Categories AlphaGraphs, Earnings, Health Care

Biogen tops market estimates in Q3, lowers guidance

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 Q3 2020 earnings.

Looking forward to listening to management/ analyst comments on Q4 results? Stay tuned here for Biogen Q3 2020 earnings call transcript

Biogen also lowered its guidance for the full year, hurt by multiple Tecfidera generic entrants in the US.

Prior performance

Also Read:  Key highlights from Uber (UBER) Q3 2020 earnings results

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Earnings reports to watch for the week of Nov. 23

After starting the week on a positive note, major stock indexes witnessed volatility and slipped mid-week. Meanwhile, the S&P 500 index regained a part of the lost momentum and closed