Photo by Arek Socha from Pixabay

Biogen Inc (BIIB) posted Q2 adjusted EPS of $5.68 ahead of the consensus estimate of $4.55, but quarterly profit fell around 71% Y/Y to $448.5 million as competition intensified for the Company's flagship product, Tecfidera, a multiple sclerosis drug.

Though sales of $2.8 billion came in above expectation of $2.6 billion, it decreased 25% Y/Y at actual currency and decreased 26% at constant currency.

Multiple sclerosis revenue of $1.8 billion decreased 24% Y/Y.

Spinraza sales increased marginally by 1% to $500 million, increased 1% Y/Y at actual currency, and decreased 3% at constant currency. 

Controversial Aduhelm revenue was $2 million. 

Biosimilars revenue of $202 million increased 18% at actual currency and +9% at constant currency.

The Company is facing some hesitancy from hospitals and insurers over its recently approved Alzheimer's drug Aduhelm.

Outlook: Biogen raised the total revenue outlook for FY21 to $10.65 billion to $10.85 billion from prior guidance of $10.45 billion to $10.75 billion, higher than the analyst consensus of $10.63.

Adjusted EPS outlook remains unchanged at $17.50 to $19.00, the mid-point being lower than the analyst consensus of $18.41.

Price Action: BIIB shares are up 0.94% at $326.00 during the premarket session on the last check Thursday.