Biogen earnings falls short of consensus amid Aduhelm write-offs
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The adj. earnings per share of Biogen (NASDAQ:BIIB) fell short of Street forecasts by as much as $0.74 in1Q 2022 as the as the company said it recognized $0.76 charge to reflect write offs related to the Alzheimerâs drug Aduhelm which was approved by the FDA last year.
While the FDA signoff marked a turning point in addressing a highly unmet medical need, the anti-amyloid therapy brought only $2.6M during the quarter as the company battled for its Medicare coverage.
âWe are disappointed by the recent Medicare coverage decision for ADUHELM,â Biogenâs outgoing Chief Executive Michel Vounatsos remarked. In response, the company said it would cut the commercial infrastructure for the treatment and planned to introduce further cost containment measures.
Biogen (BIIB) has partnered with Japanese drugmaker Eisai (OTCPK:ESALF) (OTCPK:ESALY) for another Alzheimerâs candidate called lecanemab, which is expected to generate Phase 3 data in the fall of 2022.
For the quarter, Biogen (BIIB) reported $2.5B revenue with a ~6% YoY decline as multiple sclerosis franchise brought $1.6B revenue, indicating ~3% YoY decline. Tecfidera and Avonex revenue stood at $409.9M and $229.6M with ~15% YoY and ~26% decline, respectively.
Meanwhile, spinal muscular atrophy therapy, Spinraza, brought $472.5M revenue with ~9% YoY drop, and total product revenue slumped ~7% YoY to ~$2.1B.
For 2022, Biogen (BIIB) reiterated the previously issued guidance of $9.7B â $10.0B revenue and $14.25 â $16.00 of adj. earnings per share.