Biogen lowers FY23 adjusted EPS view to $14.50-$15.00, consensus $15.29

For the full year 2023, Biogen is updating its guidance ranges to reflect the completed acquisition of Reata and its previously projected dilution to 2023 Non-GAAP diluted EPS, regulatory approval for ZURZUVAE in PPD, and the modification made to our presentation of LEQEMBI expenses. Now sees FY23 adjusted EPS of $14.50-$15.00 reflecting about 75c of dilution from Reata acquisition which closed September 26, down from a prior view of $15.00-$16.00. Now sees low-single digit percentage decline versus reported full year 2022, versus a prior call for a mid-single digit percentage decline versus reported full year 2022.