2 Fumbles and 1 Gift in Biogen's Latest Earnings Report
The neurology drug developer Biogen (NASDAQ: BIIB) reported its quarterly earnings on Oct. 21 , stating that its total revenue fell by 6% compared to 2019, reaching $3.37 billion for FY 2020. This contraction was led by a 10% collapse in sales of Spinraza, a therapy for spinal muscular atrophy. More importantly, Biogen took the opportunity to revise its full-year revenue estimates downward, suggesting that it has little faith that sales revenue will dramatically improve in the fourth quarter.
These tidbits are only scratching the surface of Biogen's disclosures. In fact, while the headlining data looked overwhelmingly negative, the market reacted favorably to the report, and the $39 billion market cap company's stock ended the day 0.67% above where it started. Nonetheless, there are still a couple more fumbles to unpack from Biogen's release -- not to mention the announcement of a critical program for increasing shareholder value. Let's dive in.
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Source Fool.com
