(Reuters) -Biogen Inc on Tuesday raised its full-year profit forecast for the second straight quarter, driven by its efforts to cut costs, while investors awaited more data on its new Alzheimer’s disease drug next month.
The focus of investors as well as Wall Street is squarely on Biogen and Eisai Co Ltd’s new drug lecanemab that slowed the progress of the disease by 27% in a trial last month.
The company raised its full-year adjusted earnings per share forecast to between $16.50 and $17.15 from $15.25 to $16.75 previously.
Investors have been pinning hopes on the new Alzheimer’s disease drug as Biogen faces multiple setbacks including competition for blockbuster drug Tecfidera and a failed launch of Aduhelm, its earlier Alzheimer’s drug.
(Reporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Arun Koyyur)
