© Reuters. FILE PHOTO: A sign marks a Biogen facility in Cambridge, Massachusetts, U.S. January 26, 2017. REUTERS/Brian Snyder
(Reuters) – Biogen Inc (NASDAQ:) beat Wall Street expectations for quarterly profit and sales on Wednesday, riding on strong demand for its spinal muscular atrophy drug, Spinraza, and forecast modest revenue from its Alzheimer’s disease drug this year.
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:) 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.
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