Biogen misses on Q3 revenues, posts Street-beating EPS

Biogen (NSDQ:BIIB) shares ticked up today on third-quarter results that were mixed compared to the consensus forecast.

The Cambridge, Massachusetts-based company posted profits of $329.2 million, or $2.22 per share, on sales of $2.2 billion for the three months ended Sept. 30, 2021, for a -53.1% bottom-line slide on a sales decline of -18%.

Adjusted to exclude one-time items, earnings per share were $4.77, 66¢ ahead of Wall Street, where analysts were looking for sales of $2.7 billion.

Biogen reported $0.3 million in sales from its Aduhelm drug for Alzheimer’s, which has been under scrutiny following its controversial approval granted by the FDA.

“The potential uptake of Aduhelm in the U.S. is delayed, but we continue to believe in its long-term potential. At the same time, Biogen has continued to execute well across its leading MS, SMA and biosimilars businesses, and we are particularly encouraged by the ongoing launch of VUMERITY,” Biogen CEO Michel Vounatsos said in a news release. “2021 continues to be a transformative year for Biogen with the launch of Aduhelm and the initiation of the rolling submission for lecanemab in Alzheimer’s disease. In addition, along with Sage Therapeutics we are pursuing a filing for zuranolone in depression.”

Biogen said it now expects to log full-year adjusted EPS of between $18.85 and $19.35, compared with $17.50 to $19 previously. The company updated its prior sales guidance for between $10.8 billion and $10.9 billion, increasing from a range of $10.65 billion to $10.85 billion.

The company said the guidance reflects minimal Aduhelm revenue in 2021, with a ramp-up expected thereafter.

BIIB shares were up 0.4% at $269.07 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.