Read Why Biogen Shares Are Trading Higher After Q1 Earnings

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  • Biogen Inc BIIB posted Q1 sales of 2.53 billion, beating the consensus of $2.49 billion, down 6% Y/Y.
  • Multiple sclerosis (MS) revenue, including royalties on sales of Ocrevus, of $1.79 billion decreased by 3%. 
  • Spinraza's revenue of $441 million decreased 9% at actual currency and 6% at constant currency. 
  • Aduhelm's revenue was $2.8 million.
  • Biosimilars' revenue of $194 million decreased 5% versus the prior year at actual currency and 1% at constant currency.
  • Sales of multiple sclerosis drug Tysabri rose nearly 3.5% to $520.8 million.
  • Adjusted EPS of $3.62 was down from 5.34 a year ago, missing the consensus of $4.38.
  • CEO Transition: Biogen has begun searching for a new Chief Executive Officer. Michel Vounatsos will continue to serve as CEO & board member until his successor is appointed.
  • Guidance: Biogen reaffirmed an FY22 adjusted profit of $14.25-$16.00 per share, compared to the consensus of $15.44.
  • The Company expects FY22 sales of $9.7 billion - $10.0 billion, compared to the consensus of $9.87 billion.
  • Price Action: BIIB shares are up 2.70% at $212.95 during the market session on the last check Tuesday.
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Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareMoversTrading IdeasGeneralBriefswhy it's moving
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