Biogen Stock Slumps 2% After Company Misses Revenue Expectations

Biogen Inc. shares slumped 2% in premarket trade Thursday after the biotechnology company missed first-quarter revenue expectations though it surpassed EPS expectations. Earnings for the latest quarter rose to $970.9 million, or $4.43 per share, from $822.5 million, or $3.49 per share, in the same period a year ago. Adjusted earnings-per-share was $4.79, compared with the FactSet consensus of $4.44. Revenue rose to $2.73 billion from $2.56 billion, missing the FactSet consensus of $2.74 billion. The company, which did not provide outlook for 2016, said it is expecting the release of phase 2 trial data for its multiple sclerosis drug in the coming months, and will begin phase 3 trials for early Alzheimer's disease this year. The stock rose 1.5% over the last three months, compared with a 12.5% lift in the S&P 500.