Biogen Cuts Guidance Amid Competition From Generics
October 21 2020 - 08:32AM
Dow Jones News
By Matt Grossman
Biogen Inc. on Wednesday cut revenue and earnings guidance for
the full year as the company said it was facing new competition
from generic versions of Tecfidera, a treatment for multiple
sclerosis.
The company said it now expects full-year revenue of $13.2
billion to $13.4 billion, down from a previous projection of $13.8
billion to $14.2 billion. It forecast earnings per share of $25.50
to $26.50, compared with an earlier forecast of $32 to $34.
On an adjusted basis, earnings per share will be between $32.50
and $33.50, Biogen projected.
Analysts polled by FactSet had been expecting full-year revenue
of $13.76 billion and adjusted earnings per share of $34.43.
Biogen shares climb 0.7% in pre-market trading from a Tuesday
close of $267.12.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 21, 2020 08:17 ET (12:17 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Feb 2024 to Mar 2024
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Mar 2023 to Mar 2024