Biogen's Q3 revenue down 6% YoY to $3.38B

Wednesday, 21. October 2020 13:04

Biogen Inc. revealed on Wednesday its revenue in the third quarter of 2020 landed at $3.376 billion, down by 6% in comparison to the same period last year, but still above estimates. Its GAAP net income stood at $702 million, marking a decrease of 55% year-on-year, while its diluted earnings per share (EPS) came in at $4.46, worsening by 47% from $8.39 reported to the third trimester of 2019.

"In the third quarter, Biogen continued to execute on its strategy and delivered a solid performance, although we began to face the launch of multiple generics of [the medicine] Tecfidera in the US... We have continued to allocate capital to create the opportunity for long-term shareholder value, including business development with our new collaboration in Parkinson's disease," the company's Chief Executive Michel Vounatsos said.

After the release of the report, Biogen's shares rose by 2.58% in the premarket trading at 7:11 am ET.

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Breaking the News / JR