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Biogen (BIIB) beats second-quarter estimates for both earnings and sales. It raises EPS guidance and revenue growth expectations for 2024.

Biogen Inc. (BIIB) Q2 2024 Earnings Call Transcript

While the top- and bottom-line numbers for Biogen (BIIB) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Biogen Inc. (BIIB) came out with quarterly earnings of $5.28 per share, beating the Zacks Consensus Estimate of $4 per share. This compares to earnings of $4.02 per share a year ago.

Biogen Inc.'s stock BIIB rose 1.8% in premarket trading on Thursday after the drug aker boosted its outlook for its adjusted 2024 profit and topped Wall Street's second-quarter profit expectations. The company cited “positive momentum across new product launches such as its Leqembi Alzheimer's medicine, which rang up $40 million in sales in the quarter.

Biogen reported second-quarter earnings and revenye that topped estimates and hiked its full-year guidance as cost-cutting efforts showed progress and sales of its breakthrough Alzheimer's drug, Leqembi, and other new products came in higher than expected.  The biotech company is pinning its hopes on Leqembi and other new products to drive growth as it reduces costs and grapples with declining demand for its multiple sclerosis therapies.

Biogen lifted its full-year earnings forecast on Thursday, as the launch of new treatments such as rare disease drug Skyclarys is expected to make up for a market-share loss of its older multiple sclerosis medicines.

Alcyone's ThecaFlex is an implantable medical device under investigation for routine subcutaneous administration of therapeutics to the cerebrospinal fluid (CSF). The first stage of the pivotal IDE PIERRE trial has been completed.

The benefit of Eisai and Biogen's Alzheimer's drug Leqembi in patients with early-stage Alzheimer's appears to increase with continued use with no new safety issues, according to three-year data presented at an Alzheimer's meeting on Tuesday.

51% of No Tau / Low Tau Patients Showed Improved Cognition and Function Over Three Years; Only Lecanemab Has Clinical Data in No Tau / Low Tau Patient Group

Let's focus on biotech stocks like GSK, VRTX, BIIB, MRNA and REGN, which are scheduled to report this week.