Biogen (BIIB) - Get Report fell slightly after hours Thursday after the company said had received a subpoena from the federal government related to government price reporting and rebate payments in its most recent 10-K.
The biotech company's shares fell almost 2%, to $262.25 apiece after hours.
According to the company's 10K filed Feb. 2, Biogen received a subpoena from the federal government on Dec. 5 on how it reported prices to the government, its rebate payments and co-pay assistance programs for several drugs, including Avonex, Tecfidera, Tysabri and Plegridy.
Biogen also revealed that on Dec. 29, it received a civil investigative demand from the federal government for any documents and information on its relationships with groups that provide clinical education and reimbursement support services.
According to the 10K, Biogen is cooperating with the federal government on both investigations.
Biogen was up 1.83% during normal trading hours, with shares hitting $264.23 apiece at close.
The news of the subpoena and investigation comes just days after the company reported earnings and provided 2017 guidance on Jan. 26. Biogen reported $11.4 billion in 2016 revenue. On a non-GAAP basis, Biogen forecast 2017 earnings in the range of $20.45 to $21.25 per share, meeting consensus estimates.
Biogen officials could not be reached for immediate comment Thursday.