Biogen (NASDAQ:BIIB) shares are moving modestly lower in premarket Tuesday after the biotech giant reported its first-quarter results.
Biogen posted an EPS of $3.40 on revenue of $2.46 billion, beating the consensus for earnings of $3.28 on revenue of $2.34B. The sales beat came in despite weaker-than-expected sales from multiple sclerosis products.
Still, the company reaffirmed its full-year EPS forecast of $15-$16 and still sees revenue falling in mid-to-single digits year-over-year.
Biogen also “initiated additional cost optimization program to align our cost base with expected revenue while also investing for growth” and added that further information will be communicated at the 2Q earnings release.
Truist analysts said the results showed that Biogen is suffering from ongoing multiple sclerosis pricing and competitive pressures.
“We continue to await more detailed plans for potential launch of Leqembi (PDUFA July 6) and zuranolone (PDUFA Aug 5) and on-track cost savings, including terminating and pausing several pipeline programs. We await AdComm panel on June 9 for Leqembi,” the analysts said.
Mizuho analysts added that “1Q can be weak in MS, but today's numbers were a bit weaker than expected."