Biogen (NASDAQ: BIIB) posted first-quarter results that beat analysts’ consensus forecast. The company raised its earnings guidance, but the outlook for the rest of the year largely hinges on FDA decisions regarding its pipeline drugs aducanumab and zuranolone.
The Cambridge, Mass.-based biotech reported revenue of $2.69 billion for the quarter ended March 31, 2021, which is a decrease of 24% compared with the same quarter in 2020.
Adjusted to exclude one-time items, earnings per share were $5.34 on sales of $2.69 billion. Analysts at Canaccord Genuity were looking for EPS of $5.06 on sales of $2.68 billion. The consensus forecast was also for EPS of $5.06.
[Related: Biogen moves forward with aducanumab launch plans]
“Our first quarter 2021 results were consistent with our expectations across MS, SMA, and biosimilars despite increased competition,” said CEO Michel Vounatsos in a statement.
The company’s sales of Tecfidera, Spinraza and bios…