Biogen (BIIB) tops earnings expectations, reveals workforce reduction

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Go back to Biogen (BIIB) tops earnings expectations, reveals workforce reduction

GE, General Motors, Verizon rise premarket; Goldman Sachs, Dow fall

July 25, 2023 7:50 AM EDT

Investing.com -- U.S. futures edged higher Tuesday, as investors digest a deluge of corporate earnings ahead of a key Federal Reserve meeting.


Here are some of the biggest premarket U.S. stock movers today:



General Motors (NYSE: GM) stock rose 2% after the auto giant lifted its full-year... More

Biogen announces job cuts, turns focus to Alzheimer's drug launch

July 25, 2023 7:04 AM EDT

By Manas Mishra and Mariam Sunny

(Reuters) -Biogen Inc said on Tuesday it expects to slash about 1,000 jobs, or 11% of its workforce, in a fresh round of cost-cutting as it looks to the launch of a new Alzheimer's drug to help it return to growth.

The company said its costs are elevated compared to rivals and that it would focus on higher-growth products such as the recently approved Alzheimer's drug Leqembi, which it sells with partner Eisai.

"We had very prosperous times in the more recent history of the company. And we have seen a... More

Biogen (BIIB) Tops Q2 EPS by 24c, Offers Guidance

July 25, 2023 7:02 AM EDT

Biogen (NASDAQ: BIIB) reported Q2 EPS of $4.02, $0.24 better than the analyst estimate of $3.78. Revenue for the quarter came in at $2.46 billion versus the consensus estimate of $2.37 billion.

GUIDANCE:

Biogen sees FY2023 EPS of $15.00-$16.00, versus the consensus of $15.43.

Total revenue... More

Biogen (BIIB) PT Lowered to $335 at UBS

July 24, 2023 9:22 AM EDT

UBS analyst Colin Bristow lowered the price target on Biogen (NASDAQ: BIIB) to $335.00 (from $346.00) while maintaining a Buy rating.... More