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Yahoo
an hour ago
- Business
- Yahoo
Biogen lifts full-year outlook amid Alzheimer's drug strength, sending shares up
- Shares of Biogen (NASDAQ:BIIB) rose in premarket U.S. trading on Thursday after the drugmaker posted better-than-anticipated first-quarter revenue and raised its full-year guidance thanks in part to solid sales of its Alzheimer's drug. U.S. sales of its Leqembi medicine, which competes with Eli Lilly (NYSE:LLY)'s Kisunla in the market for drugs that can help clear the sticky clumps of protein that are believed to be affiliated with Alzheimer's, came in at approximately $63 million. This would represent sequential growth of 20%. Globally, in-market sales of Leqembi were $160 million, factoring a boost from in a one-time shipment to China. Biogen said it has also seen "resilience" in its multiple sclerosis business, driven by demand for its Vumerity medication. While the multiple sclerosis unit is still a key source of revenue for the company, it has faced recent headwinds from weakening demand linked to intensifying competition. As a result, Leqembi has become an increasingly crucial portion of Biogen's results, with the drug seen as a tool to help it diversify its offerings and transform its portfolio. Against this backdrop, Biogen lifted its estimates for adjusted diluted earnings per share to between $15.50 to $16.00, up from a prior estimate of $14.50 to $15.50. Total revenue is seen flat year-over-year, an improvement from an earlier outlook for a mid-single digit decline. Related articles Biogen lifts full-year outlook amid Alzheimer's drug strength, sending shares up Victoria's Secret Exposed: The Warning Sign Behind the Stock's 52% Collapse If Powell goes, does Fed trust go with him?
Yahoo
2 hours ago
- Business
- Yahoo
Bristol Myers posts better-than-expected second quarter results on strength of top sellers
By Michael Erman (Reuters) -Bristol Myers Squibb posted much better-than-expected second-quarter results on Wednesday on strong sales of its most established and best-selling brands, blood thinner Eliquis and cancer treatments Opdivo and Revlimid. Shares of the drugmaker rose more than 2% to $47 in premarket trading. Revenue in the quarter, which analysts had expected to fall due to the loss of patent protection on some of its products, including Revlimid, rose 1% to $12.3 billion. Analysts, on average, were looking for revenue of $11.4 billion, according to LSEG data. The U.S. drugmaker said it earned $2.9 billion, or $1.46 per share, down from $4.2 billion, or $2.07, a year earlier. Analysts had expected earnings of $1.07 a share. "The majority of our brands outperformed consensus in the quarter," Chief Financial Officer David Elkins said in an interview. "We just have really solid commercial execution." Sales of Eliquis, which Bristol Myers shares with Pfizer, rose 8% to $3.7 billion in the quarter, while cancer immunotherapy Opdivo brought in $2.6 billion, up 7% from a year ago. Analysts, on average, had forecast sales of $3.3 billion and $2.3 billion for those drugs, respectively. Revlimid sales fell 38% to $838 million, but still topped analyst estimates by about $300 million. Bristol has been contending with a steep revenue decline from Revlimid, which raked in nearly $13 billion in 2021 but $5.8 billion last year due to generic rivals. Some of its other cancer drugs such as Pomalyst, Sprycel and Abraxane are contending with the same issue. Still, Revlimid has held up better than initially feared, and the company now expects 2025 sales of around $3 billion, Chief Commercialization Officer Adam Lenkowsky said. The company had previously said it expected 2025 Revlimid sales to be near $2.5 billion. Bristol Myers raised its full-year revenue forecast to a range of $46.5 billion to $47.5 billion from its prior view of $45.8 billion to $46.8 billion. It now expects full-year earnings, including a charge from a development deal with Germany's BioNTech, to be $6.35 to $6.65 a share. Analysts are estimating 2025 earnings of around $6.24 per share. Sign in to access your portfolio
Reuters
2 hours ago
- Business
- Reuters
Bristol Myers posts better-than-expected second quarter results on strength of top sellers
