Biogen Inc. (NASDAQ: BIIB) reported its financial results for the quarter ended March 31, 2020 today.
Biogen posted a 1% decline in earnings for the first quarter of 2020 due to higher costs and expenses despite a 1% rise in the top-line. The company continued to develop and expand its pipeline, including making good progress toward the US regulatory filing for aducanumab, as well as bolstering its efforts in gene therapy through a collaboration with Sangamo.
The company believes that the magnitude and uncertainty surrounding the COVID-19 pandemic clearly introduce unanticipated and potentially unquantifiable risks to its business and results over the near-term. While Biogen does expect there will be some impact on timelines for certain of its clinical programs, it still expects the vast majority of the 10 remaining near-term readouts to occur before the end of 2021.
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