Biogen Q2 profit drops 70.9% to $448M

Thursday, 22. July 2021 13:08

American biotechnology company Biogen Inc. managed to beat analyst estimates with its second-quarter financial results released on Thursday, revealing revenue during the period fell 25% to $2.78 billion.

Meanwhile, Biogen announced earnings per share in the second quarter amounted to $2.99 on net income of $448 million, a 70.9% drop compared to the same three-month period a year earlier. The substantial drop in Biogen's quarterly profit came on the back of weaker sales of the company's multiple sclerosis drug offering.

Shares of Biogen climbed 1.56% to $328 in premarket trading following the release of the company's earnings.

Related Links: Biogen Inc.
Author:
Breaking the News / JC