By Matt Grossman
Biogen Inc.'s reported second-quarter revenue and profit declined amid lower royalties from its multiple-sclerosis drug, but the metrics came in above analysts' expectations. Sales of Aduhelm, its recently approved drug for Alzheimer's disease, didn't make a significant contribution in the period.
The Cambridge, Mass.-based biotechnology company posted earnings of $2.99 a share, compared with $9.59 a share a year earlier. Net income attributable to the company was $448.5 million, compared with $1.54 billion, the company said.
Excluding one-time items, the company's adjusted earnings were $5.68 a share. Analysts had been expecting adjusted earnings of $4.55 a share, according to FactSet.
Revenue was $2.78 billion, down from $3.68 billion, the company said. Analysts had been anticipating revenue of $2.61 billion.
Royalties in sales of Ocrevus, a drug for multiple sclerosis, declined by 24% to $1.18 billion. Sales of Spinraza, a drug for spinal muscular atrophy, were up by 1% to $500 million, Biogen said.
Biogen reported $2 million in sales of its Alzheimer's-disease drug Aduhelm. The company said it expects Aduhelm to contribute modest revenue this year, with a ramp-up thereafter.
Write to Matt Grossman at email@example.com
(END) Dow Jones Newswires
July 22, 2021 07:46 ET (11:46 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.