Biogen Reports First-Quarter Results, Shares Plunge 9.4%

Biogen (NASDAQ: BIIB) released its first-quarter earnings report before the market opened on Wednesday, reporting $3.5 billion in revenue, a 1% year-over-year increase. Sales of the multiple sclerosis drug Tecfidera, which is the biotech company's best-selling product, grew 10% to $1.1 billion. And Spinraza, its treatment for spinal muscular atrophy, recorded revenue of $565 million, up 9% compared to the prior-year quarter.

Biogen's revenue got a $100 million boost as a result of accelerated sales propelled by the COVID-19 pandemic. The company's GAAP net income was $1.4 billion, or $8.08 per share basis. Its net income decreased by less than 1% compared to the year-ago period, while its earnings per share increased by 13%.

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Source Fool.com