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The company expects a full-year adjusted profit of $15 to $16 per share, compared with analysts’ estimates of $15.72 per share.
Biogen said it was expecting commercialization expenses for Leqembi, the Alzheimer’s disease drug developed jointly with Eisai Co (OTC:ESAIY) Ltd, to exceed revenue from the treatment in 2023.
The company has been counting on Leqembi to help overcome a series of setbacks from its older Alzheimer’s drug Aduhelm, as new Chief Executive Officer Christopher Viehbacher tries to jumpstart growth.
Revenue for the quarter fell 6.9% to $2.54 billion, partly hit by a near 40% slump in sales of multiple sclerosis drug Tecfidera, but beat analysts’ estimates of $2.44 billion. Tecfidera is facing competition from cheaper copycat drugs.
Sales of its spinal muscular atrophy drug Spinraza rose 4.1% to $458.8 million, above estimates of $425.1 million.
The company reported a Q4 adjusted profit of $4.05 per share, above Refinitiv IBES estimates of $3.48 per share.
