Biogen Q2 Earnings Tops Expectations, Shift Resources To Higher Value Area(s), Layoff 1K Staff
Portfolio Pulse from Vandana Singh
Biogen Inc (NASDAQ:BIIB) reported Q2 FY23 sales of $2.46 billion, surpassing the consensus of $2.37 billion. The company's multiple sclerosis drug Tysabri sales are down to $483.1 million from $516.2 million. Biogen's 'Fit for Growth' program is expected to generate approximately $1 billion in gross operating expense savings, with a net headcount reduction of approximately 1,000. The company reiterated FY23 sales to decline by a mid-single-digit percentage.
July 25, 2023 | 12:36 pm
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Biogen's Q2 FY23 sales exceeded expectations, but the company plans to lay off 1,000 staff as part of its cost-saving measures. The company's FY23 sales are expected to decline.
While Biogen's Q2 sales beat expectations, the company's plan to lay off 1,000 staff and the expected decline in FY23 sales could potentially impact the company's stock price.
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IMPORTANCE 80
RELEVANCE 100