Biogen beats expectations, despite 24% sales dive

US biotech major Biogen (Nasdaq: BIIB) today reported first quarter 2021 financial results which, though well below 2020 comparisons, beat analysts’ expectations. The news saw the company’s share rise 1.4% pre-market, but they were down 4.1% at $259.84 mid-morning.

First quarter total revenue of $2,694 million decreased 24% versus the prior year at actual currency and decreased 25% at constant currency.

First quarter generally accepted accounting principles (GAAP) net income and diluted earnings per share (EPS) attributable to Biogen were $410 million and $2.69, respectively, compared to $1.4 billion, or $8.10 per share, in the like quarter in 2020. First quarter Non-GAAP net income and diluted EPS attributable to Biogen were $813 million and $5.34, respectively.