Biogen raises full year 2024 guidance, despite 3rd qtr sales dip
US biotech Biogen (Nasdaq: BIIB) raised its annual earnings guidance and reported better-than-expected top and bottom lines for the third quarter of 2024, sending the company’s shares rising 3% in pre-market trading Wednesday.
For the third quarter of 2024, Biogen reported total revenue of $2.47 billion, a slight decrease of 3% compared to the same period in 2023, but a little more than the consensus estimate of $2.43 billion.
Under Generally accepted accounting principal (GAAP) diluted earnings per share (EPS) were $2.66, a substantial improvement from a loss of $0.47 in the third quarter of 2023. Non-GAAP diluted EPS was $4.08, down 6% from $4.36 in the previous year.
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