Biogen Stock Rises After Lifting Profit Estimates
Biogen.inc, raised its outlook for profits and revenue on Tuesday as investors await full results of the Alzheimer’s drug, ‘lecanemab’
Japan-based pharmaceutical firm Eisai (ticker: ESALY) and Biogen (BIIB) last month said the Phase 3 trial of lecanemab showed a slowdown in the rate of cognitive decline.
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@biogen claims the Alzheimer's disease drug it is developing with Japan's Eisai Co Ltd would be used by doctors in a competitive market, as investors wait for data from rival therapies made by Eli Lilly and Co and Roche, via Barronshttps://t.co/izX9uzD1nN
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Biogen stock rises, amid successful drug trialÂ
While full results will be made available late next month, investors who were prepared for the trial to fail are now waiting to see if the data will satisfy the Food and Drug Administration.
In the interim, Biogen reported its third-quarter adjusted profits of $4.77 per share, more than the $4.13 per share analysts tracked by FactSet expected. Revenue of $2.5 billion generated in the three months that ended in September matched expectations.
But investors also have their eyes on what’s ahead versus what just happened.
Biogen said full-year adjusted earnings will be in the range of $16.50 to $17.15, up from the previously estimated $15.25 to $16.75 range. The forecast for revenue was raised to up to $10.15 billion, higher than the $10.1 billion upper end expected previously.
*The stock climbed 1.4% to $278.33 in premarket trading on Tuesday
