Biogen 3Q Results Beat Expectations; Alzheimer's Drug Aduhelm Posts Sales of $300,000
October 20 2021 - 8:01AM
Dow Jones News
By Matt Grossman
Biogen Inc.'s third-quarter sales and profit fell but topped
analysts' expectations Wednesday, while the rollout of its Aduhelm
drug for Alzheimer's disease has been slow.
The Cambridge, Mass.-based pharmaceutical company logged
earnings of $2.22 a share, a decline from $4.46 a share in the
year-ago quarter. Net income declined to $329.2 million, from
$701.5 million 12 months ago.
Stripping out one-time items, the company's adjusted earnings
were $4.77 a share. Analysts surveyed by FactSet had forecast
adjusted earnings of $4.11 a share.
Revenue was $2.78 billion, down from $3.38 billion in last
year's third quarter. Analysts were expecting revenue of $2.67
billion.
Biogen reported sales from Aduhelm of $300,000 in the quarter.
The drug was approved earlier this year in the U.S. as a treatment
for Alzheimer's disease. For the nine months through September,
Aduhelm sales were $2 million.
"The potential uptake of Aduhelm in the U.S. is delayed, but we
continue to believe in its long-term potential," Chief Executive
Michel Vounatsos said.
Many Alzheimer's clinics are holding off on prescribing Aduhelm
until federal officials decide next year if Medicare will pay for
it, The Wall Street Journal reported in August.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 20, 2021 07:46 ET (11:46 GMT)
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