Biogen 3rd-qtr beats consensus forecasts

25 October 2022

US biotech major Biogen (Nasdaq: BIIB) today reported third quarter 2022 financial results that were better than investors expected, but the stock fell 2.3% to $267.84 in early trading.

Third quarter total revenue of $2.51 billion decreased 10% versus the prior year at actual currency and 8% at constant currency, but exceeded consensus estimates of $2.47 billion.

Third quarter generally accepted accounting principles (GAAP) net income and diluted earnings per share (EPS) attributable to Biogen were $1.14 billion and $7.84, respectively. Third quarter non-GAAP net income and diluted EPS attributable to Biogen were $691 million and $4.77, respectively. The latter figure exceeded expectations of $4.13 per share.

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