Biogen Beats Profit Estimates on Strong Spinraza Sales

Reuters2023-04-25

(Reuters) - Biogen Inc on Tuesday beat expectations for quarterly profit on strong sales of spinal muscular atrophy drug Spinraza, but said it would pause or discontinue some studies to cut costs.

At least four studies testing stroke and gene therapies and eye disorder treatment will be discontinued or put on hold to reduce research-related expenses, Biogen said in a statement.

Excluding items, Biogen earned $3.40 per share, beating estimates of $3.28 per share.

The drugmaker also reaffirmed its full-year adjusted profit forecast of $15 to $16 per share.

The company is betting on its second Alzheimer's disease treatment, Leqembi, and depression drug zuranolone to offset slowing sales of Spinraza and multiple sclerosis drug Tecfidera.

Shares of Biogen Inc slid 1.38% in premarket trading.

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