Biogen Revises Annual Forecast As Reata M&A And Alzheimer's Drug Expenses Hit Bottomline, Stock Slides
Portfolio Pulse from Vandana Singh
Biogen Inc (NASDAQ:BIIB) reported Q3 FY23 sales of $2.53 billion, beating the consensus of $2.39 billion. However, the company revised its FY23 revenues to decline in a low-single-digit percentage versus FY22 due to the completed acquisition of Reata and other factors. The company's shares are trading lower by 4.60% at $234.32.
November 08, 2023 | 5:43 pm
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Biogen's Q3 FY23 sales beat consensus but the company revised its FY23 revenues to decline due to the Reata acquisition and other factors. This has led to a 4.60% drop in the company's share price.
Biogen's Q3 FY23 sales beat the consensus, which is a positive sign. However, the company revised its FY23 revenues to decline due to the completed acquisition of Reata and other factors. This has negatively impacted investor sentiment, leading to a 4.60% drop in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100