Biogen Q2 Results Top Estimates; Boosts FY24 Outlook

(RTTNews) - Biotechnology company Biogen Inc. (BIIB) reported Thursday net income attributable to the company for the second quarter of $583.6 million or $4.00 per share, higher than $591.6 million or $4.07 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $5.28 per share, compared to $4.02 per share in the year-ago quarter.

On average, 27 analysts polled by Thomson Reuters expected the company to report earnings of $4.02 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter remained relatively flat with the same quarter last year at $2.46 billion. Revenues were up 0.9 percent in constant currency. Analysts expected revenues of $2.38 billion for the quarter.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $15.75 to $16.25 per share on a revenue decline in the low-single digits. Previously, the company expected adjusted earnings in the range of $15.00 to $16.00 per share on a revenue decline in the mid-single digits.

The Street is looking for earnings of $15.58 per share on a revenue decline of 3.2 percent to $9.53 billion for the year.

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