Biogen: Q2 Earnings Insights

Shares of Biogen BIIB fell 0.3% in pre-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share fell 44.64% over the past year to $5.68, which beat the estimate of $4.55.

Revenue of $2,775,000,000 decreased by 24.63% year over year, which beat the estimate of $2,610,000,000.

Guidance

Biogen raised the total revenue outlook for FY21 to $10.65 billion to $10.85 billion from prior guidance of $10.45 billion to $10.75 billion.

• Adjusted EPS outlook remains unchanged at $17.50 to $19.00, the mid-point being lower than the analyst consensus of $18.41.

Details Of The Call

Date: Jul 22, 2021

Time: 08:00 AM

ET Webcast URL: https://event.webcasts.com/starthere.jsp?ei=1479841&tp_key=5ec330783d

Recent Stock Performance

52-week high: $468.55

Company's 52-week low was at $223.25

Price action over last quarter: Up 22.61%

Company Description

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel MS drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is co-promoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with SOBI) were spun off as part of Bioverativ in 2017. Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis. Aduhelm was approved as the firm's first Alzheimer's disease therapy in June 2021.