Biogen Q3 Results Top Estimates; Boosts FY24 Adj. EPS Outlook

(RTTNews) - Biotechnology company Biogen, Inc. (BIIB) reported Wednesday net income attributable to the company for the third quarter of $388.5 million or $2.66 per share, compared to a net loss of $68.1 million or $0.47 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $4.08 per share, compared to $4.36 per share in the year-ago quarter.

On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $3.79 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter declined 2.5 percent to $2.47 billion from $2.53 billion in the same quarter last year. Revenues were down 2.8 percent in constant currency. Analysts expected revenues of $2.43 billion for the quarter.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $16.10 to $16.60 per share, up from the prior forecast range of $15.75 to $16.25 per share. The company continues to expect revenues to decline in the low-single digits.

The Street is looking for earnings of $16.19 per share on a revenue decline of 2.0 percent to $9.64 billion for the year.

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