Biogen Inc.'s stock plummeted over 6.5% in pre-market trading on Wednesday as the biotech company provided a lackluster profit outlook for 2025, overshadowing better-than-expected sales of its newly launched Alzheimer's drug Leqembi.
The Cambridge, Massachusetts-based drugmaker forecast adjusted earnings per share for 2025 to range between $15.25 and $16.25, falling short of analysts' average estimate of $16.34. Biogen cited the impact of a strong U.S. dollar and intensifying competition for its core multiple sclerosis drugs as key headwinds.
Despite the disappointing guidance, Biogen reported some encouraging signs in its fourth-quarter earnings report. Sales of Leqembi, which it co-developed with Japan's Eisai Co., Ltd., reached $87 million for the quarter, surpassing analysts' expectations of $67 million. The company also announced a collaboration with Royalty Pharma to provide up to $250 million in research and development funding for its potential lupus treatment litifilimab.
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