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)

Copyright (c) 2021 Dow Jones & Company, Inc.
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Nov 2021 to Dec 2021 Click Here for more Biogen Charts.
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Dec 2020 to Dec 2021 Click Here for more Biogen Charts.