Biogen revenue drops 24% to $2.69B in Q1

Thursday, 22. April 2021 13:11

American biotechnology company Biogen Inc. announced on Thursday its revenue in the first quarter of 2021 fell 24% on the year to $2.69 billion, topping analyst projections. Furthermore, earnings per share landed at $2.69 on net income of $410 million during the same quarter.

"Our first quarter 2021 results were consistent with our expectations across MS, SMA, and biosimilars despite increased competition," Biogen Chief Executive Officer Michel Vounatsos said. Meanwhile, the company also increased its earnings guidance for the full year as it said it now expects adjusted EPS between $17.50 and $19 after a previous estimate in the range of $17 to $18.50.

Shares of Biogen climbed 1.49% to $273.88 in premarket trading following the release of the company's earnings.

Related Links: Biogen Inc.
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Breaking the News / JC