Biogen’s Good Quarter Delays Drugmaker’s Future Reckoning
- Shares rise more than 5% after it issues rosy earnings report
- CEO Vounatsos says company is ‘refining’ its research strategy
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Biogen Inc. raised its financial forecast for the year after topping second-quarter sales and earnings estimates, but the good news masks a worrying longer-term outlook for the biotechnology giant.
Part of the reason why the company was able to boost guidance Tuesday was due to lower spending on research. Biogen stopped a late-stage trial of an Alzheimer’s drug in March, a failure that has sent its shares into a monthslong slump. That drug was the most watched of its experimental therapies.