Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Biogen Inc. (BIIB) Investors

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of those who acquired Biogen Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB) securities during the period of February 3, 2022 through February 13, 2024, inclusive (“the Class Period”). Investors have until July 22, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

[Click here to learn more about the class action]

On November 8, 2023, Biogen negatively revised non-GAAP diluted EPS guidance for fiscal year 2023 in a range of $14.50 to $15.00 per share, significantly below its previous guidance of fiscal year 2023 non-GAAP diluted EPS of $15.00 to $16.00 per share, citing approximately $0.75 of dilution from its acquisition of Reata. On this news, price of Biogen shares declined by $13.92 per share to close at $231.69 per share on November 8, 2023.

On January 8, 2024, Biogen’s CEO Christopher A. Viehbacher discussed challenges with the launch of Leqembi, a treatment the Company was developing for Alzheimer’s disease, and walked back prior expectations of having 10,000 patients on the drug by the end of March 2024. On this news, the price of Biogen shares declined by $10.77 per share over three consecutive trading days to close at $247.21 per share on January 11, 2024.

On February 6, 2024, news reports emerged that Eisai, Biogen’s development partner, was facing challenges with the launch of Leqembi and that only 2,000 patients in the U.S. had been administered the drug. On this news, the price of Biogen shares declined by $5.01 per share to close at $240.54 per share on February 7, 2024.

Then, on February 13, 2024, Biogen announced its fourth quarter and fiscal year 2023 results, including Q4 non-GAAP EPS of $2.95, missing consensus estimates by $0.23, and Q4 revenue of $2.4 billion, missing consensus estimates by $60 million and representing a 5.5%, year-over-year decline. Biogen disclosed that Q4 “GAAP and Non-GAAP diluted EPS [was] negatively impacted by $0.35 related to [the] previously disclosed closeout costs for ADUHELM,” confirmed that Biogen had “approximately 2,000 patients on [Leqembi] at the moment,” and that it had “an indication that there are about 3,800 patients as of last week on the registry” – significantly less than the 10,000-patient goal set by Biogen and Eisai for the end of following month, according to the complaint. On this news, the price of Biogen shares declined by $18.09 per share to close at $226.65 per share on February 13, 2024