July 31 (Reuters) - Bristol Myers Squibb (BMY.N), opens new tab posted much better-than-expected second-quarter results on Wednesday on strong sales of its most established and best-selling brands, blood thinner Eliquis and cancer treatments Opdivo and Revlimid. Revenue in the quarter, which analysts had expected to fall due to the loss of patent protection on some of its products, including Revlimid, rose 1% to $12.3 billion. Analysts, on average, were looking for revenue of $11.4 billion, according to LSEG data. The U.S. drugmaker said it earned $2.9 billion, or $1.46 per share, down from $4.2 billion, or $2.07, a year earlier. Analysts had expected earnings of $1.07 a share. "The majority of our brands outperformed consensus in the quarter," Chief Financial Officer David Elkins said in an interview. "We just have really solid commercial execution." Sales of Eliquis, which Bristol Myers shares with Pfizer (PFE.N), opens new tab, rose 8% to $3.7 billion in the quarter, while cancer immunotherapy Opdivo brought in $2.6 billion, up 7% from a year ago. Analysts, on average, had forecast sales of $3.3 billion and $2.3 billion for those drugs, respectively. Revlimid sales fell 38% to $838 million, but still topped analyst estimates by about $300 million. Bristol has been contending with a steep revenue decline from Revlimid, which raked in nearly $13 billion in 2021 but $5.8 billion last year due to generic rivals. Some of its other cancer drugs such as Pomalyst, Sprycel and Abraxane are contending with the same issue. Still, Revlimid has held up better than initially feared, and the company now expects 2025 sales of around $3 billion, Chief Commercialization Officer Adam Lenkowsky said. The company had previously said it expected 2025 Revlimid sales to be near $2.5 billion. Bristol Myers raised its full-year revenue forecast to a range of $46.5 billion to $47.5 billion from its prior view of $45.8 billion to $46.8 billion. It now expects full-year earnings, including a charge from a development deal with Germany's BioNTech ( opens new tab, to be $6.35 to $6.65 a share. Analysts are estimating 2025 earnings of around $6.24 per share.
Yahoo
2 hours ago
- Business
- Yahoo
Bristol Myers posts better-than-expected second quarter results on strength of top sellers
By Michael Erman (Reuters) -Bristol Myers Squibb posted much better-than-expected second-quarter results on Wednesday on strong sales of its most established and best-selling brands, blood thinner Eliquis and cancer treatments Opdivo and Revlimid. Revenue in the quarter, which analysts had expected to fall due to the loss of patent protection on some of its products, including Revlimid, rose 1% to $12.3 billion. Analysts, on average, were looking for revenue of $11.4 billion, according to LSEG data. The U.S. drugmaker said it earned $2.9 billion, or $1.46 per share, down from $4.2 billion, or $2.07, a year earlier. Analysts had expected earnings of $1.07 a share. "The majority of our brands outperformed consensus in the quarter," Chief Financial Officer David Elkins said in an interview. "We just have really solid commercial execution." Sales of Eliquis, which Bristol Myers shares with Pfizer, rose 8% to $3.7 billion in the quarter, while cancer immunotherapy Opdivo brought in $2.6 billion, up 7% from a year ago. Analysts, on average, had forecast sales of $3.3 billion and $2.3 billion for those drugs, respectively. Revlimid sales fell 38% to $838 million, but still topped analyst estimates by about $300 million. Bristol has been contending with a steep revenue decline from Revlimid, which raked in nearly $13 billion in 2021 but $5.8 billion last year due to generic rivals. Some of its other cancer drugs such as Pomalyst, Sprycel and Abraxane are contending with the same issue. Still, Revlimid has held up better than initially feared, and the company now expects 2025 sales of around $3 billion, Chief Commercialization Officer Adam Lenkowsky said. The company had previously said it expected 2025 Revlimid sales to be near $2.5 billion. Bristol Myers raised its full-year revenue forecast to a range of $46.5 billion to $47.5 billion from its prior view of $45.8 billion to $46.8 billion. It now expects full-year earnings, including a charge from a development deal with Germany's BioNTech, to be $6.35 to $6.65 a share. Analysts are estimating 2025 earnings of around $6.24 per share. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Novo Nordisk Cuts Guidance as Copycat Versions of Wegovy Hurt Results
Novo Nordisk NOVO.B -13.11%decrease; red down pointing triangle cut its full-year guidance as U.S. sales continue to be hurt by copycat versions of its blockbuster Wegovy weight-loss drug. The Danish pharmaceutical giant said that despite U.S. regulators ordering an end to the practice known as compounding, it has continued, with multiple entities still marketing and selling unbranded versions of its drug.
