Biogen beats estimates to make solid start to key year

25 April 2023

US biotech company Biogen (Nasdaq: BIIB) beat analysts’ expectations with its first-quarter 2023 financial results, exceeding forecasts with both sales and earnings figures.

The Boston-based firm recorded quarterly revenue of $2.46 billion, down 3% on a year ago but ahead of the Wall Street consensus estimate of $2.34 billion. Earnings per share dropped by 6% to $3.40, but again above the analyst estimate of $3.28.

"We continued to make strong progress against our business priorities, most importantly execution of three potential launches in 2023"Biogen reaffirmed its 2023 guidance, which is for a mid-single digit percentage decline in revenue versus 2022, and earnings per share of between $15 and $16.

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