Biogen Inc.'s stock took a hit in the pre-market trading session on Wednesday, plummeting 5.3% as the biopharmaceutical company forecasted 2025 profit below Wall Street expectations.
The company's lackluster performance is attributed to two key factors:
1. The impact of a strong U.S. dollar, which has eroded the company's overseas revenue and profit.
2. Intensifying competition for its multiple sclerosis drugs, which have faced fierce rivalry in the market.
Despite efforts by the new CEO, Christopher Viehbacher, to streamline operations and pursue acquisitions, such as the $6.5 billion takeover of Reata Pharmaceuticals in 2023, concerns remain about Biogen's ability to sustain growth. The company expects 2025 revenue to decline by a mid-single-digit percentage, excluding currency fluctuations, from 2024 levels.
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