US biotechnology company Biogen Inc. (NASDAQ: BIIB) reported global sales of USD 2.466 billion for the third quarter of 2024, marking a 3% year-on-year (YOY) decrease in operational terms. Despite this, Biogen increased its full-year 2024 financial guidance, with non-GAAP diluted EPS now expected to range between USD 16.10 and USD 16.60, while maintaining the expectation of a full-year 2024 total revenue decline in the low-single digit percentage.
Product sales slid 2% YOY to USD 1.769 billion. Revenue from product launches in Alzheimer’s disease (AD), rare disease, and depression continued to offset the year-over-year decline in multiple sclerosis (MS) product revenue. MS business revenue was USD 1.054 billion, down 9% YOY, while the rare disease business grew 10% YOY to USD 495 million. Biosimilars revenue remained unchanged at USD 197 million compared to the same period last year. AD therapy Leqembi reported third quarter global in-market sales of USD 67 million, including U.S. in-market sales of USD 39 million, with the E.U. CHMP re-examination expected to conclude this year.
In pipeline developments, the Phase III study of dapirolizumab pegol met the primary endpoint in systemic lupus erythematosus, with a second Phase III study underway. The Phase II CELIA study of BIIB080, an antisense oligonucleotide targeting tau in AD, completed enrollment with results expected in 2026. Felzartamab received FDA Breakthrough Therapy Designation for the treatment of antibody-mediated rejection in kidney transplant recipients. Additionally, nusinersen higher dose regimen demonstrated statistically significant improvement in the pivotal cohort of the Phase II/III DEVOTE study, with regulatory filings planned globally.- Flcube.com
