Biogen Inc raised its 2020 earnings forecast on Wednesday after better-than-expected sales of its multiple sclerosis treatment Tecfidera helped the drugmaker beat second-quarter profit estimates.
) raised its 2020 earnings forecast on Wednesday after better-than-expected sales of its multiple sclerosis treatment Tecfidera helped the drugmaker beat second-quarter profit estimates.
The results brightened the mood following a setback in June on a key Tecfidera patent, uncertainty over approval of the company’s experimental Alzheimer’s disease drug aducanumab and rising competition for its other growth driver Spinraza. “After the recent Tecfidera intellectual property loss and the delay in aducanumab filing relative to expectations, investors like the beat-and-raise quarter,” said SVB Leerink analyst Marc Goodman.
The raised forecast does not include any impact from the potential entry of generic versions of Tecfidera in the United States in 2020, the company said.
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