source: Seeking Alpha
Unfortunately for Biogen (NASDAQ:BIIB), its recent earnings report which showed decent numbers, was overshadowed by the revelation the filing of its candidate for treatment of Alzheimer's disease, aducanumab, to the FDA, would be delayed till later in the year.
In what should have been a positive earnings report producing a positive catalyst for the company, it quickly became a negative one, as its share price quickly plunged by over 9 percent in response to the news.
A major concern was there wasn't much in the press release of the company to offer clarity on why the timeline had changed so drastically. The conclusion by some is the FDA may not be that interested in aducanumab as the market thought and Biogen implied, by once again engaging in the filing process.
In this article, we'll look at what this could mean for Biogen going forward.
The latest numbers
In its first quarter earnings report, Biogen reported revenue of $3.5 billion, up 1 percent year-over-year. Leading the charge was its multiple sclerosis drug Tecfidera, which generated revenue of $1.1 billion, a gain of 10 percent over last year in the same reporting period; it's the company's top product. Also doing well in the quarter was it spinal muscular atrophy drug Spinraza, which produced $565 million in sales, up 9 percent over the first quarter of 2019.
The company also gained $100 million in revenue from accelerated sales associated with COVID-19.
GAAP net income in the quarter was $1.4 billion, or $8.08 per share, surpassing expectations by $0.50. Non-GAAP EPS was $9.14, beating estimates by $1.45.
Cash flow from operations in the quarter was about $1.5 billion.
The company had $4.83 billion in cash at the end of the quarter, with a debt load of $5.96 billion.
With strong cash
