10:05 AM EDT, 04/24/2024 (MT Newswires) -- Biogen's (BIIB) first-quarter earnings rose more than expected while revenue slipped below Wall Street's estimates as the drugmaker affirmed its financial guidance.

Adjusted earnings rose to $3.67 per share from $3.40 a year earlier, higher than analysts' consensus on Capital IQ for $3.46. Revenue fell 7% to $2.29 billion, versus the Street's $2.32 billion view.

The stock was rising 5.7% in recent Wednesday trading.

"We are starting 2024 with an increase in earnings per share and solid execution across our new product launches along with the realization of meaningful cost savings and margin improvement," Chief Executive Christopher Viehbacher said in a statement.

Multiple sclerosis revenue slipped 4% to $1.08 billion. Sales of the rare disease portfolio fell 4% to $423.9 million, driven by a 23% plunge in spinal muscular atrophy treatment Spinraza. Biosimilars rose 5% to $196.9 million.

Alzheimer's disease treatment Leqembi's first-quarter global in-market sales nearly tripled sequentially at $19 million. "As the launch progresses and infrastructure develops, we continue to believe in the potential longer-term commercial opportunity in Alzheimer's disease," Viehbacher said. Leqembi is being developed in collaboration with Japan's Eisai.

Biogen maintained its 2024 adjusted EPS guidance of $15 to $16, compared with the Capital IQ-polled consensus of $15.48. The company continues to expect a a low- to mid-single digit drop in revenue as an expected gain from new product launches will likely offset an estimated fall in multiple sclerosis.

The company expects headline revenue skewed toward the second half due to shipment timing for Spinraza outside the US, along with recent product launch progression.

"We are advancing toward our goal of returning to sustainable growth while creating enhanced value for patients and our shareholders," Viehbacher said.

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