Biogen Q2 Results Top Estimates; Backs FY23 Outlook
(RTTNews) - Biotechnology company Biogen, Inc. (BIIB) reported Tuesday that net income attributable to the company for the second quarter plunged to $591.6 million or $4.07 per share from $1.06 billion or $7.24 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $4.02 per share, compared to $5.25 per share in the year-ago quarter.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $3.77 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter declined 5.1 percent to $2.46 billion from $2.59 billion in the same quarter last year. Revenues were down 3.4 percent in constant currency. Analysts expected revenues of $2.37 billion for the quarter.
Looking ahead to fiscal 2023, the company continues to project adjusted earnings in a 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 $15.43 per share on a revenue decline of 5.6 percent to $9.60 billion for the year.
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