Read Why Biogen Shares Are Trading Higher After Q1 Earnings

Biogen Inc BIIB posted Q1 sales of 2.53 billion, beating the consensus of $2.49 billion, down 6% Y/Y.
Multiple sclerosis (MS) revenue, including royalties on sales of Ocrevus, of $1.79 billion decreased by 3%.
Spinraza's revenue of $441 million decreased 9% at actual currency and 6% at constant currency.
Aduhelm's revenue was $2.8 million.
Biosimilars' revenue of $194 million decreased 5% versus the prior year at actual currency and 1% at constant currency.
Sales of multiple sclerosis drug Tysabri rose nearly 3.5% to $520.8 million.
Adjusted EPS of $3.62 was down from 5.34 a year ago, missing the consensus of $4.38.
CEO Transition: Biogen has begun searching for a new Chief Executive Officer. Michel Vounatsos will continue to serve as CEO & board member until his successor is appointed.
Guidance: Biogen reaffirmed an FY22 adjusted profit of $14.25-$16.00 per share, compared to the consensus of $15.44.
The Company expects FY22 sales of $9.7 billion - $10.0 billion, compared to the consensus of $9.87 billion.
Price Action: BIIB shares are up 2.70% at $212.95 during the market session on the last check Tuesday.