Will Biogen Q4 earnings bring positive surprise amid Aduhelm woes?
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Biogen (NASDAQ:BIIB) is scheduled to announce Q4 earnings results on Thursday, February 3rd, before market open.
The consensus EPS Estimate is $3.38 (-26.2% Y/Y) and the consensus Revenue Estimate is $2.62B (-8.1% 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 8 upward revisions and 10 downward. Revenue estimates have seen 5 upward revisions and 11 downward.
The company's stock was down -0.58% on Oct. 20, the day it reported its Q3 results. The company had upgraded its 2021 guidance following better than expected revenue for Q3.
However, the sales of key drugs in its portfolio continued to decline. For Q3 Alzheimerâs medication Aduhelm recorded only $0.3M in revenue, compared to $2M in Q2.
Aduhelm News: Aduhelm' woes have continued as in January 2022, the Centers for Medicare and Medicaid Services proposed to severely limit coverage of the Alzheimer's therapy for those currently in clinical trials.
While groups supporting Alzheimer's patients are putting pressure on CMS to reverse a preliminary decision, Biogen plans to flood the CMS with public comments in response to the decision.
However, an analysis of more than 1K comments received by CMS indicates that the public supports the restrictive coverage decision. A final determination is scheduled for April following a 30-day public comment period.
Aducanumab faced setback in EU as well when a committee of the European Medicines Agency did not recommend the approval of the therapy.
Biogen had reduced the price of Aduhelm in U.S. by nearly 50%. In November 2021, it was reported that Aduhelm led to brain swelling among 35% of patients who received the drug at the recommended dose.
Business updates: In December, 2021, Samsung Group quashed rumors that it was eyeing a buyout deal to acquire Biogen. Soon after in January, Biogen signed an agreement with Samsung BioLogics to sell its stake in the Samsung Bioepis joint venture to the South Korean partner for up to $2.3B.
There is also a speculation that Aurinia Pharmaceuticals (NASDAQ:AUPH) could be a possible acquisition target of Biogen.
Other drug programs: Sage Therapeutics and Biogen reported positive data for zuranolone in late-stage depression study.
European Commission approved VUMERITY (diroximel fumarate) to treat adults with relapsing-remitting multiple sclerosis.
An Appeals Court rejected Biogen's bid to revive a key patent on its blockbuster multiple sclerosis drug Tecfidera.
Biogen will participate in the development of Genentechâs mosunetuzumab.