💊 Moderna Tumbles on Lower Sales Forecast, Neurocrine Biosciences Beats Expectations, Vericel and MiMedx Slide | Biotech Sector Insights
Regeneron Pharmaceuticals exceeded earnings and revenue estimates, benefiting from strong Dupixent sales but facing weaker Libtayo sales. In contrast, Biogen raised its fiscal year 2024 guidance and reported strong Q2 results.
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Below are AI-generated insights on moves in the health care/biotechnology sector, powered by MarketReader technology.
Thursday, August 1
IBB [-0.4%]
The iShares Biotechnology ETF (IBB) has seen a decline of 0.3% since Wednesday. Significant contributors to this downturn include Moderna, which reported higher-than-expected revenue but a larger loss per share, alongside a downgraded 2024 outlook due to lower EU sales and increased competition. Regeneron Pharmaceuticals exceeded earnings and revenue estimates, benefiting from strong Dupixent sales but facing weaker Libtayo sales. BioNTech experienced a notable drop in revenue growth and profitability challenges. In contrast, Biogen raised its fiscal year 2024 guidance and reported strong Q2 results. Additionally, Blueprint Medicines raised its 2024 revenue outlook and outperformed EPS estimates. The Russell 2000 Index has also declined by 0.71%, reflecting broader market sentiment that may be influencing biotech stocks.