Biogen Expects Alzheimer’s Drug Leqembi To Face A Key 2023 Headwind

Biogen (BIIB) stock edged higher early Wednesday after the biotech company reported $4.05 in adjusted earnings per share and fourth-quarter sales of $2.54 billion.

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Analysts polled by FactSet expected Biogen to earn $3.48 per share on $2.44 billion in sales.

In the year-earlier period, Biogen earnings were $3.39 a share and the company reported $2.73 billion in sales.

For the year, Biogen predicted a decline in sales in the mid-single digits and adjusted earnings of $15-$16 per share. The company projected “modest in-market revenue for (Alzheimer’s treatment) Leqembi in 2023 with commercialization expenses exceeding revenue.”

Biogen stock analysts projected earnings of $15.80 a share and $9.37 billion in sales.

In premarket action on the stock market today, Biogen stock inched 0.1% ahead, trading near 289.50.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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