© Stocksak. FILE PHOTO – This illustration, taken May 3, 2022, shows the Biogen logo and stock chart. REUTERS/Dado Ruvic/Illustration
(Stocksak). Biogen Inc. Tuesday raised its full year profit forecast for the 2nd consecutive quarter. This was driven by its efforts at cost reduction, while investors waited for more information on its new Alzheimer’s disease drug.
Wall Street and investors are focused on Biogen, (NASDAQ:) or Eisai Co (OTC:) Ltd’s new drug lecanemab. This drug slowed the progression of the disease’s progress by 27% during a trial last month.
The company increased its full-year adjusted earnings for shares forecast to $16.50 and $17.15, from $15.25 and $16.75 before.
Biogen is facing multiple setbacks, including competition for the blockbuster drug Tecfidera as well as a failed launch of Aduhelm (its earlier Alzheimer’s drug), so investors have been putting their hopes on the new Alzheimer’s drug.