Biogen Posts 2Q Sales, Earnings Declines on Lower Multiple-Sclerosis Drug Revenue
July 22 2021 - 7:58AM
Dow Jones News
By Matt Grossman
Biogen Inc.'s reported second-quarter revenue and profit
declined amid lower royalties from its multiple-sclerosis drug, but
the metrics came in above analysts' expectations. Sales of Aduhelm,
its recently approved drug for Alzheimer's disease, didn't make a
significant contribution in the period.
The Cambridge, Mass.-based biotechnology company posted earnings
of $2.99 a share, compared with $9.59 a share a year earlier. Net
income attributable to the company was $448.5 million, compared
with $1.54 billion, the company said.
Excluding one-time items, the company's adjusted earnings were
$5.68 a share. Analysts had been expecting adjusted earnings of
$4.55 a share, according to FactSet.
Revenue was $2.78 billion, down from $3.68 billion, the company
said. Analysts had been anticipating revenue of $2.61 billion.
Royalties in sales of Ocrevus, a drug for multiple sclerosis,
declined by 24% to $1.18 billion. Sales of Spinraza, a drug for
spinal muscular atrophy, were up by 1% to $500 million, Biogen
said.
Biogen reported $2 million in sales of its Alzheimer's-disease
drug Aduhelm. The company said it expects Aduhelm to contribute
modest revenue this year, with a ramp-up thereafter.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 22, 2021 07:46 ET (11:46 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Biogen (NASDAQ:BIIB)
Historical Stock Chart
From Apr 2023 to Apr 2024