this strong performance, Biogen lowered its full-year adjusted EPS guidance to $14.50-$15.00, below the consensus estimate of $15.76, primarily due to anticipated costs from business development transactions expected to close in the fourth quarter.

"We delivered another quarter of strong financial performance driven by continued commercial momentum in our launch products, resilience in our MS franchise and our ongoing focus on disciplined cost management," said Christopher A. Viehbacher, President and Chief Executive Officer.

The company’s launch products showed impressive growth, with a 67% YoY increase across Alzheimer’s disease, rare disease, and postpartum depression portfolios. LEQEMBI global in-market sales grew 82% YoY to approximately $121 million, while SKYCLARYS revenue increased 30% YoY to $133 million. ZURZUVAE revenue reached $55 million, showing strong continued growth.

Biogen’s multiple sclerosis franchise demonstrated resilience with a 1% YoY growth, driven by a favorable gross-to-net adjustment and strong demand for VUMERITY in the U.S., partially offsetting continued generic erosion of TECFIDERA in Europe.

The company now expects full-year 2025 revenue to be approximately flat to increasing 1% at constant currency compared to 2024, an improvement from its previous guidance of approximately flat growth. This updated outlook reflects strong revenue performance year-to-date, including resilient performance in the U.S. multiple sclerosis business.

Biogen also announced progress across its pipeline, including the FDA resubmission for high-dose nusinersen (SPINRAZA) in SMA with an updated PDUFA date of April 3, 2026, and the full enrollment of both Phase 3 studies for litifilimab in systemic lupus erythematosus, with data readouts now accelerated to the second half of 2026.

You May Also Be Interested In

• Barrick Mining said to delay IPO of American gold business to 2027
• Premarket movers: Dell, GitLab surge and MongoDB tumbles
• Google avoids breakup as judge rejects ad tech sale order