Biogen not ready to give up on Alzheimer's research

Shares in Biogen (Nasdaq: BIIB) dropped almost 2% on Wednesday morning, despite an upbeat financial results statement which indicated higher-than-expected revenue and earnings.

First quarter total revenues for 2019 were $3.5 billion, an 11% increase on the first quarter of 2018. Net income and diluted earnings per share (EPS) were $1.4 billion and $6.98, respectively, up 7.7% compared to $1.3 billion and $6.05, for the first quarter of 2018.

Revenue growth was driven in part by the continued global launch of Spinraza (nusinersen), which contributed $518 million, up from $364 million in the first quarter of 2018. Biosimilars revenues increased 26% to $175 million, compared to $128 million.