5 Stocks Making Moves on Financial Results

2. Biogen Inc. (NASDAQ:BIIB)

Number of Hedge Fund Holders: 67

Biogen Inc. (NASDAQ:BIIB) recently caught investors’ attention after reporting financial results for the third quarter. The Massachusetts–based biotechnology company reported adjusted earnings of $4.77 per share, compared to $5.64 per share in the year-ago quarter.

Revenue came in at $2.7 billion, down 18 percent from $3.37 billion in the comparable period of 2020. Analysts were expecting Biogen Inc. (NASDAQ:BIIB) to report earnings of $4.09 per share on revenue of $2.6 billion.

If we look at the performance of key medicine categories, multiple sclerosis revenue fell 19 percent to $1.8 billion, while revenue from spinal muscular atrophy medicine Spinraza decreased 10 percent on a year-over-year basis. In comparison, biosimilars revenue slipped two percent to $203 million, while Aduhelm revenue came in at $0.3 million.

Commenting on the quarter, CEO Michel Vounatsos said:

“2021 continues to be a transformative year for Biogen with the launch of ADUHELM and the initiation of the rolling submission for lecanemab in Alzheimer’s disease. In addition, along with Sage Therapeutics we are pursuing a filing for zuranolone in depression.”