Before market open on Wednesday, (NASDAQ: BIIB) unveiled its first earnings report of 2024. Happily, the company was far more profitable than many expected it to be, and investors rewarded this performance by trading the stock up by almost 5%. That compared quite favorably to the essentially flat performance of the S 500 index.

In its first quarter, Biogen took in $2.29 billion in revenue, which was down by 7% on a year-over-year basis. Its product sales slipped by 3%, led by a 4% decline in its No. 1 product category: multiple sclerosis. Other revenue saw a far steeper fall of 39%, but this segment is notably smaller (it totaled $579 million).

The story was quite different on the bottom line. The biotech grew its non-GAAP (generally accepted accounting principles) adjusted net income by 8% to $535 million, or $3.67 per share.

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Source Fool.com