Biogen

Goldman Sachs maintains Buy rating on Biogen with $290.00 price target, citing Q3 revenue meeting expectations due to Leqembi's performance. The firm observes Biogen's pipeline, including felzartamab and dapirolizumab, and notes potential growth from business development. Biogen's market cap is $26.39B, with a P/E ratio of 22.76, and is trading near a 52-week low.

Lexeo Therapeutics' Phase I/II study of gene therapy LX1001 for Alzheimer’s associated with APOE4 variant shows promising interim results, with APOE2 found in cerebrospinal fluid and stabilization of amyloid pathology in most patients.

Biogen raises diluted EPS guidance to $16.10-$16.60, driven by strong Q3 revenue of $2.5B, with Leqembi revenue at $67M. Despite MS drug sales decline, new products offset losses. Biogen forecasts a low single-digit revenue decline for 2024 but highlights potential $14B in peak annual sales from four research programs. Shares dipped slightly post-earnings.

Biogen's Q3 2024 earnings call highlights progress in Alzheimer's treatment Leqembi, with global revenue growth of 66% QoQ, and the launch of Skyclarys in 15 markets outside the U.S. CEO Chris Viehbacher discusses strategic growth objectives and the potential of the late-stage pipeline, including dapirolizumab in lupus and BIIB080 in Alzheimer's, projecting a cumulative peak sales potential of $14 billion. CFO Mike McDonnell reports total revenue of $2.5 billion, down 3%, and raises full-year 2024 non-GAAP diluted EPS guidance to $16.10-$16.60. The call also addresses questions on commercial strategies, pipeline developments, and financial outlook.

Biogen's Q3 revenue exceeded expectations, with Leqembi sales rising to $67M. The company raised its EPS guidance to $16.10-$16.60. Biogen's MS drug sales declined, but new product launches are expected to offset this. The firm also partnered with Neomorph for molecular glue degrader development and decided not to pursue MDD for Zurzuvae.

The red biotechnology market is projected to grow from $509.71 billion in 2023 to $867.20 billion by 2028, driven by advancements in personalized medicine, biosimilars, and genetic engineering. Major players include Pfizer, Roche, Bayer, and Amgen.

Biogen reported Q3 revenue and adjusted earnings exceeding expectations, raising full-year profit guidance to $16.10-$16.60 per share. Sales of Alzheimer's drug Leqembi, new rare disease and depression treatments offset declines in MS products, contributing $67 million in Q3 sales.

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