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.

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