(Reuters) – Biogen on Wednesday cut its annual profit forecast, which slipped below Wall Street expectations, due to higher costs from its recent buyout of Reata Pharmaceuticals (NASDAQ:RETA) and the launch of its Alzheimer’s treatment Leqembi.

To drive future growth, the drugmaker is leaning on newer products including Leqembi, postpartum depression drug Zurzuvae and the rare disease treatments acquired through its $6.5 billion buyout of Reata.

“We now have the elements to grow sustainably so our focus is no longer on doing anything of significance in M&A at least for the time being,” CEO Christopher Viehbacher said on a media call.

Viehbacker said Biogen (NASDAQ:BIIB) plans to “branch out” more into immunology and rare disease treatments by investing in research as well as through collaborations.

Biogen makes Leqembi in partnership with Japanese drugmaker Eisai and Zurzuvae with Sage Therapeutics.

Since he was hired a year ago, Viehbacher has led efforts to cut expenses and help Biogen recover from its missteps around the controversial Alzheimer’s drug Aduhelm that never gained traction.

“Whether the “new Biogen” has arrived remains to be seen,” said BMO Capital Markets analyst Evan Seigerman.

Biogen now expects $800 million in savings from its cost-cuts by 2025, compared with a prior forecast of $700 million.

Deal-related costs pushed up Biogen’s expenses to $2.67 billion, more than double from a year ago.

Still, the company beat market expectations for third-quarter profit, benefiting from strong sales for its rare muscle-wasting disorder drug Spinraza and higher contract manufacturing revenue.

Biogen expects full-year adjusted profit per share in the range of $14.50 to $15.00 compared with $15 to $16 forecast previously. Analysts were expecting $15.26.

On an adjusted basis, it earned $4.36 per share, beating expectations of $3.97, according to LSEG data.

Shares of the drugmaker were marginally down in choppy premarket trading.