Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Investing.com - Shares of Biogen (NASDAQ:BIIB) rose in premarket U.S. trading on Thursday after the drugmaker posted better-than-anticipated first-quarter revenue and raised its full-year guidance thanks in part to solid sales of its Alzheimer’s drug.
U.S. sales of its Leqembi medicine, which competes with Eli Lilly (NYSE:LLY)’s Kisunla in the market for drugs that can help clear the sticky clumps of protein that are believed to be affiliated with Alzheimer’s, came in at approximately $63 million. This would represent sequential growth of 20%.
Globally, in-market sales of Leqembi were $160 million, factoring a boost from in a one-time shipment to China.
Biogen said it has also seen "resilience" in its multiple sclerosis business, driven by demand for its Vumerity medication. While the multiple sclerosis unit is still a key source of revenue for the company, it has faced recent headwinds from weakening demand linked to intensifying competition.
As a result, Leqembi has become an increasingly crucial portion of Biogen’s results, with the drug seen as a tool to help it diversify its offerings and transform its portfolio.
Against this backdrop, Biogen lifted its estimates for adjusted diluted earnings per share to between $15.50 to $16.00, up from a prior estimate of $14.50 to $15.50. Total (EPA:TTEF) revenue is seen flat year-over-year, an improvement from an earlier outlook for a mid-single digit decline.