Biogen Q1 Adj. EPS Tops Estimates, But Sales Miss; Reaffirms FY24 Outlook

(RTTNews) - Biotechnology company Biogen Inc. (BIIB) reported Wednesday net income attributable to the company for the first quarter of $393.4 million or $2.70 per share, higher than $387.9 million or $2.67 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $3.67 per share, compared to $3.40 per share in the year-ago quarter.

On average, 27 analysts polled by Thomson Reuters expected the company to report earnings of $3.44 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter declined 7 percent to $2.29 billion from $2.46 billion in the same quarter last year. Revenues were also down 7 percent in constant currency. Analysts expected revenues of $2.31 billion for the quarter.

Looking ahead to fiscal 2024, the company continues to project adjusted earnings in a range of $15.00 to $16.00 per share on a revenue decline in the low to mid-single digits.

The Street is looking for earnings of $15.46 per share on a revenue decline of 4.0 percent to $9.45 billion for the year.

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