Biogen (NASDAQ:BIIB) saw its shares plunge in price on fourth-quarter numbers that surprised some investors.
Q4 Non-GAAP EPS of $4.05 beat estimates by $0.57, on revenue of $2.54B (-7.3% Y/Y) beats by $100 million.
CEO Christopher A. Viehbacher said: “Strategically, we are working to put Biogen on a sustainable growth trajectory as we execute on two important near-term opportunities with LEQEMBI in Alzheimer’s disease and zuranolone in depression, further diversify our product portfolio, and seek expansion through organic and external opportunities, including new partnerships. I believe we have a solid foundation on which to build Biogen's future, including strong internal talent with a passion for making a difference for patients.”
As of December 31, 2022, Biogen had cash, cash equivalents, and marketable securities totaling $5,598 million and $6,281 million in total debt, resulting in net debt of $683 million.
The company made news Tuesday when the FDA has updated the labeling for Biogen's Alzheimer's therapy Aduhelm (aducanumab) that tells healthcare providers to warn patients that intracerebral hemorrhage has been reported with its use.
"Inform patients that although [brain swelling] can occur in any patient treated with ADUHELM, there is an increased risk in patients who are ApoE ε4 homozygotes, and that there is a test available to determine ApoE ε4 genotype," the section Patient Counseling Information in the labeling reads.
BIIB shares withered $8.06, or 2.8%, to $281.02.
