Biogen Inc.’s third-quarter profit fell 12%, but the company beat expectations due to the lower-than-expected utilization of its Alzheimer’s disease treatment Aduhelm. The stock is up 2.41% in premarket trade to $274.60 Biogen’s revenue fell 18% in the third quarter, as sales of its multiple sclerosis drugs declined. The company’s Aduhelm, which is used for treating nausea, also showed weak sales.
Biogen said that the potential uptake of its Aduhelm in the US is delayed, but it still believes in its long-term potential. The company updated its revenue and adjusted earnings guidance for the year. Biogen’s Aduhelm recorded sales of $300,000 in the second quarter, exceeding Wall Street’s expectations. The company had expected sales of about $10 million. The company’s sales fell to $2.78 billion in the quarter, from $3.38 billion a year earlier.