Pharma giant Biogen Inc. (NASDAQ: BIIB) on Tuesday announced financial results for the third quarter of 2022, reporting a double-digit drop in revenues and adjusted earnings that is unchanged from the year-ago period.
Third-quarter profit, adjusted for one-off items, remained unchanged at $4.77 per share. Meanwhile, net profit more than doubled year-over-year to $1.13 billion or $7.84 per share.
Revenues decreased 10% annually to $2.51 billion during the three-month period, mainly reflecting an 11% fall in sales at the core product segment.
“We are excited about the topline results of the Clarity AD trial for lecanemab and believe this potential new therapy could provide a meaningful benefit for Alzheimer’s patients. We also continue to make progress toward delivering new impactful therapies for patients suffering from depression and SOD1 ALS, with important upcoming regulatory milestones,” said Biogen’s CEO Michel Vounatsos.
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