Biogen beats The Street in Q3 — but revenue down 10%

Biogen (Nasdaq: BIIB) today reported third-quarter results that beat the expectations of Wall Street analysts, upping its full-year guidance.

The Cambridge, Massachusetts–based neurological biotech company earned $1.1 billion, or $7.84 per share, off $2.5 billion in revenue for the quarter ended Sept. 30, 2022. It more than tripled its bottom line even as the top line decreased 10% compared with Q3 2021.

Adjusted to exclude one-time items, Biogen had an EPS of $4.77, 62¢ ahead of The Street, where analysts were predicting EPS of $4.15 and $2.47 billion in revenue.

“In the third quarter, Biogen made important progress toward building a foundation for growth while executing against our core business objectives,” Biogen CEO Michel Vounatsos said in a news release.  “We are excited about the topline results of the Clarity AD trial for lecanemab and believe this potential new therapy could provide a meaningful benefit for Alzheimer’s patients. We also continue to make progress toward delivering new impactful therapies for patients suffering from depression and SOD1 ALS, with important upcoming regulatory milestones.”

Biogen boosted its 2022 revenue guidance to $10.0–10.15 billion and its adjusted EPS guidance to $16.50–17.15.

Investors reacted by sending BIIB shares down slightly to $273.47 apiece by the close of trading today.