Biogen (BIIB) Stock

On November 19, 2024, UCB and Biogen Inc. announced the results of the Phase 3 PHOENYCS GO study, which assessed dapirolizumab pegol (DZP), a new anti-CD40L drug. The study showed notable improvements in disease activity for individuals with moderate-to-severe systemic lupus erythematosus (SLE). These findings were presented at the ACR Convergence 2024, the annual meeting of the American College of Rheumatology, held in Washington, DC.

The CHMP has given a favorable recommendation for the approval of Leqembi, developed by BIIB and Eisai, to treat early Alzheimer's disease.

On Thursday, Biogen's stock increased by 1% after the European pharmaceutical regulator gave a favorable opinion on the Alzheimer's drug that Biogen created with its Japanese partner, Eisai. This decision changed from an earlier refusal to approve the drug.

Investors interested in Medical - Biomedical and Genetics stocks may have come across Biogen Inc. (BIIB) and Myriad Genetics (MYGN). The question is, which of these two stocks provides better value for investors at this moment?

At Zacks, we concentrate on the reliable Zacks Rank system, which highlights earnings estimates and changes in those estimates to identify excellent stocks. At the same time, we keep an eye on the most recent trends in value, growth, and momentum to support our top selections.

Biogen announced its third-quarter earnings on October 30. They reported a revenue of $2.5 billion and a non-GAAP earnings per share of $4.08. Many important products showed little to no growth, and the results for their Alzheimer's drug, Leqembi, were particularly disappointing.

BIIB's earnings and sales for the third quarter exceeded expectations. The company has increased its earnings per share forecast for 2024 by 35 cents.

The CEO mentioned that they are still experiencing growth with their new product launches and are becoming more enthusiastic about the possibilities in their development pipeline.

On Wednesday, Biogen increased its yearly profit predictions and exceeded profit expectations for the third quarter, thanks to its cost-cutting strategies that compensated for declining sales of its multiple sclerosis drugs.