The Zhitong Finance App learned that on October 28, BIIB.US (BIIB.US) released the third quarter results before the market: total revenue of US$2.804 billion, up 11% year on year, up 10% under the fixed exchange rate scenario, higher than market expectations of 2.63 billion to US$2.68 billion; adjusted diluted earnings per share were 2.62 US dollars, higher than the forecast of about 1.99 US dollars, but the year-on-year decline was 46%. Strong demand for the company's rare disease and Alzheimer's medicines helped offset the decline in sales of multiple sclerosis treatments.
Affected by the $284 million acquisition of projects in development (IPR&D) expenses — mainly due to the acquisition of RayThera — GAAP changed to a loss of $0.14 per share, compared with earnings of $3.17 per share for the same period last year.
The company's free cash flow for a single quarter was approximately US$600 million, and net debt at the end of the quarter was approximately US$6.4 billion.
In terms of business structure, the growth portfolio revenue was US$1.26 billion, up 49% year on year, and the share of core pharmaceutical revenue rose to 63%: SPINRAZA's revenue of US$461 million, up 23% year on year, LEQEMBI sold US$202 million globally, up 67% year on year. Among Apellis products fully integrated this season, Syfovre's revenue was US$191 million, up 27% year on year, and injection volume hit a new high since launch. In the same period, revenue from the traditional multiple sclerosis business was US$919 million, down 13% year on year; biosimilar drugs fell 16%.
The pharmaceutical company is looking to drive growth through the recent $5.6 billion acquisition of Syfovre and empaveli from ApellisPharmaceuticals, as well as its rare disease drugs, whose pricing pressure is dragging down its aging multiple sclerosis product portfolio.
Ophthalmic disease drug Syfovre's third-quarter sales increased 27% to US$191 million; Nephropathy drug Empaveli achieved revenue of US$52 million, an increase of 92% year over year.
Its rare disease product portfolio — which includes Skyclarys, a genetic disease drug, and Spinraza, a spinal muscular atrophy drug — had sales of $676 million this quarter, up 27% year over year.
CEO Christopher Viehbacher expects that the late-stage clinical trial results to be announced in the next year will support long-term growth, and more phase III data will be read out one after another over the next 12 months. Among them, the top-line results of litifilimab's treatment for lupus erythematosus are expected to be announced in early December. Analysts indicated that the lupus drug litifilimab and the nephropathy treatment drug felzartamab are potential growth drivers.
According to LSEG data, global sales of the Alzheimer's drug Leqembi, which it co-developed with Eisai (Eisai), increased 67% year over year to about US$202 million, exceeding analysts' average expectations of US$130.6 million. Bojian is expecting Leqembi's more convenient subcutaneous dosage form to be approved in the US in the near future to promote patient use.
Bojian raised the lower limit of the annual adjusted earnings per share guide and raised the lower limit of the adjusted profit forecast for 2026 by 20 cents. It is expected to be $12.20 to $13 per share, compared to the previous forecast of $12 to $13. The midpoint of the updated range was higher than expected at $12.36.