Why Biogen (BIIB) Stock Is Falling Today - Biogen (NASDAQ:BIIB)

Biogen Inc BIIB posted Q4 sales of $2.54 billion, beating the consensus of $2.44 billion, down 7% Y/Y and 4% at constant currency (CC).
Multiple sclerosis revenue of $1.27 billion decreased by 17% (down 14% CC). Multiple sclerosis drug Tysabri sales are down to $488.4 million from $512.7.
Spinraza's revenue of $458.8 million increased by 4% at actual currency (increased by 10% at CC).
Aduhelm generated sales of $0.3 million in Q4, compared to $1.0 million a year ago.
Biosimilars' revenue of $174.8 million decreased by 21% versus the prior year at actual currency and by 15% at constant currency.
Adjusted EPS of $4.05 increased 19% and came above the consensus of $3.48.
Guidance: Biogen expects FY23 sales to decline by a mid-single-digit percentage versus the reported FY22.
The company expects adjusted EPS of $15.00-$16.00 compared to the consensus of $15.72.
The guidance assumes a favorable decision by the Court of Justice of the European Union relating to regulatory data protection for Tecfidera, which is expected on March 16.
Biogen expects modest in-market revenue for Leqembi in 2023, with commercialization expenses exceeding revenue. The FDA approved the Alzheimer's disease treatment via the Accelerated Approval pathway.
Biogen will record its share of net commercial profits and losses for Leqembi in the U.S. as a component of total revenue, which is expected to be a headwind in 2023.
Price Action: BIIB shares are down 3.27% at $279.62 session on the last check Wednesday.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Why Biogen Stock Is Falling Today