Shares of Biogen Inc. were down 2.8% in premarket trading on Wednesday after the company missed on revenue in the second quarter of the year. Revenue for three of Biogen’s top-selling therapies - muscular-atrophy therapy Spinraza and multiple-sclerosis drugs Tecfidera and Tysabri - was lower this quarter than in the same three months of last year. Biogen reported earnings of $1.0 billion, or $7.24, in the second quarter of 2022, compared with $448.5 million, or $2.99, in the same quarter a year ago. Adjusted earnings per share were $5.25, against a FactSet consensus of $4.06. The company reported $2.0 billion in revenue for the second quarter of the year, down from $2.2 billion in the same three months of last year. The FactSet consensus was $2.4 billion. Tysabri remains Biogen’s top-selling drug, generating $516.2 million in sales for the quarter, down from $524.2 million in the second quarter of 2021. The company updated its guidance for the year, saying it now expects revenue of $9.9 billion to $10.1 billion in 2022 instead of $9.7 billion to $10.0 billion and EPS of $15.25 to $16.75 instead of $14.25 to $16.0. Biogen’s stock is down 8.2% this year, while the broader S&P 500 has declined 17.4%.
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