Pharmaceutical Industry Earnings Roundup: Mixed Results and Market Challenges

Alnylam's Strong Sales Overshadowed by High Expectations

Alnylam Pharmaceuticals, a rising star in the biotechnology sector, reported impressive third-quarter results with revenues of $1.25 billion, surpassing analyst estimates by nearly $300 million. The company's flagship drug Amvuttra, used to treat transthyretin amyloidosis (TTR), generated $685 million in sales, exceeding expectations of $622 million.

Despite these positive figures, Alnylam's stock fell by 7% following the earnings announcement. Analysts attribute this decline to sky-high investor expectations and concerns about flattening new patient trends. The company also disclosed a subpoena related to government price reporting, which, although not alleging wrongdoing, contributed to the stock's downturn.

Alnylam's market value, which had nearly doubled in 2025 to over $50 billion, now faces scrutiny as investors grapple with the company's lofty valuation relative to its sales and earnings multiples.

Biogen's Launch Products Struggle to Gain Traction

Biogen's third-quarter earnings report revealed a modest beat, with overall revenue slightly exceeding $2.5 billion. However, the performance of the company's key growth drivers fell short of expectations. Zurzuvae, Skyclarys, and Leqembi—three recently launched products—showed minimal quarter-over-quarter growth.

Leqembi, Biogen's closely watched Alzheimer's treatment, generated $121 million in global sales, with $69 million coming from the U.S. market. These figures represent a decline from the previous quarter, partly due to a one-time inventory buildup in China.

Analysts described Biogen's earnings as "fairly unremarkable" and noted the company's struggle to create a sustainable pipeline through business development. The lackluster performance of Leqembi, in particular, has dampened investor enthusiasm for Biogen's growth prospects.

Neurocrine's Strong Quarter Overshadowed by DOJ Inquiry

Neurocrine Biosciences reported a 28% year-over-year increase in net sales for the third quarter, with its two main products, Ingrezza and Crenessity, bringing in a combined $785 million. Despite this strong performance, the company's stock fell by up to 9% following the earnings announcement.

The stock decline was attributed to several factors, including plans to invest an additional $150 million in expanding sales teams and the disclosure of a civil investigative demand from the Department of Justice regarding the sale and marketing of Ingrezza. While analysts consider the quarter's results objectively good, these uncertainties appear to have overshadowed the positive financial metrics.

Bristol Myers Squibb's Mixed Results and Cobenfy Concerns

Bristol Myers Squibb's earnings report presented a mixed picture, with most of the company's "growth" portfolio products exceeding expectations. However, Cobenfy, a recently approved schizophrenia treatment acquired through a $14 billion deal, continues to underperform relative to other products in the portfolio.

Cobenfy generated $43 million in third-quarter sales, up from $35 million in the previous quarter. While prescription rates are gradually increasing, with approximately 2,500 weekly prescriptions by late October, the drug's performance has not met the high expectations set by its acquisition price.

Investors are closely watching upcoming trial results for Cobenfy in Alzheimer's-related psychosis, with the ADEPT-2 study results expected before year-end. The recent failure of a late-stage trial testing Cobenfy as an add-on therapy has increased pressure on the drug's potential in other indications.

Despite concerns surrounding Cobenfy, Bristol Myers saw its share price rise 7% following the earnings announcement, buoyed by increased financial guidance and better-than-expected quarterly revenue.