logo
  

Biogen Reaffirms FY22 Outlook; Q1 Adj. EPS Misses Estimates

While reporting financial results for the first quarter on Tuesday, Biogen Inc. (BIIB) reaffirmed its adjusted earnings and revenue guidance for the full-year 2022.

For fiscal 2022, the company continues to project adjusted earnings in the range of $14.25 to $16.00 per share on revenues between $9.70 billion and $10.0 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $15.44 per share on revenues of $9.87 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net income attributable to the company of $303.8 million or $2.06 per share, down from $410.2 million or $2.69 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $3.62 per share, compared to $5.34 per share in the year-ago quarter.

Total revenue for the quarter declined 6 percent to $2.53 billion from $2.69 billion in the same quarter last year. Revenues were down 5 percent in constant currency.

The Street expected the company to report earnings of $4.38 per share on revenues of $2.50 billion for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford Motor is increasing the entry-level price of its electric F-150 Lightning pickup citing rising costs and supply chain issues amid increasing demand. This is the second price hike after a recent increase in August. The starting price of the 2023 model year pickup will be raised by $5,000 by October 24, reports said citing an email statement. Constellation Brands, Inc. (STZ) said it delivered another quarter of strong business performance. Beer Business achieved double-digit net sales growth for the quarter, while Wine and Spirits net sales rose 1%. The solid top-line performance of its Beer and Wine and Spirits Businesses in the first half... Tyson Foods announced its "OneTyson" plan, under which it will bring together corporate team members from three corporate locations in Illinois and South Dakota to its world headquarters in Arkansas. Team members from the corporate locations of Chicago, Downers Grove in Illinois, and Dakota Dunes area in South Dakota are expected to begin the phased relocation in early 2023 to Springdale.
Follow RTT