Biotechnology firm Biogen Inc. (NASDAQ: BIIB) Wednesday reported an increase in adjusted profit for the first quarter of 2024, despite a decline in revenues.
Total revenue declined 7% year-over-year to $2.30 billion in the March quarter. For the full year of 2024, the company expects revenues to decline in the low-to-mid-single digit percentage and projects adjusted earnings per share in the range of $15.00 to 16.00.
Net income attributable to Biogen was $393.4 million or $2.70 per share in Q1, compared to $387.9 million or $2.67 per share in the prior-year period. Adjusted earnings moved up 8% annually to $3.67 per share in the first quarter.
