Biogen Raises 2024 Profit Forecast Following Strong Q2 Earnings
New product launches, including Alzheimer's drug Leqembi, offset declining multiple sclerosis treatment sales
- Biogen's Q2 adjusted EPS rose 31% to $5.28, surpassing expectations.
- Revenue remained nearly flat at $2.47 billion, beating analyst projections.
- Leqembi generated $40 million in Q2 sales, exceeding forecasts.
- Biogen's 2024 adjusted EBITDA guidance increased to $15.75-$16.25 per share.
- Cost-cutting measures aim to save $1 billion by 2025.
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