Biogen Q1 Results Top Estimates; Reaffirms FY23 Outlook

(RTTNews) - Biotechnology company Biogen Inc. (BIIB) reported Tuesday net income attributable to the company for the first quarter of $387.9 million or $2.67 per share, higher than $303.8 million or $2.06 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $3.40 per share, compared to $3.62 per share in the year-ago quarter.

On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $3.28 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter declined 2.7 percent to $2.46 billion from $2.53 billion in the same quarter last year. Revenues were down 0.4 percent in constant currency. Analysts expected revenues of $2.34 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 $15.48 per share on a revenue decline of 6.0 percent to $9.56 billion for the year.

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