: Biogen's Q1 profit and revenue lag estimates, weighed down by Alzheimer's drug #FinanceUSA #StockMarketNEWS Shares of Biogen Inc. fell 2.3% in premarket trading on Tuesday after the company missed

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Biogen's Q1 profit and revenue lag estimates, weighed down by Alzheimer's drug #FinanceUSA #StockMarketNEWS
Shares of Biogen Inc. fell 2.3% in premarket trading on Tuesday after the company missed Wall Street's expectations for revenue and earnings for the first quarter of 2022. Biogen had net income of 3.8 million, or .06 per share, in the first quarter of the year, down from 0.20, or .69 per share, in the first quarter of last year. Adjusted earnings per share were .62, against a FactSet consensus of .34. The company attributed the change in EPS to inventory write-offs for Aduhelm, its controversial Alzheimer's disease drug. Biogen reported revenue of .5 billion in the first quarter, down from .7 billion in the same three months of last year. The FactSet consensus was .5 billion. Tysabri, Biogen's blockbuster multiple sclerosis drug brought in 0.8 million in sales for the quarter (up from 3.3 million), followed by Tecfidera, another MS drug that generated 9.9 million in sales for the quarter (down from 9.3 million). Aduhelm had .8 million in sales. Biogen said it plans to put into place 0 million in cost-cutting, with cuts partially coming from eliminating global commercial efforts around Aduhelm. The company reaffirmed guidance for 2022, saying it expects revenue of .7 billion to .0 billion and EPS of .25 to .00 for the year. Biogen's stock is down 13.4% this year, while the S&P 500 has declined 12.8%.

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