Biogen earnings for the first quarter of 2019 have BIIB stock down on Wednesday despite it beating it estimates.
Biogen (NASDAQ:BIIB) starts off its earnings report for the first quarter of the year with earnings per share of $6.98. This is up from the company’s earnings per share of $6.05 from the first quarter of 2018. It also comes in above Wall Street’s earnings per share estimate of $6.84 for the period, but couldn’t keep BIIB stock from dropping today.
Biogen earnings for the first quarter of 2019 also include net income of $1.41 billion. This is better than the company’s net income of $1.17 billion reported in the same period of the year prior.
Operating income reported in the Biogen earnings report for the first quarter of the year comes in at $1.50 billion. That’s a drop from the company’s operating income of $1.54 billion reported in the first quarter of the previous year.
The Biogen earnings report for the first quarter of 2019 also includes revenue of $3.49 billion. This is an increase over the biotechnology company’s revenue of $3.13 billion reported during the same time last year. It also beats out analysts’ revenue estimate of $3.39 billion for the quarter, but BIIB stock is still down today.
So what exactly is keeping BIIB stock down today? The company has had to recently give up on a drug to treat Alzheimer’s following poor results. Plans in the most recent earnings report likely aren’t giving investors as much hope for the future as Biogen was expecting.
BIIB stock was down 2% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.