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Sage Therapeutics and Biogen have decided to abandon efforts to gain approval for Zurzuvae in the broader major depressive disorder market, focusing instead on postpartum depression after the FDA limited its use. The companies are prioritizing resources due to the significant investment required for further studies, leading to a 40% workforce reduction at Sage. Despite setbacks, executives remain optimistic about Zurzuvae's performance in postpartum depression, noting encouraging prescription trends and insurance coverage.
Biogen raised its diluted earnings per share guidance for the year to $16.10-$16.60, driven by strong sales of new products like Leqembi, which generated $67 million in Q3, a 66% increase from the previous quarter. Despite this, total revenue is expected to decline in 2024, with ongoing challenges in its multiple sclerosis drug sales. The company is undergoing significant transformation under CEO Chris Viehbacher, focusing on cost-cutting and diversifying its research portfolio.
Eli Lilly's shares plummeted nearly 10% in premarket trading after the company reported Q3 revenues of $11.4 billion, falling short of analysts' expectations of $12.17 billion, despite a 20% year-over-year growth. The disappointing performance of its GLP-1 portfolio, particularly Zepbound, which generated $1.3 billion in sales against a $1.7 billion forecast, raised concerns about future growth. Analysts suggest that while Mounjaro's sales may struggle, Eli Lilly continues to pursue advancements in Alzheimer's treatment and obesity medications, positioning itself as a significant player in the pharmaceutical industry.
Eli Lilly's stock plummeted nearly 10% in premarket trading after the company reported Q3 earnings that fell short of Wall Street expectations, with revenue at $11.4 billion against estimates of $12.17 billion. Despite a 20% year-over-year increase, the company cut its profit guidance and revenue outlook, citing inventory decreases impacting sales of its weight-loss drug Zepbound and diabetes drug Mounjaro. The combined sales from these drugs reached $4.4 billion, but Zepbound's revenue missed analyst estimates, raising concerns about the stock's future in a complex healthcare market.
Biogen reported third-quarter revenue of $2.47 billion and adjusted earnings of $4.08 per share, surpassing analyst expectations. The company raised its full-year profit guidance, driven by the growing sales of its Alzheimer's drug, Leqembi, which generated $67 million in the quarter. Despite a year-over-year revenue decline in multiple sclerosis products, the uptake of Leqembi and new treatments for rare diseases and depression helped offset losses.
The Nasdaq Composite reached a new high, with notable stock movements including a 1.2% rise for Microsoft and a 27% increase for Meta Platforms over the past three months. Advanced Micro Devices saw a 7% drop in after-hours trading despite a strong earnings report, while Eli Lilly and other pharma companies are set to report soon. Homebuilders are struggling, with the SPDR S&P Homebuilders ETF down 8.6% since mid-October, reflecting rising yields impacting the sector.
Biogen has appointed Daniel Quirk as its new chief medical officer and Robin Kramer as chief financial officer, succeeding Michael McDonnell, who will retire in February. Meanwhile, Novartis has written down $800 million in goodwill related to its MorphoSys acquisition, delaying the approval of the drug pelabresib for myelofibrosis. Additionally, Sanofi has invested in Resalis Therapeutics, which is developing an RNA medicine for metabolic diseases, while Moderna and Merck & Co. have launched a third Phase 3 trial for their personalized cancer vaccine in lung cancer.
Biogen has appointed Daniel Quirk as Medical Director and Head of Medical Affairs, effective October 28, 2024. Quirk, who previously served as senior vice president of global medical affairs for immunology and neuroscience at Bristol-Myers Squibb, will report to Priya Singhal, Head of Development.
AbbVie has agreed to acquire Aliada Therapeutics for $1.4 billion, gaining access to innovative drug delivery technology aimed at overcoming the blood-brain barrier and a clinical-stage Alzheimer’s treatment, ALIA-1758. This move aligns with AbbVie’s focus on neuroscience, enhancing its capabilities in developing therapies for neurological disorders. The deal is expected to close by year-end and reflects a strategic investment in a sector facing challenges but also potential breakthroughs.
The difelikephalin drug market, valued at $XX billion in 2022, is projected to grow at a CAGR of 6.5% from 2023 to 2030, driven by increased product launches and rising cases of pruritus linked to chronic kidney disease. North America is expected to dominate the market, with major players including F. Hoffmann-La Roche Ltd and Regeneron Pharmaceuticals Inc. The online distribution segment is anticipated to experience significant growth due to the rise of digital media and social media marketing.
Biogen Inc.
Companies
| Symbol | BIIB |
| Name | Biogen Inc. |
| Currency | USD |
| Sector | Health Care |
| IndustryGroup | Pharmaceuticals, Biotechnology & Life Sciences |
| Industry | Pharmaceuticals |
| Market | NASDAQ Global Select |
| Country | United States |
| State | MA |
| City | Cambridge |
| Zipcode | 2142 |
| Website | http://www.biogen.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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