Biotechnology firm Biogen Inc. (NASDAQ: BIIB) Thursday said its second-quarter earnings and revenues decreased from last year. The results, however, came in above analysts’ forecast.
Net income attributable to the company was $448.5 million or $2.99 per share in the June quarter, down from last year’s profit of $1.54 billion or $9.59 per share. Adjusted earnings dropped to $5.68 per share from $9.85 per share but topped expectations.
Total revenues decreased 25% year-over-year to $2.78 billion during the three-month period. Analysts had predicted a bigger fall.
Read management/analysts’ comments on Biogen’s Q2 report
Shares of Biogen made strong gains early Thursday following the earnings announcement, after closing the previous session higher.