Feb. 6 at 7:11 PM
Biogen shares climbed Friday as investors looked past falling revenue and ongoing weakness across much of its drug portfolio, focusing instead on stronger-than-expected earnings and pockets of growth. The biotech reported fourth-quarter adjusted earnings of
$1.99 per share, well above analysts’ expectations, while revenue declined 7% to just under
$2.3 billion, modestly beating forecasts.
Sales of multiple sclerosis treatments fell 14% to
$917 million, continuing a long-term decline in the company’s core franchise. Revenue from rare disease therapies dropped 16%, and biosimilar sales slipped 4%, highlighting broader pressure across Biogen’s legacy portfolio. Still, some key products outperformed expectations. Tysabri revenue exceeded forecasts despite a year-over-year decline, and in-market sales of the Alzheimer’s drug Leqembi surged 54%, offering a bright spot for future growth.
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