Biogen Profit, Sales Fall Short Of Estimates
Biogen Inc. said Friday it had net income of $822.5 million, or $3.49 a share, in the first quarter, up from $479.9 million, or $2.02 a share, in the year-earlier period. Adjusted per-share earnings came to $3.82, below the FactSet consensus of $3.92. Revenue rose to $2.55 billion from $2.13 billion, but also lagged the FactSet consensus of $2.66 billion. "In the first quarter, we continued to gain share in the MS market and we believe that our MS product portfolio is well positioned to provide patients the breadth of choices that they need," Chief Executive Officer George A. Scangos said in a statement. Total multiple sclerosis sales came to $2.1 billion in the quarter, up from $1.7 billion a year ago. Shares fell 3.3% in premarket trade, but are up 26.8% in the year so far, while the S&P 500 is up 2.6%.
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