Biogen Raises Annual Profit Forecast on Strong Demand for Rare Disease Drugs
Biogen raised its annual profit forecast on Thursday, betting on strong demand for its rare disease drugs such as Skyclarys to offset declining sales of its older multiple sclerosis drugs.
Shares of the drugmaker rose nearly 7% in premarket trading.
On an adjusted basis, Biogen expects 2025 profit between $15.50 and $16.00 per share, compared with its previous forecast of $14.50 to $15.50.
It earned $5.47 per share in the second quarter, topping analysts' average estimate of $3.86 per share, according to data compiled by LSEG.
The drugmaker has focused on deals, cost-cutting measures and newer drugs to address investor pressure for growth, amid declining sales of its aging multiple sclerosis drugs and slow take-up of its Alzheimer's treatment Leqembi.
U.S. sales of Leqembi, which the company sells with Japan's Eisai, were $63 million for the second quarter. The Wall Street consensus estimate was at $60.5 million, according to brokerage Jefferies.
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