Biogen Stock Rises on Strong Q2 Performance
Biogen (NASDAQ: BIIB) saw its stock rise nearly 2% in the second quarter of 2024, outperforming the S&P 500's modest gain. The biotech company reported $2.7 billion in revenue for the period, a 3% increase year-over-year. However, adjusted net income fell to $536 million from $803 million due to higher expenses and interest costs related to its acquisition of Apellis Pharmaceuticals. Despite this decline in profitability, Biogen exceeded analysts' expectations on both revenue ($2.4 billion expected) and earnings per share (EPS), reporting adjusted EPS of $3.60 versus the estimated $3.17. The company's growth portfolio drove much of its top-line success, generating a 24% year-over-year increase to $1.06 billion in revenue. Biogen also revised its full-year guidance upward for revenue and downward for adjusted EPS due to ongoing expenses from strategic moves like the Apellis acquisition.
Tickers: $BIIB
Topics: biotech profitability revenue_growth