Biogen Raises Annual Guidance Despite Q3 Earning Impacted By Biosimilar Competition - Biogen (NASDAQ:BIIB)

Biogen Inc BIIB posted Q3 sales of $2.51 billion, beating the consensus of $2.47 billion, down 10% Y/Y and 8% at constant currency (CC).
Multiple sclerosis revenue, including royalties on sales of Ocrevus, of $1.62 billion decreased by 11% (down 9% CC).
Spinraza's revenue of $431 million decreased by 3% at actual currency (increased by 2% at CC).
Aduhelm generated sales of $1.6 million in Q3, compared to $0.3 million a year ago.
Biosimilars' revenue of $188 million decreased by 7% versus the prior year at actual currency and increased by 4% at constant currency.
Multiple sclerosis drug Tysabri sales are down 3.3% to $505.5 million.
Adjusted EPS of $4.77 came above the consensus of $4.16.
Guidance: Biogen raised FY22 sales guidance to $10-$10.15 billion, up from prior guidance of $9.9-$10.1 billion and the consensus of $10.01 billion.
The company expects adjusted EPS of 16.50-$17.15, up from $15.25-$16.75 compared to the consensus of $16.49.
The increase in guidance is driven primarily by better-than-expected topline performance and continued cost management.
The guidance assumes continued declines in Rituxan revenue due to biosimilar competition and a continued erosion of Tecfidera revenue due to generic entry.
Price Action: BIIB shares are down 0.77% at $272.50 on the last check Tuesday.