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Nov. 14, 2019, 3:09 p.m. EST

Biogen shares fall 3%

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By Jaimy Lee

Shares of Biogen /zigman2/quotes/201531540/composite BIIB -1.58% fell about 3% in afternoon trading. The Cambridge, Mass.-based biopharmaceutical company is facing a patent challenge from Mylan for its top-selling drug, multiple sclerosis treatment Tecfidera. A hearing was held Wednesday as part of the review; Evercore ISI analyst Umer Raffat wrote that "certain statements in the judge's institution decision suggested a very tough setup for Biogen on this IPR," but the hearing "appeared to have gone better than we anticipated." Tecfidera had a 3% bump in sales to $1.12 billion in the third quarter, up from $1.09 billion in the same period a year ago. Also, on Wednesday, the National Multiple Sclerosis Society came out in opposition to the pricing for Vumerity, a newly approved MS drug developed by Biogen and Alkermes /zigman2/quotes/205084517/composite ALKS -2.06% . Biogen stock is down 9.2% for the year, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.48% is up about 23%.

/zigman2/quotes/201531540/composite
US : U.S.: Nasdaq
$ 272.88
-4.38 -1.58%
Volume: 1.54M
Feb. 26, 2021 4:00p
P/E Ratio
11.16
Dividend Yield
N/A
Market Cap
$42.24 billion
Rev. per Employee
$1.36M
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/zigman2/quotes/205084517/composite
US : U.S.: Nasdaq
$ 19.04
-0.40 -2.06%
Volume: 1.72M
Feb. 26, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.10 billion
Rev. per Employee
$462,698
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/zigman2/quotes/210599714/realtime
US : S&P US
3,811.15
-18.19 -0.48%
Volume: 3.12B
Feb. 26, 2021 5:04p
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