By Mariam Sunny
April 29 (Reuters) – Biogen beat first-quarter expectations on Wednesday, as stronger sales of its Alzheimer’s and newer rare-disease drugs helped offset waning demand for its legacy multiple sclerosis treatments, sending its shares up 6%.
The drugmaker is bolstering its pipeline of promising candidates and newer drugs focused on immunology and rare diseases through acquisitions and partnerships, and the latest results show that these efforts are paying off.
“The setup for Biogen is gradually improving as the company evolves beyond just an Alzheimer’s/Leqembi story,” J.P.Morgan analysts said, adding that several pipeline milestones over the next 12–18 months could reduce execution risk.
It strengthened its portfolio last month with the $5.6 billion buyout of Apellis Pharmaceuticals, adding a promising kidney disease therapy and establishing its presence in renal care as it develops its key late-stage candidate, felzartamab.
CEO Christopher Viehbacher said the transaction reduces the need for further large M&A, with greater focus now on early-stage research where the pipeline is “quite thin.”
The company cut its 2026 adjusted profit forecast to between $14.25 and $15.25 per share from between $15.25 and $16.25 earlier, reflecting a $1 per share impact from acquisition-related charges.
It plans to update its 2026 outlook after the deal closes in the second quarter.
Global sales of Alzheimer’s drug Leqembi, developed with Eisai, rose 74% from a year earlier to about $168 million, including $86 million in the U.S., beating analysts’ expectations of $131 million.
Biogen said real-world data showed about 78% of patients remained on Leqembi at 18 months.
The U.S. health regulator is expected to decide by May 24 on a subcutaneous starting dose of Leqembi that would allow at-home administration, a move that could ease capacity constraints and broaden patient uptake.
Adjusted quarterly profit was $3.57 per share, well above the estimates of $2.77 per share.
Revenue rose to $2.48 billion, topping forecasts of $2.26 billion.
Sales of multiple sclerosis drugs, including Vumerity, rose marginally to $957.5 million, beating a combined estimate of $891 million.
Rare-disease revenue of $557.2 million also topped expectations.
(Reporting by Mariam Sunny in Bengaluru; Editing by Anil D’Silva)
