Biogen Inc. said its profit fell for the latest quarter as revenue declined and the company spent more on research and development.
The Cambridge, Mass.-based pharmaceutical company on Wednesday posted a profit of $357.9 million for the fourth quarter, compared with $1.44 billion in the prior year. Earnings were $2.32 a share, compared with $8.08 a share a year earlier.
Adjusted earnings were $4.58 a share in the quarter that ended Dec. 31. Analysts polled by FactSet were expecting an adjusted profit of $4.79 a share.
Revenue fell 22.3% to $2.85 billion. Analysts were targeting $2.79 billion in revenue.
Research and development costs rose to $1.73 billion from $691.7 million.
Biogen and its partner Eisai Co. Ltd. last week said their Alzheimer's drug candidate will undergo an additional three months of review by the U.S. Food and Drug Administration after a panel of experts in November voted the agency shouldn't approve the drug. With the extension, the FDA is slated to make a decision on the potential blockbuster drug, aducanumab, on June 7.
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