Biogen’s stock falls 3.7% after announcing earnings, says it brought in $1 million in sales of Alzheimer’s drug in the fourth quarter

Shares of Biogen Inc.
BIIB,
-1.92%
were down 3.7% in premarket trading on Thursday after the company issued new guidance for 2022. Biogen had earnings of $368.2 million, or $2.50 per share, in the fourth quarter of 2021, compared with $357.9 million, or $2.33 per share, in the fourth quarter a year ago. It had adjusted earnings per share of $3.39, against a FactSet consensus of $3.37. Biogen reported revenue of $2.7 billion in the final three months of the year, down from $2.8 billion a year ago. The FactSet consensus was $2.6 billion. Its multiple-sclerosis drug Tysabri remains its top-selling drug, bringing in $512.7 million in revenue in the fourth quarter, while Spinraza, a spinal muscular atrophy treatment, had $440.7 million in sales. The company’s Alzheimer’s disease drug generated $1 million in sales in the fourth quarter and a total of $3 million in sales for the year since it received approval in the U.S. in June. Biogen also said it expects a recently announced deal with Samsung Biologics Co.
207940,
+4.47%
selling a $2.3 billion stake in Samsung Bioepis will close in mid-2022. It issued guidance for 2022, saying it expects revenue between $9.7 billion and $10.0 billion and adjusted EPS between $14.25 and $16.00. The FactSet consensus was $18.76. Biogen’s stock is down 14.5% over the past year, while the broader S&P 500
SPX,
+0.94%
is up 19.9%.