Biogen Q1 Results Top Estimates; Lowers FY25 Adj. EPS Outlook

(RTTNews) - Biotechnology company Biogen, Inc. (BIIB) reported Thursday that net income attributable to the company for the first quarter grew to $240.5 million or $1.64 per share from $393.4 million or $2.70 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $3.02 per share, compared to $3.67 per share in the year-ago quarter.

On average, 24 analysts polled expected the company to report earnings of $2.96 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter grew 6 percent to $2.43 billion from $2.29 billion in the same quarter last year. Revenues were up 8 percent in constant currency. Analysts expected revenues of $2.23 billion for the quarter.

Looking ahead to fiscal 2025, the company now projects adjusted earnings in a range of $14.50 to $15.50 per share on a total revenue decline in the mid-single digits at constant currency to reflect the $165 million upfront transaction payment to Stoke and more favorable foreign exchange.

Previously, the company expected adjusted earnings in a range of $15.25 to $16.25 per share on a revenue decline in the mid-single digits at constant currency.

The Street is looking for earnings of $15.2 per share on a revenue decline of 5.16 percent to $9.18 billion for the year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com