Biogen Posts Lower 4Q Profit as Pharmaceutical Revenue Declines
October 21 2020 - 08:20AM
Dow Jones News
By Matt Grossman
Biogen Inc. recorded a slimmer third-quarter profit as revenue
from the company's multiple-sclerosis treatments declined by a
single-digit percentage amid new generic competitors.
The Cambridge, Mass.-based pharmaceutical company logged a
profit of $701.5 million, or $4.46 a share, down from a profit of
$1.55 billion, or $8.39 a share, in the same three-month period a
year earlier.
On an adjusted basis, Biogen's profit was $8.84 a share.
Analysts polled by FactSet had forecast a profit of $8.03 a
share.
Revenue was $3.38 billion, compared with $3.6 billion in last
year's third quarter. Analysts were expecting revenue of $3.33
billion.
Revenue from the company's multiple-sclerosis segment declined
4% year over year to $2.26 billion. Revenue from Spinraza, a
treatment for spinal muscular atrophy, fell 10% to $495 million.
Revenue from the company's biosimilars grew 13% to $208
million.
Chief Executive Michel Vounatsos noted that Biogen began to face
competition from the launch of generic versions of its Tecfidera
multiple-sclerosis drug in the quarter. Biogen's aducanumab, a
potential treatment for Alzheimer's disease, faces a key hurdle on
Nov. 6 in the form of a Food and Drug Administration
advisory-committee meeting.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 21, 2020 08:05 ET (12:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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