Biogen Inc. shares fell 2.3% in pre-conference trading, as the company announced quarterly earnings and earnings that were lower than analysts’ estimates.
Biogen posted a net profit of $ 303.8 million, or $ 2.06 per share, in the first quarter, down from $ 410.2 million, or $ 2.69, a year earlier.
Adjusted earnings per share stood at $ 3.62, compared to estimates for $ 4.34.
Biogen had revenue of $ 2.5 billion in the first quarter, down from $ 2.7 billion a year ago. Convergent estimates put the figure at $ 2.5 billion.
The company confirmed estimates for 2022, saying it expects revenue of $ 9.7-10 billion and earnings per share of $ 14.25-16.
Source: Capital
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