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)

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