Biotechnology firm Biogen Inc. (NASDAQ: BIIB) reported lower earnings, on an adjusted basis, and revenues for the first quarter of 2023.
Total revenue declined 3% year-over-year to $2.46 billion. For the full year of 2023, the company expects revenues to decline in the mid-single digit percentage and projects adjusted earnings per share in the range of $15.00 to 16.00.
Net income attributable to Biogen Inc. was $387.9 million or $2.67 per share in Q1, compared to $303.8 million or $2.06 per share last year. Adjusted earnings declined 6% to $3.40 per share.