To drive future growth, the drugmaker is leaning on newer products including Leqembi, postpartum depression drug Zurzuvae and the rare disease treatments acquired through its $6.5 billion buyout of Reata.
The costs associated with the deal, however, pushed up Biogen (NASDAQ:BIIB)’s costs and expenses to $2.67 billion, more than double from a year ago.
Still, the company beat market expectations for profit in the third quarter, helped by strong sales for its rare muscle-wasting disorder drug Spinraza, sending its shares up about 1.4% in premarket trading.
“We now have the elements to grow sustainably so our focus is no longer on doing anything of significance in M&A at least for the time being,” CEO Christopher Viehbacher said on a media call.
Since he was hired a year ago, Viehbacher has led efforts to cut expenses and help Biogen recover from its missteps around the controversial Alzheimer’s drug Aduhelm that never gained traction.
Spinraza sales of $448.2 million beat estimates of $433 million for the quarter.
The drugmaker expects full-year adjusted profit per share in the range of $14.50 to $15.00 compared with $15 to $16 forecast previously. Analysts were expecting $15.26.
On an adjusted basis, Biogen earned $4.36 per share, beating analysts’ average estimate of $3.97, according to LSEG data.
Source: Economy - investing.com
