BIIB - Biogen's Revenue Dip Meets Cost Cuts In Q1 (Rating Upgrade)
2024-04-29 09:00:00 ET
Summary
- Biogen Inc.'s Q1 earnings missed estimates with a decrease in revenue; however, EPS showed minor improvements.
- Operational cost reductions contributed to the EPS gain despite revenue shortfall, with significant cuts in R&D spending.
- Skyclarys continues to perform well, although the Leqembi segment struggles with high costs and modest therapeutic benefits.
- Upgrade to Hold on Biogen stock after recent stock weakness; the current valuation is reasonable, but growth prospects are limited.
Biogen's Q1 Earnings: Mixed Results Amid Operational Adjustments
When I last looked at Biogen Inc. ( BIIB ), it was following their Q4 earnings report, which revealed underwhelming results for their postpartum depression medication, Zurzuvae, multiple sclerosis portfolio, and Alzheimer's treatment, Leqembi. I recommended a sell, and since then, Biogen's stock has fallen 8% while the S&P 500 (SP500) has gained 2.5%....
Biogen's Revenue Dip Meets Cost Cuts In Q1 (Rating Upgrade)