Sales Of Biogen’s Alzheimer’s Drug Lead To Stock Rise

(CTN News) – In morning trading on Wednesday, Biogen stock spiked 5% to about $202 after the Cambridge, Massachusetts-based pharmaceutical company announced that its groundbreaking Alzheimer’s drug Leqembi exceeded sales expectations.

It has been reported by FactSet that Leqembi generated $19 million in sales in the first quarter of 2024, which was higher than analysts’ expectations of $11 million, according to Leqembi’s first quarter earnings report.

This means that the amount generated in the fourth quarter of 2023 had been derived from a three-fold increase in sales as compared to the amount generated in the fourth quarter of 2023.

The U.S. Food and Drug Administration granted traditional approval for Leqembi, which was developed by Biogen and Eisai, a Japanese life sciences company, last summer.

As a result of breaking down a brain protein called amyloid beta, this drug has been shown to slow the progression of Alzheimer’s disease by slowing its progression. There is a belief that this protein may be responsible for the development of Alzheimer’s disease.

Due to concerns about potential side effects of this new drug, including brain swelling, adoption has been slow due to concerns about its possible side effects. In spite of this, Biogen said on Wednesday that usage has begun to increase in recent weeks.

Biogen CEO Christopher Viehbacher said in a statement that, “We are seeing momentum building at a steady pace for Leqembi,” as he described the company’s progress.

I was particularly encouraged by the fact that Leqembi in-market revenue for the first quarter nearly tripled sequentially and we saw a significant increase in the number of new patients starting within the first month.

The digits of Biogen’s first quarter of 2018

The company’s net income increased 1.4% from $387 million in the same period last year to $393 million in the three months ending March 31, which was an increase of more than 1.4%.

Compared to the same quarter last year, the company’s third quarter revenue fell from $2.5 billion to $2.3 billion, a drop of 7% from $2.5 billion, and was the smallest quarter ever for the company.

In the quarter ended September 30, Biogen reported earnings per share of $3.67 compared to analysts’ estimates of $3.45, according to FactSet.

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