Biogen tops estimates as revenue slides 3% from a year ago

Biogen Inc. (BIIB) said Tuesday it had net income of $387.9 million, or $2.67 a share, for the first quarter, up from $303.8 million, or $2.06 a share, in the year-earlier period. Adjusted per-share earnings came to $3.40, ahead of the $3.28 FactSet consensus. Revenue fell 3% to $2.463 billion from $2.532 billion, but also beat the $2.342 billion FactSet consensus. Sales of the company's MS drugs fell 19% $1.125 billion, while sales of its spinal muscular atrophy treatments fell 6% to $443 million. Alzheimer's disease revenue was a negative $18 million. The company is taking a 50% share of profit and losses for Leqembi in the U.S. starting in the first quarter. Biosimilar revenue fell 1T% to $192 million. Biogen is still expecting full-year adjusted EPS of $15 to $16 on revenue that is expected to fall by a mid-single-digit percentage amount. The FactSet consensus is for full-year EPS of $15.48, while revenue is expected to decline by 6.1%. The stock fell 2.4% premarket but is up 5.8% in the year to date, while the S&P 500 has gained 8%.

-Ciara Linnane

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04-25-23 0725ET

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