Biogen Shares Drop 5% Despite Q2 Beat 
<p><a href='https://financialmodelingprep.com/financial-summary/BIIB'>Biogen Inc. (NASDAQ:BIIB)</a> shares closed more than 5% lower on Wednesday despite the company’s reported strong Q2 results, with EPS of $5.25 coming in better than the Street estimate of $4.13. Revenue was $2.59 billion, compared to the Street estimate of $2.49 billion.</p>
<p>The company expects the full 2022-year EPS to be in the range of $15.25-$16.75, compared to the Street estimate of $15.54. Full-year revenue is expected to be in the range of $9.9-10.1 billion, compared to the Street estimate of $9.84 billion.</p>
<p>According to Wedbush analysts, generic competition remains an issue on the commercial front, however, FX headwinds are now also present with management noting a negative impact on 2022 revenue of approximately $55 million. The company reported that the BIIB104 program in CIAS will be terminated after failing to meet its endpoints. The company's R&D prioritization continues but would seemingly need lecanemab Phase 3 CLARITY AD results (expected Fall 2022) before the process can conclude. </p>
<p>The analysts continue to see the company in a holding pattern and while the commercial results are better than anticipated, they view it as a declining business.</p>

NASDAQ:BIIB