Q1 2024 Earnings Report for Biogen (BIIB)

At Extreme Investor Network, we are always on the lookout for the latest news in the business world to provide you with valuable insights and analysis. In a recent report, Biogen impressed investors by reporting first-quarter profits that exceeded expectations. This was attributed to the company’s successful cost-cutting efforts and the strong performance of its Alzheimer’s drug, Leqembi.

Leqembi, developed in collaboration with Eisai, was the first drug approved in the U.S. to slow the progression of Alzheimer’s disease. Despite a slow start, sales of Leqembi soared in the first quarter, surpassing analysts’ expectations. The drug brought in $19 million in sales, a significant increase from the previous year.

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Biogen highlighted the substantial growth in the number of patients using Leqembi, with new patient starts making up over 20% of the total patients on the treatment. Although specific patient numbers were not provided, Biogen’s CEO previously mentioned around 2,000 patients using Leqembi.

Looking ahead, Biogen is optimistic about the potential of Leqembi to drive growth amidst declining sales of its multiple sclerosis therapies facing generic competition. The company reaffirmed its full-year adjusted earnings forecast of $15 to $16 per share, in line with analysts’ expectations.

In summary, Biogen’s strong performance in the first quarter underscores its commitment to innovation and strategic growth initiatives. Stay tuned to Extreme Investor Network for more exclusive insights and analysis on the latest developments in the business world.

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