April 29 (Reuters) – Biogen cut its full-year profit forecast on Wednesday as it booked acquisition-related charges, although its first-quarter earnings beat expectations on better-than-estimated sales of its Alzheimer’s and newer rare-disease treatments.
Shares rose about 3% in premarket trading.
Biogen is leaning on newer drugs and promising candidates in its immunology and rare-disease pipeline, along with strict cost discipline, to revive growth as revenue from its legacy multiple sclerosis treatments continue to fade.
It strengthened its portfolio last month with the $5.6 billion buyout of Apellis Pharmaceuticals, adding a promising kidney disease therapy.
The company plans to incorporate the Apellis deal into its updated 2026 outlook, which will be announced with second-quarter earnings.
The buyout is expected to establish Biogen’s presence in the market for kidney disease treatments, complementing the development of its key late-stage renal candidate, felzartamab.
Biogen expects 2026 adjusted profit of between $14.25 and $15.25 per share, compared with its previous forecast of between $15.25 and $16.25 per share.
Analysts were expecting 2026 profit to be $15.04 per share, according to LSEG-compiled data.
Global sales of Biogen’s Alzheimer’s drug Leqembi, developed with Eisai, rose 74% from a year earlier to about $168 million, including $86 million in the U.S., following a slow launch amid concerns over cost, efficacy and side effects.
Analysts projected Leqembi first-quarter sales of $131.03 million.
On an adjusted basis, Biogen earned $3.57 per share for the quarter ended March 31, compared with expectations of $2.77 per share.
Quarterly revenue came in at $2.48 billion, topping expectations of $2.26 billion.
Sales of multiple sclerosis drugs, including Vumerity, rose marginally to $957.5 million, beating a combined estimate of $891 million.
Its rare-disease portfolio, which includes genetic disorder drug Skyclarys and spinal muscular atrophy drug Spinraza, brought in sales of $557.2 million in the first quarter, down over 1% from a year earlier.
(Reporting by Mariam Sunny in Bengaluru; Editing by Anil D’Silva)
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