Biogen tops quarterly estimates on rare-disease drug strength

Oct 28 — Biogen beat Wall Street estimates for third-quarter results on Wednesday, as robust ​demand for its rare-disease and Alzheimer's treatments helped offset declines in its under-pressure multiple sclerosis franchise.

The US drugmaker deepened its bets on rare diseases ‌with its $5.6 billion buyout of Apellis Pharmaceuticals, adding promising drugs Syfovre and Empaveli as CEO Chris Viehbacher sought ⁠to reset the business.

Viehbacher said on ​Wednesday he expects Apellis to add ⁠to adjusted earnings in 2027, generating at least $250 million in annual cost savings ‌and other benefits by ‌the end of the year.

Sales of eye-disease drug Syfovre rose 27% to $191 ⁠million in the quarter, while kidney-disease treatment ⁠Empaveli brought in $52 million, up 92% from a year earlier.

Sales in its rare-disease portfolio – which includes genetic disorder drug Skyclarys and spinal muscular atrophy drug Spinraza – jumped 27% to $676 million.

"We think the quarter represents early green shoots that Apellis, together with growth products, can stabilize revenue and support earnings recovery as ‌2026 increasingly appears to represent the trough," said ​Citi analyst Geoffrey Meacham.

Shares of Biogen climbed 1% in morning trading.

Viehbacher expects late-stage trial results over the next year to bolster long-term growth, with analysts highlighting lupus drug litifilimab and kidney-disease treatment felzartamab as potential growth drivers.

"Our ambition over the next few years is to have at least 20 programs in early-stage development," Viehbacher said on a post-earnings call.

Global sales of its Alzheimer's drug ​Leqembi, developed with Japan's Eisai, surged 67% to about $202 million from a year earlier.

Sales of ‌its multiple sclerosis ‌drugs fell ⁠13% to $919 million.

Total revenue rose 11% to $2.80 billion in the quarter, topping estimates of $2.63 billion, according to LSEG data.

Biogen raised the lower end of its 2026 adjusted profit forecast by 20 cents to $12.20 per share while retaining the top end at $13. The ‌midpoint of the updated ​range is above expectations of $12.36.

The company reported an ‌adjusted profit of $2.62 per ⁠share for the ​quarter, compared with expectations of $1.99.

(Reporting by Christy Santhosh in Bengaluru; Editing by Devika Syamnath and ​Sriraj Kalluvila)

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