Biogen Q2 Earnings: Beats Consensus, Lifts 2024 Profit Forecast As New Drug Launches Expected To Offset Decline In Multiple Sclerosis Med Sales
Portfolio Pulse from Vandana Singh
Biogen Inc (NASDAQ:BIIB) reported strong Q2 earnings, beating consensus estimates with an adjusted EPS of $5.28 and sales of $2.47 billion. Despite a decline in multiple sclerosis drug sales, the company raised its 2024 profit forecast, expecting new drug launches to offset the decline. The stock is down 1.96% following the report.
August 01, 2024 | 3:23 pm
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Biogen reported strong Q2 earnings, beating consensus estimates with an adjusted EPS of $5.28 and sales of $2.47 billion. Despite a decline in multiple sclerosis drug sales, the company raised its 2024 profit forecast, expecting new drug launches to offset the decline. The stock is down 1.96% following the report.
Biogen's strong Q2 earnings and raised profit forecast for 2024 are positive indicators for the company's future performance. However, the decline in multiple sclerosis drug sales and the stock's immediate drop of 1.96% suggest mixed investor sentiment. The new drug launches are expected to offset the decline, which could lead to a positive short-term impact on the stock price.
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