- Biogen Inc (NASDAQ: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 (NASDAQ: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.
China Pledges To Consolidate Tech R&D Position As US Continue To Slap Restrictions
China's President Xi Jinping sought a more robust effort to pool nationwide resources to advance critical technologies amid rising tensions with the U.S.
