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Tecfidera sales have been facing pressure from Viatris Inc's and
other generic rivals in the United States. In the second
quarter, its sales fell 18% to $397.9 million, but beat market
estimates of $367.7 million.
Biogen's another MS drug, Tysabri, generated $516.2 million in
revenue, above expectations of $510.4 million. The MS drug
market globally is estimated to be more than $20 billion.
The drugmaker's second-quarter profit more than doubled, also
helped by a roughly $1.5-billion gain from the sale of its
equity stake in the Samsung Bioepis Joint Venture.
Samsung Biologics Co Ltd had in January decided to acquire
Biogen's entire stake in their Samsung Bioepis joint venture
worth $2.33 billion.
Biogen also raised its annual profit forecast to $15.25 to
$16.75 per share from $14.25 to $16.00 previously.
Net income attributable to Biogen rose to $1.06 billion, or
$7.24 per share, in the quarter ended June 30, from $448.5
million, or $2.99 per share, a year ago.
Excluding items, it earned $5.25 per share, beating estimates of
$4.06, according Refinitiv data. The profit beat was helped by a
$500 million share repurchase program, Wedbush analyst Laura
Chico said.
Biogen has in the past few months faced several setbacks with
its Alzheimer's disease drug, which it had once hoped would
soften the blow to sales for several top-selling drugs such as
Tecfidera and muscle-disorder drug Spinraza.
It launched a search for a new chief executive in May, with the
incumbent Michel Vounatsos continuing in the role until a
successor was appointed.
"While the commercial results are better than anticipated, this
(Biogen) remains a declining business," Chico said.
(Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur)
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