Biogen raises guidance citing stronger than expected revenue and cost savings
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Biogen (NASDAQ:BIIB) shares gained in the pre-market Wednesday after the company exceeded forecasts with its 2Q 2022 financials and raised the full-year outlook to reflect better-than-expected revenue and continued cost management.
âWe continued to execute on our near-term operational priorities in the second quarter and are pleased to be raising our financial guidance for the year,â Biogenâs (BIIB) outgoing Chief Executive Michel Vounatsos remarked.
Revenue for the quarter reached $2.6B despite a ~7% YoY decline as total product revenue slumped ~8% YoY to $2.1B.
âAt the same time, we continue to face revenue declines due in part to generic and biosimilar competition for TECFIDERA and RITUXAN,â Vounatsos added.
Biogenâs (BIIB) multiple sclerosis franchise added $1.7B in revenue with a ~4% YoY decline as Tecfidera sales dropped ~18% YoY to $397.9M while Vumerity sales climbed~51% YoY to bring $136.8M exceeding Street forecasts.
Spinraza sales reached $431M to beat analyst estimates with a ~14% YoY decline, while the companyâs Alzheimerâs drug Aduhelm generated only $100K sales compared to $2.6M in 1Q 2022 when Medicare declined to cover the controversially approved infusion.
Biogen (BIIB) reported $5.25 adjusted earnings per share compared to $5.68 in the prior-year quarter as the 2Q 2022 cost of sales included ~$26M of idle capacity charges.
In terms of the 2022 outlook, Biogen (BIIB) projects $9.9 â $10.1B in revenue and $15.25 â $16.75 adj. diluted earnings per share compared to $9.7 â $10.0B and $14.25 â $16.00 per share in the prior guidance, respectively.
A conference call on earnings is scheduled for today at 8:00 a.m. ET.
Read: With its 1Q 2022 results, Biogen (BIIB) announced plans to cut commercial infrastructure for Aduhelm.