Biogen Lifts Outlook as Leqembi Sales Accelerate in Q2

Leqembi Sales: Biogen's Alzheimer's drug, Leqembi, generated $40 million in sales during the second quarter, surpassing analyst expectations of $30-35 million.
Earnings and Revenue: Biogen reported adjusted earnings per share (EPS) of $5.28, a 31% increase from the previous year, and revenue of $2.47 billion, which was slightly above expectations.
Cost Savings: The company aims to achieve $1 billion in gross cost savings by the end of 2025, contributing to its improved profit outlook.
New Drug Launches: Other new drugs, such as Skyclarys and Zurzuvae, also performed well, with Skyclarys generating $100 million in sales and Zurzuvae reaching $15 million in sales for the quarter.
Multiple Sclerosis Segment: Despite a 5% decline in multiple sclerosis treatment sales, Biogen's overall revenue remained stable due to the success of new drug launches.
Guidance Revision: Biogen revised its full-year guidance, anticipating a slight decline in revenue but an increase in operating income and operating margins.
Stock Performance: Biogen's stock price fell by 1.96% to $209.03 following the earnings announcement.