By Matt Grossman
Biogen Inc. on Thursday logged lower profit and revenue figures in the first three months of 2021 as sales of its medications declined.
The Cambridge, Mass.-based pharmaceutical company posted earnings of $2.69 a share, down from $8.08 a share in last year's first quarter. Total net earnings attributable to the company decreased to $410.2 million, from $1.4 billion in 2020's first quarter.
On an adjusted basis, Biogen's earnings were $5.34 a share in the quarter. Analysts were forecasting adjusted earnings of $4.97 a share, according to FactSet.
Revenue was $2.69 billion, down from $3.53 billion in 2020's first quarter. Analysts had expected revenue of $2.65 billion.
Product revenue declined to $2.21 billion, from $2.9 billion in the first quarter of 2020. Multiple-sclerosis revenue, including royalties from the Ocrevus drug, dipped by 26%, to $1.69 billion, while revenue from Spinraza, for spinal muscular atrophy, decreased by 8%, to $521 million.
Anti-CD20 therapeutic programs contributed $389 million of revenue, compared with $520.4 million a year earlier.
Write to Matt Grossman at email@example.com
(END) Dow Jones Newswires