BIIB Biogen Inc

By Matt Grossman

Biogen Inc. on Thursday logged lower profit and revenue figures in the first three months of 2021 as sales of its medications declined.

The Cambridge, Mass.-based pharmaceutical company posted earnings of $2.69 a share, down from $8.08 a share in last year's first quarter. Total net earnings attributable to the company decreased to $410.2 million, from $1.4 billion in 2020's first quarter.

On an adjusted basis, Biogen's earnings were $5.34 a share in the quarter. Analysts were forecasting adjusted earnings of $4.97 a share, according to FactSet.

Revenue was $2.69 billion, down from $3.53 billion in 2020's first quarter. Analysts had expected revenue of $2.65 billion.

Product revenue declined to $2.21 billion, from $2.9 billion in the first quarter of 2020. Multiple-sclerosis revenue, including royalties from the Ocrevus drug, dipped by 26%, to $1.69 billion, while revenue from Spinraza, for spinal muscular atrophy, decreased by 8%, to $521 million.

Anti-CD20 therapeutic programs contributed $389 million of revenue, compared with $520.4 million a year earlier.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

April 22, 2021 07:53 ET (11:53 GMT)

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