Biogen (BIIB) stock experienced a decline early Tuesday after the biotech company reported adjusted earnings of $2.95 per share on $2.39 billion in fourth-quarter sales. This fell below what analysts had expected, as they had predicted Biogen to earn $3.18 per share on $2.47 billion in sales on average. The company attributed the negative impact to costs related to its discontinued Alzheimer’s drug, Aduhelm, which amounted to a 35-cent loss on fourth-quarter profit.
In comparison, the year-earlier quarter saw Biogen earn $4.05 per share and report $2.54 billion in sales, indicating a decline in results from the previous year. Looking ahead, Biogen guided investors to expect earnings of between $15 and $16 per share for the year, with revenue projected to decrease by a low-to mid-single digit percentage. In premarket trading, Biogen stock dropped more than 2% to 238 dollars.
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