(Reuters) - Biogen Inc (NASDAQ:BIIB) reported a 70.7% fall in first-quarter profit on Thursday, as its top-selling multiple sclerosis drug Tecfidera faced increased competition from cheaper generic versions.
Tecfidera generated sales of $3.84 billion in 2020, accounting for 28.5% of the company's total revenue, and Biogen has said it expects a "financial reset" in 2021 primarily due to the entry of the generics.
In the first quarter, sales of the drug tumbled 56.4% to $479.3 million, but stayed ahead of Wall Street estimates of $463.37 million.
Biogen raised its 2021 adjusted profit forecast to $17.50 to $19.00 per share from the previous expectation of $17 to $18.5 per share. It reiterated that the forecast for the year includes anticipated sales from its Alzheimer's drug being reviewed by the U.S. drug agency.
Total revenue fell to $2.69 billion from $3.53 billion.
Net income attributable to the company fell to $410.2 million, or $2.69 per share, in the three months ended March, from $1.40 billion, or $8.08 per share, a year earlier.