Biogen reports above consensus 2nd-qtr 2023 financial results

US biotech major Biogen (Nasdaq: BIIB) today reported solid second quarter 2023 financial results, with top-line revenues of $2.46 billion that were down 5% (-3% at constant exchange rates) that beat consensus expectations of $2.38 billion.

Second quarter 2023 non- generally accepted accounting principle (GAAP) earnings per share (EPS) were $4.02, a fall of 23% compared with the like 2022 quarter, but also better than consensus estimates of $3.77. Nevertheless, Biogen’s shares were down 3% at $268.70 by mid-morning

The decrease in second quarter 2023 GAAP and Non-GAAP SG&A expense was driven primarily by cost savings initiatives, partially offset by investments to support new product launches. Beginning in the first quarter of 2023 the reimbursement to Eisai for Biogen’s share of US Leqembi (lecanemab), its new fully approved Alzheimer drug developed with Eisai (TYO: 4523,) SG&A expense is reflected as a component of revenue rather than SG&A.