Biogen Q1 results in focus amid Leqembi conundrum, ALS drug future
Thapana Onphalai
Biogen (NASDAQ:BIIB) is scheduled to announce Q1 earnings results on Tuesday, April 25th, before market open.
The consensus EPS Estimate is $3.29 (-9.1% Y/Y) and the consensus Revenue Estimate is $2.34B (-7.5% Y/Y).
Over the last 2 years, BIIB has beaten EPS estimates 88% of the time and has beaten revenue estimates 100% of the time.
Over the last 3 months, EPS estimates have seen 1 upward revision and 10 downward. Revenue estimates have seen 6 upward revisions and 4 downward.
The company's stock dipped -3.49% on Feb. 15 despite Q4 results beat estimates. Biogen noted that the market launch of its Alzheimer's therapy Leqembi (lecanemab), developed with Eisai, could hurt its 2023 outlook.

The
Leqembi (lecanemab) conundrum:
During Q4 results, Biogen said that for 2023, it estimates modest in-market revenue for lecanemab, with commercialization costs expected to offset the revenue.
The U.S. drug pricing watchdog, Institute for Clinical and Economic Review (ICER) has already raised issues of questionable efficacy and cost effectiveness of Leqembi.
However, earlier this month, Biogen's shares received an upgrade at Piper Sandler to overweight as the firm sees a "confluence of positive catalysts" in the near future, including robust uptake of Leqembi. The analyst did mention that results from Eli Lilly's donanemab expected this quarter could impact his upgrade, but added that Leqembi has set a high bar and it will be difficult for Lilly's drug to match the data seen with it.
Biogen and Eisai are set to face an FDA panel meet in June for full approval of the Alzheimer's drug. An FDA decision on the therapy is expected by July 6.
ALS drug tofersen:
Tomorrow, Biogen can also expect an FDA decision on its amyotrophic lateral sclerosis (ALS) drug tofersen, developed with Ionis Pharmaceuticals. The drug, however, received mixed voting by an advisory panel of the FDA.
Although a pivotal trial missed its main and secondary goals, FDA scientists said that biomarker readings suggested those biomarkers alluded to clinical benefit.
More on Leqembi and the ALS drug:
 Ionis And Biogen: Tofersen PDUFA Looms - Positive Outcome May Kick Off Bull Run For Both Stocks
Biogen And Eisai's Leqembi: A Dose Of Reality For Alzheimer's Disease