Biogen (BIIB) reports mixed financial performance in Q1 2024 with earnings surpassing expectations, but revenues lagging. The earnings were driven by cost-cutting measures, despite a decline in revenues from key drugs and expensive Aduhelm costs. The filing of Biogen's ALS drug Tofersen was accepted in Europe, promising potential growth. However, Q1 sales suffered due to decreasing sales of multiple sclerosis therapies and contenders for Biogen's Alzheimer drug. Biogen's stock saw fluctuations, at times rising on Alzheimer drug uptake and positive Q1 results, or falling due to market situations. Yet, it saw a surge when the FDA delayed its decision on Eli Lilly's Alzheimer's treatment. Biogen's possible engagement in deals to compensate revenue shortfall was highlighted. It also faced a subpoena from the Department of Justice for business operations in foreign countries. Further, Biogen lowered its 2023 earnings guidance owing to Reata acquisition costs.
Biogen BIIB News Analytics from Wed, 01 Nov 2023 07:00:00 GMT to Fri, 10 May 2024 10:02:28 GMT -
Rating -4
- Innovation 3
- Information 6
- Rumor -5
