Biogen (BIIB) reported adjusted earnings of $2.95 per share on $2.39 billion in fourth-quarter sales on Tuesday, falling short of analysts’ expectations. The biotech company had predicted it would earn $3.18 per share on $2.47 billion in sales, but costs related to its discontinued Alzheimer’s drug, Aduhelm, had a 35-cent negative impact on fourth-quarter profit.
Comparing these results to the year-earlier quarter, where Biogen earned $4.05 a share and reported $2.54 billion in sales, indicates a decline. Looking to the future, the company guided to $15 to $16 earnings per share for the year, expecting revenue 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, more information will follow. For more news and insights on investing and biotechnology, follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin. Additionally, customers may be interested in other content such as CymaBay Rockets After Gilead Snaps Up The Liver-Focused Biotech For $4.3 Billion and Is Eli Lilly Stock A Buy As Amgen Enters The Red-Hot Weight-Loss Ring? Options Trading: How To Start Using Options and How To Manage Risk can also provide valuable insights into investing strategies and risk management techniques that investors can use in their investment portfolios. Get Timely Buy & Sell Alerts With IBD Leaderboard is also worth considering for those looking for actionable market insights and investment opportunities with high potential returns