Biogen Boosts Profit Forecast as Alzheimer's Drug Leqembi Gains Traction

The biotech company raises its annual earnings guidance following strong third-quarter results and cost-cutting measures.

Biogen reported third-quarter earnings of $4.08 per share, surpassing analysts' expectations of $3.79.
The company's Alzheimer's treatment, Leqembi, achieved $67 million in quarterly sales, exceeding projections.
Despite a slow start, Leqembi sales are picking up, helping offset declines in Biogen's multiple sclerosis drug revenues.
Biogen's cost-cutting initiatives, including job reductions and strategic acquisitions, are aimed at driving growth.
The company anticipates a low-single-digit percentage decline in 2024 sales but remains optimistic about its new product pipeline.