Biogen falls on Tecfidera miss

Biogen Inc. (NASDAQ:BIIB) shed $28.57 to $401.71 on Friday, losing $6.7 billion of market cap, as investors digested disappointing sales of Tecfidera dimethyl fumarate. The multiple sclerosis (MS) drug posted 1Q15 revenues of $825 million, up from $506 million in 1Q14 but down 10% from $916 million in 4Q14. The 1Q15 consensus Tecfidera estimate was north of $930 million.

Overall, Biogen reported 1Q15 revenues of $2.55 billion, up 20% from $2.13 billion in 1Q14 but shy of the $2.66 billion consensus estimate. EPS came in at $3.82, up 55% from $2.47 in 1Q14 but short of the consensus figure of $3.91. ...