Biogen Logs Smaller 1Q Profit, Revenue on Declining Drug Sales
22 April 2021 - 10:08PM
Dow Jones News
By Matt Grossman
Biogen Inc. on Thursday logged lower profit and revenue figures
in the first three months of 2021 as sales of its medications
declined.
The Cambridge, Mass.-based pharmaceutical company posted
earnings of $2.69 a share, down from $8.08 a share in last year's
first quarter. Total net earnings attributable to the company
decreased to $410.2 million, from $1.4 billion in 2020's first
quarter.
On an adjusted basis, Biogen's earnings were $5.34 a share in
the quarter. Analysts were forecasting adjusted earnings of $4.97 a
share, according to FactSet.
Revenue was $2.69 billion, down from $3.53 billion in 2020's
first quarter. Analysts had expected revenue of $2.65 billion.
Product revenue declined to $2.21 billion, from $2.9 billion in
the first quarter of 2020. Multiple-sclerosis revenue, including
royalties from the Ocrevus drug, dipped by 26%, to $1.69 billion,
while revenue from Spinraza, for spinal muscular atrophy, decreased
by 8%, to $521 million.
Anti-CD20 therapeutic programs contributed $389 million of
revenue, compared with $520.4 million a year earlier.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 22, 2021 07:53 ET (11:53 GMT)
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