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Biogen Reports Earnings Wednesday. Here's What to Expect.

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Wall Street will likely be more interested in updates on future developments, rather than the latest quarter's numbers.

Biogen , under new CEO Chris Viehbacher, is in a period of cost-cutting, and trying to build out a new Alzheimer’s disease franchise. There’s not much mystery around the trajectory of its older products, sales of which are flat or dropping.

That number was lower than some had anticipated, but analysts wrote that sales growth was expected to be slow for Leqembi. Eisai’s American depositary receipt dropped 4.8% on the results at midday Tuesday. Also on Tuesday, Biogen partner Sage Therapeutics said it will price the postpartum depression drug Zurzuvae—which the companies are commercializing together—at $15,900 for a two-week treatment course. Leerink Partners analyst Marc Goodman wrote that the price is lower than expected, and shares of Sage were down 4.9% at midday.

Analysts expect Biogen to report sales of $2.4 billion for the third quarter of its fiscal year, and earnings of $3.97 per share. In the same period last year, earnings were $4.77 per share.

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