Biogen, Inc. CEO Chris Viehbacher made a plea for patience while the Leqembi (lecanemab) launch slowly builds momentum as health care providers gear up to administer the anti-amyloid therapy and monitor early Alzheimer’s disease patients treated with the Eisai Co., Ltd.-partnered product. However, investors have been waiting years now for Biogen to return to sales growth and a significant near-term upswing in revenue does not appear to be on the horizon.
Key Takeaways
-
Biogen reported a 1% overall revenue increase driven by manufacturing and other revenue, but product sales fell 2.9%.
-
The company gained full approval for Leqembi, Skyclarys through the recent Reata acquisition and FDA approval for Sage-partnered Zurzuvae in Q3, adding new sources of revenue but with slow growth paths
The company reported its third quarter sales and earnings on 8 November, including $2m in Q3 sales for Leqembi. Biogen’s total Q3 revenue increased 1% year-over-year to $2.53bn, but a more than doubling of its contract manufacturing, royalty and other revenue to $304.2m drove that gain, while product revenue fell 2.9% to $1.91bn
