• Mon. Mar 4th, 2024

Biogen’s Adjusted Earnings Miss Estimates by 35 Cents, Stock Price Falls

ByEditor

Feb 13, 2024
Biogen’s Fourth-Quarter Profit Shrink As Aduhelm Costs Lead to Stock Slump

Biogen’s (BIIB) stock price took a hit early Tuesday after the biotech company announced adjusted earnings of $2.95 per share on $2.39 billion in fourth-quarter sales. Despite analysts expecting Biogen to earn $3.18 per share on $2.47 billion in sales, the company fell short, with costs related to its discontinued Alzheimer’s drug, Aduhelm, having a 35-cent negative impact on fourth-quarter profit.

When compared to the year-earlier quarter, where Biogen earned $4.05 a share and reported $2.54 billion in sales, this represents a decline. Looking ahead, the company expects to achieve earnings of $15 to $16 per share for the year, with revenue expected to decrease by a low- to mid-single digit percentage. In premarket trading, Biogen stock dropped more than 2% to 238.

As updates become available, additional information will be provided. Follow Allison Gatlin on X for more news at @IBD_AGatlin. Customers may also be interested in other content such as CymaBay Rockets After Gilead Snaps Up The Liver-Focused Biotech For $4.3 Billion, Is Eli Lilly Stock A Buy As Amgen Enters The Red-Hot Weight-Loss Ring?, Options Trading: How To Start Using Options, How To Manage Risk, Watch IBD’s Investing Strategies Show For Actionable Market Insights, and Get Timely Buy & Sell Alerts With IBD Leaderboard.

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