During its 24 April earnings call, Biogen Inc. tried to redirect attention from the recent Phase III failure of its Alzheimer’s candidate aducanumab and onto the better-than-anticipated performance in the first quarter. But with a key patent for its blockbuster multiple sclerosis drug Tecfidera under challenge, competition coming for its spinal muscular atrophy treatment Spinraza and a high-risk pipeline, the pressure is on.
First quarter revenues of $3.49bn were up 11% quarter-over-quarter, and beat consensus 2%. First quarter GAAP earnings per share were $7.15, an increase of 29% over the year-ago period and 8% above consensus