Biogen Announces Additional Cost Cutting Initiatives, Chops Certain Stroke, Gene Therapy Programs

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  • Biogen Inc BIIB posted Q1 FY23 sales of $2.46 billion, beating the consensus of $2.34 billion, down 3% Y/Y and flat% at constant currency (CC).
  • Multiple sclerosis revenue of $1.125 billion decreased by 19% (down 17% CC). Multiple sclerosis drug Tysabri sales are down to $472.8 million from $520.8 million.
  • Spinraza's revenue of $443.3 million decreased by 6.2% in actual currency (decreased by 2.5% at CC).
  • Biosimilars' revenue of $192.4 million decreased by 1%.
  • Adjusted EPS of $3.40 decreased by 6% and beat the consensus of $3.88.
  • Biogen announced that it is pausing the initiation of Phase 2b study for BIIB131 (TMS-007) for acute ischemic stroke and is assessing whether to initiate this study.
  • In addition, Biogen will discontinue work on BIIB132 (ION260) in spinocerebellar ataxia type 3, an Ionis Pharmaceuticals Inc IONS-partnered antisense oligonucleotide, in the Phase 1/2 study.
  • The company also said it "exited ophthalmology research" and is "re-focusing investment in gene therapy to advance fundamental technology."
  • Also Read: Will US Medicare Fully Cover Alzheimer's Drugs? Eli Lilly Thinks Yes!
  • The company initiated an additional cost optimization program to align the cost base with expected revenue while also investing for growth – further information to be communicated at the second quarter 2023 earnings release.
  • Guidance: Biogen reiterates 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.
  • Price Action: BIIB shares are down 0.12% at $292.62 on the last check Tuesday.
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Posted In: BiotechEarningsNewsGuidanceHealth CareGeneralBriefs
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