Biogen (NASDAQ: BIIB) reported third-quarter 2020 financial results before the opening bell on Wednesday. The biotechnology giant reported a 6% decline in Q3 revenues to $3.38 billion, beating the Wall Street consensus. Earnings of $8.84 per share were also stronger than what analysts had anticipated.
BIIB shares were trading flat immediately following the announcement. The stock has slipped 9% since the beginning of this year.
Biogen also lowered its guidance for the full year, hurt by multiple Tecfidera generic entrants in the US.
