Jim Cramer: Don't Buy Biogen Stock After Earnings

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Biogen reported earnings. 

The company reported a 12% increase in non-GAAP diluted earnings, to $10.26 a share. Analysts surveyed by FactSet were expecting the company to report adjusted earnings of $8.02 per share

Revenue rose 4% year over year to $3.68 billion. Analysts were looking for revenue of $3.43 billion.

“Our progress with aducanumab exemplifies our broader strategy of building a multi-franchise portfolio based on our deep expertise in neuroscience," Chief Executive Michel Vounatsos said in a statement.

On July 8 Biogen said it had completed submission of a biologics license application to the Food and Drug Administration to market aducanumab as a treatment for Alzheimer's disease.

Vounatsos added that Biogen has "multiple near-term value-creation opportunities in other areas such as amyotrophic lateral sclerosis, ophthalmology, lupus, stroke, and biosimilars." 

For the full year, earnings are expected to be $34 to $36 a share, up from its previous guidance between $31.50 and $33.50.

The company provided revenue guidance between $13.8 billion and $14.2 billion, down from its prior guidance range of $14 billion to $14.3 billion.

Watch the video above for Jim Cramer's thoughts on the stock following earnings. 

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