• Sat. Feb 24th, 2024

Biogen Misses Fourth-Quarter Earnings Expectations Amidst Aduhelm Fallout, Guides For Lower Profits in 2021

ByEditor

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

Biogen (BIIB) reported adjusted earnings of $2.95 per share on $2.39 billion in fourth-quarter sales, which fell below what analysts had expected. On average, they had predicted Biogen to earn $3.18 per share on $2.47 billion in sales. The company attributed this shortfall to costs related to its discontinued Alzheimer’s drug, Aduhelm, which 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, it indicates a decline. Looking forward, 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 strategies and options trading, follow Allison Gatlin on X 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?.

Leave a Reply