Biogen二季度业绩超预期并上调收入展望，但因Apellis交易成本下调全年调整后EPS指引

Biogen Inc. reported quarterly revenue and adjusted earnings that beat analysts’ expectations as sales of newly acquired kidney and eye-disease drugs helped offset declining revenue from multiple sclerosis medicines.

The company raised its revenue outlook for the year, saying sales are now expected to grow by a mid-single-digit percentage instead of declining by a mid-single-digit percentage as previously forecast. However, Biogen lowered its adjusted earnings guidance to reflect acquisition-related costs and milestone payments.

Under Chief Executive Officer Christopher Viehbacher, Biogen has gone on an aggressive acquisition strategy to expand beyond its historic neurology focus and come up with sources of new growth to replace the company’s aging portfolio of multiple sclerosis drugs. That has brought it into new therapeutic areas such as kidney disease and immunology.

Biogen has made “significant progress” repositioning the company for growth, Viehbacher said in a statement, noting that sales of the company’s newer medicines now exceed those of its older multiple sclerosis franchise, whose revenues continue to decline. Sales of Leqembi for Alzheimer’s disease, a key drug that the company sells through a partnership with Eisai Co., grew 15% in the quarter to $184 million, roughly in line with analyst expectations.

In May, the company closed its $5.6 billion acquisition of Apellis Pharmaceuticals Inc., whose portfolio includes Syfovre for an immune disorder that causes blindness and Empaveli for a rare blood disorder and certain rare kidney diseases. The two medications brought in almost $128 million in revenue to Biogen during the remainder of the quarter, the company said.

Biogen lowered its adjusted earnings forecast for the year to $12 to $13 a share from $14.25 to $15.25, reflecting expected charges for acquired research and development, milestone payments and financing costs related to the Apellis deal. Excluding those items, the company’s underlying earnings outlook would have increased by 60 cents a share, Biogen said.

Biogen announced in June that it would acquire RayThera Inc., a closely held developer of immunology drugs, for as much as $1 billion.

Several other newer medicines also posted strong quarterly growth. Sales of Zurzuvae, a treatment for postpartum depression, jumped 53% to $71 million, while Skyclarys, for the rare disease Friedreich’s ataxia, climbed to about $168 million, beating analysts’ expectations.