By Senad Karaahmetovic
Biogen (NASDAQ:BIIB) reported better-than-expected fourth-quarter results to see its shares trade modestly higher in pre-market Wednesday.
The company reported Q4 EPS of $4.05 on revenue of $2.54 billion, beating the consensus of $3.48 on sales of 2.44B. Overall, revenue decreased by 6.9% year-over-year.
For 2023, the company’s guidance for EPS between $15 and $16 missed the consensus of $15.87. Revenues are seen declining in mid-single digits compared to 2022. According to Mizuho, the 4-6% decline implies revenues of $956.3-976.7M, above the consensus of $941.3M.
Biogen also said it is on track to achieve previously announced cost savings.
President and Chief Executive Officer 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.”
The company also announced that its Chairman Dr. Stelios Papadopoulos will step down this year.
BMO analysts said the results are secondary to investors as they await to hear from the new CEO on the company's future plans, especially how to return BIIB to growth.
"On strategy, Viehbacher expects to seek strategic alternative for the biosimilars business (i.e., a sale), align costs with revenues, and seek external innovation," they said in a note.