Biogen's Outlook Dims As Analyst Projects Flat Revenue Until 2026
Biogen's Outlook Dims As Analyst Projects Flat Revenue Until 2026
Although investors are aware of this, market expectations are still high. Biogen will face ongoing challenges as these expectations are adjusted to more realistic levels.Needham downgraded Biogen Inc (NASDAQ:BIIB), citing limited catalysts for the company over the next year.
Needham下调了渤健公司（纳斯达克：BIIB）的评级，指出公司在未来一年内缺乏有利的催化因素。
Alzheimer's drug Leqembi's (lecanemab) sales growth is expected to stay gradual without a sharp increase in the near future. The analyst remarked that the physician feedback and expert opinions indicate this slow pace will continue.
阿尔茨海默病药物Leqembi（lecanemab）的销售增长预计将保持缓慢，近期不会有大幅增长。分析师表示，医生反馈和专家意见表明这种缓慢的进展将会持续。
Leqembi's third-quarter global in-market sales were approximately $67 million, including U.S. in-market sales of approximately $39 million.
Leqembi第三季度的全球市场销售额约为6700万，包括美国市场销售额约为3900万。
Although investors are aware of this, market expectations are still high. Biogen will face ongoing challenges as these expectations are adjusted to more realistic levels.
尽管投资者对此有所了解，但市场期望仍然很高。渤健公司将面临持续的挑战，因为这些期望需要调整到更现实的水平。
In a positive move, last week, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended approval of Eisai Co., Ltd (OTC:ESALY) and Biogen's lecanemab for early Alzheimer's disease.
在一个积极的举措中，上周，欧洲药品管理局（EMA）人用药品委员会（CHMP）推荐批准Eisai Co., Ltd（场外交易：ESALY）和渤健公司的lecanemab用于早期阿尔茨海默病治疗。
Needham projects Skyclarys' fourth-quarter sales to reach approximately $116 million and $608 million for 2025. This aligns with management's comments suggesting that U.S. sales growth may be uneven, while international growth could be slower due to pricing negotiations and a gradual increase in the number of patients on treatment.
Needham预计Skyclarys的第四季度销售额将达到约11600万，并在2025年达到60800万。这与管理层的评论一致，表明美国的销售增长可能不均匀，而国际增长可能因价格谈判和接受治疗患者数量的逐步增加而放缓。
Revenues from Skyclarys, acquired via Reata acquisition, reached $102.3 million during the quarter.
通过Reata收购获取的药品Skyclarys在本季度达到10230万美元的收入。
Needham writes that revenues are expected to remain flat or decline slightly until 2026, as it will take time for new products like Leqembi, Skyclarys, and Zurzuvae to grow enough to offset the drop in existing business.
Needham指出，预计收入将在2026年前保持平稳或略微下降，因为新产品如Leqembi、Skyclarys和Zurzuvae需要时间发展到足以弥补现有业务下降的程度。
Postpartum depression drug Zurzuvae's third-quarter sales reached $22 million.
产后抑郁症药物Zurzuvae在第三季度的销售额达到了2200万美元。
Needham has downgraded the stock from Buy to Hold with no price target, compared to $270 earlier.
Needham将该股票评级从买入下调至持有，没有设定价格目标，之前的目标是270美元。
Revenues are projected to fall by a small percentage in 2024, remain stable in 2025, and increase by about 3% in 2026, assuming continued growth from key product launches.
预计2024年的收入将下降一个小百分比，2025年保持稳定，2026年增加约3%，假设关键产品发布持续增长。
Operating margins are anticipated to improve by 80 basis points in 2025, driven by the Fit for Growth program, though this is already widely expected.
预计到2025年，运营利润率将提高80个基点，主要受益于增长适应计划，尽管这一点已经广泛预期。
Business development could support growth in the short to medium term, but the timing and nature of such deals are hard to predict.
业务发展可以在短期到中期内支持增长，但此类交易的时机和性质难以预测。
Price Action: BIIB stock is down 1.15% at $158.15 at the last check on Monday.
价格动态：在周一的最后检查中，BIIb股票下跌1.15%，报158.15美元。
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