Biogen’s stock falls 6% though earnings beat expectations

Shares of Biogen Inc. BIIB, -9.42% tumbled 6% in premarket trading on Wednesday even though the drugmaker beat earnings expectations for the quarter. Biogen had net earnings of $1.39 billion, or $8.08 per share, in the first quarter of 2020, down from $1.41 billion, or $7.15 per share, in the like period a year ago. The FactSet consensus was $1.36 billion, or $7.69 per share. Revenue rose 1% to $3.53 billion in the first quarter of the year, compared with $3.49 billion in the same quarter in 2019, against a FactSet consensus of $3.41 billion. Sales of its spinal muscular atrophy treatment Spinraza rose 9% to $565 million for the quarter, and the company reported an additional $100 million in revenue from accelerated sales as people picked up prescriptions earlier than expected as they prepared for stay-at-home orders, primarily in Europe. It plans to complete the regulatory filing for its experimental and somewhat controversial Alzheimer’s disease drug aducanumab in the third quarter of this year. Biogen’s stock is up 10.9% year-to-date, while the S&P 500 SPX, 2.29% is down 15.3%.