Biogen Inc BIIB is trading lower Thursday morning after the company announced worse-than-expected fourth-quarter earnings results and issued guidance below estimates.
Biogen reported quarterly revenue of $2.73 billion, which beat the estimate of $2.62 billion. The company reported adjusted earnings of $3.39 per share, which came in below the $3.40 estimate.
"Biogen continued to execute well in the fourth quarter despite the challenges we have faced," said Michel Vounatsos, CEO of Biogen. "We have introduced the first FDA approved treatment for Alzheimer’s disease in nearly 20 years, and we are engaging with the Centers for Medicare and Medicaid Services with the hope of finding a path for immediate patient access."
Biogen expects full-year 2022 revenue to be between $9.7 billion and $10 billion versus the $10.34 billion estimate. The company expects full-year adjusted earnings to be in a range of $14.25 to $16 per share versus the $18.85 estimate.
Biogen noted that its guidance assumes minimal revenue from the company's Alzheimer's treatment, ADUHELM, in 2022.
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BIIB Price Action: Biogen has traded as low as $214.88 and as high as $468.55 over a 52-week period.
The stock was down 4.16% at $215.60 at time of publication.
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