2 Fumbles and 1 Gift in Biogen's Latest Earnings Report

The neurology drug developer Biogen (NASDAQ:BIIB) reported its quarterly earnings on Oct. 21 , stating that its total revenue fell by 6% compared to 2019, reaching $3.37 billion for FY 2020. This contraction was led by a 10% collapse in sales of Spinraza, a therapy for spinal muscular atrophy. More importantly, Biogen took the opportunity to revise its full-year revenue estimates downward, suggesting that it has little faith that sales revenue will dramatically improve in the fourth quarter.