Biogen on Wednesday beat Wall Street estimates for quarterly profit, but failed to ease investor concerns about long-term growth after it recently shelved the development of an Alzheimer's drug.
Biogen on Wednesday beat Wall Street estimates for quarterly profit, but failed to ease investor concerns about long-term growth after it recently shelved the development of an Alzheimer's drug that was expected to be its next blockbuster, sending its shares down 2 percent.
"The plan A was always to prepare Biogen for growth even without aducanumab," Chief Executive Officer Michel Vounatsos said."I believe Biogen is set to rebound and I fundamentally believe we will be back." The company's growth driver Spinraza, used for treating spinal muscular atrophy, brought in $518 million in the quarter, beating Refinitiv IBES estimates of $486.4 million.
Sales of Biogen's top-selling multiple sclerosis drug Tecfidera came in at $999 million in the quarter, but narrowly missed consensus estimates.
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