Biogen (NASDAQ: BIIB) announced its third-quarter results on Wednesday. Most of the headlines covering this update focused on the company's better-than-expected revenue and earnings.

It's certainly true that Biogen did top analysts' estimates on both the top and bottom lines. However, the bar for doing so wasn't high. Even with its "positive" results, Biogen's revenue fell 18% year over year while its earnings were more than halved from the prior-year period.

Put into context, the biotech's quarterly update actually wasn't anything for investors to cheer. Instead, there were three big problems with Biogen's Q3 results. 

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Source Fool.com