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In October through December, the company's net income was $249.7 million, or $1.71 per share, as opposed to $550.4 million, or $3.79 per share, in the same period last year. Excluding one-time items, earnings were $2.95 per share, below the average estimate of $3.18 per share provided by FactSet's panel of analysts.
Biogen incurred $0.35 per share in costs related to the termination of the Aduhelm drug development project, which the firm disclosed in January.
The business's revenue for the quarter dropped by 6% to $2.386 billion, missing the $2.466 billion market consensus estimate.
In 2023, Biogen's revenue dropped 3% to $9.84 billion, while its net income dropped 2.6 times to $1.16 billion, or $7.97 per share, with adjusted earnings of $14.72 per share.
The company projects nonrecurring earnings of $15–16 per share in 2024, with a 1%–5% decline in revenue.
Biogen has seen a 15% decrease in capitalization over the last 12 months.
source: bloomberg.com
Biogen incurred $0.35 per share in costs related to the termination of the Aduhelm drug development project, which the firm disclosed in January.
The business's revenue for the quarter dropped by 6% to $2.386 billion, missing the $2.466 billion market consensus estimate.
In 2023, Biogen's revenue dropped 3% to $9.84 billion, while its net income dropped 2.6 times to $1.16 billion, or $7.97 per share, with adjusted earnings of $14.72 per share.
The company projects nonrecurring earnings of $15–16 per share in 2024, with a 1%–5% decline in revenue.
Biogen has seen a 15% decrease in capitalization over the last 12 months.
source: bloomberg.com
