By Joseph Walker
Biogen shares fell, after the biotechnology company forecast lower-than-expected revenue and profit for this year, saying multiple-sclerosis drug sales will decline further and will only be partially offset by new products.
Competition, including from cheap generics, has weighed on Biogen's costly MS drugs. Meanwhile, growth from new drugs like rare-disease treatment Skyclarys has been slower than expected.
In the most-recent quarter, Skyclarys sales totaled $102 million, or $10 million less than forecast by analysts polled by FactSet.
"Biogen's business outlook is unimpressive and unlikely to change any time soon," Cantor analyst Eric Schmidt said in a note to clients.
Shares traded about 7% lower on Wednesday morning.
-- For 2025, Biogen expects adjusted earnings of $15.25 to $16.25 a share. That compares to the $16.33 forecast by analysts.
-- Bigoen expects "a mid-single digit percentage" decline in full-year sales. That works out to a couple hundred million dollars less than the $9.4 billion analysts predicted.
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(END) Dow Jones Newswires
February 12, 2025 10:22 ET (15:22 GMT)
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