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The biotech handily beat the average analyst estimate for profitability. Investors were surely happy about this, but they might have been more impressed by the sales of a promising drug that recently won approval.
Jerry Castellini, Castle Ark co-founder, joins ‘Power Lunch' to discuss plays for three stocks including: Texas Instruments, Biogen and Chipotle Mexican.
Biogen's (BIIB) first-quarter earnings beat estimates but sales miss the mark. While sales of key drugs like Tecfidera, Tysabri & Spinraza declined, the company's cost-saving efforts show promise.
Although the revenue and EPS for Biogen (BIIB) give a sense of how its business performed in the quarter ended March 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Biogen says first-quarter global in-market sales of Leqembi were about $19 million, nearly triple the fourth quarter of 2023.
Biogen Inc. (NASDAQ: BIIB), a leading biotechnology company, has released its Q1 2024 financial results, showcasing resilience and strategic growth despite facing revenue challenges. In the first quarter of 2024, Biogen reported a revenue of $2.29 billion, which slightly missed expectations by $30 million.
Alzheimer's drug Leqembi brought in in approximately $19 million in sales for the quarter, up from the $10 million the drug generated last year.
Biogen's (BIIB) sales in the first quarter are likely to have been hurt by lower sales of its multiple sclerosis drugs, while sales of Spinraza are likely to have been moderate.
Besides Wall Street's top -and-bottom-line estimates for Biogen (BIIB), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended March 2024.