Shares of Biogen Inc. (BIIB) gained about 1.7% in premarket trading on Wednesday after the company beat revenue and earnings expectations in the fourth quarter. Biogen had earnings of $550.4 million, or $3.79 per share, in the fourth quarter, up from $368.2 million, or $2.50 per share, in the same three months of 2021. Adjusted earnings per share were $4.05, against a FactSet consensus of $3.49. The company's revenue came in at $2.5 billion for the quarter, down from $2.7 billion in the same quarter in 2021 but still beating the FactSet consensus of $2.4 billion. The revenue decline was driven by falling sales of its multiple sclerosis drugs like Tecfidera. The company said Leqembi, the Alzheimer's drug it developed with Eisai that recently received an accelerated approval in the U.S., should bring "modest in-market revenue" this year, though commercialization costs will exceed revenue. Biogen expects EPS of $15.00 to $16.00 in 2023. The FactSet consensus is $15.74. Biogen's stock has gained 33.0% over the past year, while the broader S&P 500 is down 4.4%.
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