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Biogen, Elan Skid on Drug News
Updated from 1:40 p.m. EDT
Disappointing test results for an experimental drug and slower-than-expected sales growth of a new psoriasis treatment helped drag down shares of Biogen(BGEN Quote) Thursday, even though the company posted a jump in second-quarter earnings.
Shares of Biogen closed at $38.70, down $2.48, or 6%, after falling as low as $38.33. However, the company reaffirmed its full-year earnings per share guidance of $1.72 to $1.85.
The experimental drug test news was even worse for Biogen's research-and-development partner Elan (ELN Quote), of Dublin, Ireland, whose stock ended at $4.47, down $1.99, or 30.8%. ...
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