: Biogen’s stock gains after company beats Q4 revenue and earnings expectations

Shares of Biogen Inc. BIIB gained about 1.7% in premarket trading on Wednesday after the company beat revenue and earnings expectations in the fourth quarter. Biogen had earnings of $550.4 million, or $3.79 per share, in the fourth quarter, up from $368.2 million, or $2.50 per share, in the same three months of 2021. Adjusted earnings per share were $4.05, against a FactSet consensus of $3.49. The company’s revenue came in at $2.5 billion for the quarter, down from $2.7 billion in the same quarter in 2021 but still beating the FactSet consensus of $2.4 billion. The revenue decline was driven by falling sales of its multiple sclerosis drugs like Tecfidera. The company said Leqembi, the Alzheimer’s drug it developed with Eisai JP:4523 that recently received an accelerated approval in the U.S., should bring “modest in-market revenue” this year, though commercialization costs will exceed revenue. Biogen expects EPS of $15.00 to $16.00 in 2023. The FactSet consensus is $15.74. Biogen’s stock has gained 33.0% over the past year, while the broader S&P 500 SPX is down 4.4%.

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