Biogen tops earnings expectations, reveals workforce reduction By Investing.com

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Biogen tops earnings expectations, reveals workforce reduction

Published Jul 25, 2023 23:30

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Biogen tops earnings expectations, reveals workforce reduction

BIIB

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Biogen (NASDAQ:BIIB) shares are trading higher premarket after topping second-quarter earnings and revenue expectations. The company also revealed it will cut jobs in order to save costs.

BIIB reported Q2 EPS of $4.02, $0.24 better than the analyst estimate of $3.78, while revenue for the quarter came in at $2.46 billion versus the consensus estimate of $2.37 billion.

In its report, the company also told investors it will cut its workforce by around 1,000 as part of its "Fit for Growth" program, which is expected to generate approximately $1 billion in gross operating expense savings.

"We have taken a bottom-up view to shift our resources to the areas of greatest value creation," said Biogen President and Chief Executive Officer Christopher Viehbacher.

"While we will be making significant investments in our newly prioritized pipeline and new product launches, we will also need to invest less in other areas which are no longer growing. With these changes, I believe that Biogen will be better positioned to maximize its growth opportunities going forward."

Biogen shares are up over 1% premarket, trading above the $281 per share mark.

Looking ahead, the company said it sees FY2023 EPS between $15 and $16, versus the consensus of $15.43. Revenue for the period is expected to decline in the mid-single digit percentage.

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