Biogen's Stock Tumbles After Sales Missed Expectations, Outlook Cut

Biogen Inc.'s stock tumbled 9.1% in premarket trade Friday, after the biotechnology company beat second-quarter profit expectations, but missed on sales and lowered its full-year outlook. Earnings for the latest quarter rose to $927.3 million, or $3.93 a share, from $714.5 million, or $3.01 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at $4.22, above the FactSet consensus of $4.10. Revenue rose to $2.59 billion from $2.42 billion, below the FactSet consensus of $2.71 billion, as Tecfidera sales of $883 million missed expectations of $1.02 billion and Tysabri revenue of $463 million was below expectations of $508.8 billion. For 2015, Biogen cuts its adjusted EPS outlook to $15.50 to $15.95, below the FactSet consensus of $16.63, and its revenue growth outlook to 6% to 8%, primarily because of lowered expectations for sales growth of its multiple sclerosis treatment Tecfidera. The FactSet revenue consensus implies growth of 13%. The stock has lost 4.2% over the past three months through Thursday, while the S&P 500 has slipped 0.7%.