Biogen (NASDAQ:BIIB) shares are down more than 5% premarket Tuesday after the company reported earnings for its latest quarter, missing the consensus profit and revenue estimate.
The biotechnology firm reported fourth-quarter earnings of $2.95 per share, $0.23 worse than the analysts' estimate of $3.18. Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.47 billion.
BIIB said its EPS during the quarter was negatively impacted by $0.35 related to previously disclosed closeout costs for Aduhelm.
“2023 was a year of transformation for Biogen as we saw approval for four first-in-class medicines while we realigned our cost structure, remained prudent in allocating shareholder capital, and reprioritized our pipeline," said BIIB CEO Christopher Viehbacher. "We believe with these key elements in place we are now well positioned to return Biogen to sustainable growth."
Looking ahead, the company said it is expanding its rare disease portfolio with Skyclarys, while Zurzuvae is off to a promising start in the U.S.
Biogen sees its FY2024 EPS between $15 and $16, versus the consensus of $15.64, while it expects total revenue to decline by a low- to mid-single digit percentage vs. 2023 and expects core pharmaceutical revenue to be flat vs. 2023.