Biogen falls after setting 2022 guidance below consensus
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Despite its Q4 2021 earnings beat, Biogen (NASDAQ:BIIB) is trading ~3.5% lower in the pre-market after the companyâs 2022 outlook fell short of expectations.
The maker of controversial Alzheimerâs therapy, Aduhelm, projects its revenue and adjusted earnings to reach $9.7B â $10.0B and $14.25 â $16.25 per share, compared to the $10.3B and $18.69 per share in the consensus, respectively.
The guidance indicates a minimal contribution from Aduhelm and assumes sales decline in RITUXAN due to biosimilars and pressure on TECFIDERA sales due to generics, the company said.
The company expects the sales impact on these high-margin products to hurt its gross margin and warns that an unfavorable final National Coverage Determination on Alzheimerâs therapies could further impact the guidance.
âWe have introduced the first FDA-approved treatment for Alzheimerâs disease in nearly 20 years, and we are engaging with the Centers for Medicare and Medicaid Services with the hope of finding a path for immediate patient access,â CEO Michel Vounatsos remarked ahead of the conference call.
For the final quarter of 2021, total revenue at Biogen (BIIB) dropped ~4% YoY to $2.7B as the multiple sclerosis franchise generated ~$1.8B in sales with a ~2% YoY decline. While TECFIDERA sales fell ~51% YoY to $160.5M, AVONEX sales more than doubled to $193.8M with ~112% YoY growth.
 SPINRAZA sales declined ~23% YoY to $955M, while Aduhelm sales reached $1M compared to $0.3M and $2.0M in Q3 and Q2 2021, respectively.