Biogen has reported net income of $393.4m for the first quarter (Q1) of 2024, an increase from $387.6m in the same period a year ago.

For the quarter, the company reported a 7% decrease in revenue, down to $2.29bn from $2.46bn in the same quarter of 2023.

The company highlighted the successful market launch of LEQEMBI, with global in-market sales reaching approximately $19m, nearly tripling since Q4 2023.

The number of patients on therapy also witnessed a substantial increase, nearly 2.5 times higher since the end of 2023.

Eisai leads the development and regulatory submissions for Leqembi globally. Both Eisai and Biogen are involved in commercialising and copromoting the product, with Eisai holding the final decision-making authority.

Biogen reported a net cash flow from operations of $553m for the first quarter of 2024. Capital expenditures amounted to $46m, resulting in a free cash flow of $507m.

As of 31 March 2024, the company's cash, cash equivalents, and marketable securities totalled approximately $1.1bn, with total debt at around $6.5bn. This resulted in approximately $5.5bn net debt.

Biogen president and CEO Christopher Viehbacher said: “We are starting 2024 with an increase in earnings per share and solid execution across our new product launches along with the realisation of meaningful cost savings and margin improvement.

“We see momentum building at a steady pace for Leqembi. In particular, we were encouraged that Leqembi in-market revenue for the first quarter nearly tripled sequentially and we saw a significant build in month-to-month new patient starts in the first quarter.

“In rare disease, the US launch of Skyclarys is advancing well and with the EU launch underway, we are beginning to realise the value of the Reata transaction.”

Despite an overall revenue decline anticipated in the low- to mid-single-digit percentage range, Biogen expects its core pharmaceutical revenue to remain relatively stable in 2024 compared to 2023.