Shares of Biogen (NASDAQ: BIIB) are down 3% in today’s trading session after the company reported mixed results and guidance.

The biotechnology company reported EPS of $2.50, or $368.2 million, up from $2.33 per share, or $357.9 million, from the year-ago quarter. Adjusted EPS came in at $3.39, beating the FactSet consensus of $3.37.

The company reported a revenue of $2.7 billion in the quarter, down from $2.8 billion a year earlier and topping the consensus estimates of $2.6 billion.

Biogen’s best-selling drugs Tysabri and Spinraza generated $512.7 and $440.7 million in revenue, respectively. The company’s Alzheimer’s disease drug, which was approved last June, generated $1 million during the quarter and $3 million for the full year.

Going forward, Biogen expects adjusted EPS between $14.25 and $16.00 for the FY2022, short of the analyst consensus of $18.76 in EPS. The company expects revenue of between $9.7 billion and $10.0 billion in 2022.

Needham & Company analyst Ami Fadia says the guidance “reflects the previously announced $500M of cost savings, and could be subject to downside should the final Aduhelm NCD decision not be better than the draft as it would result in write-offs and underutilization of manufacturing costs.”

Fadia expects Biogen stock to trade lower today on weaker-than-expected print and guidance.

Truist analyst Robyn Karnauskas sees investors’ focus clearly on Aduhelm coverage as he reiterated a Buy rating and a $343.00 per share price target.

By Senad Karaahmetovic | [email protected]