A Typical Bad First Quarter For Biotech: Leerink

Biogen (BIIB) kicked off the biotech earnings party last week, followed this week by Gilead Sciences ( GILD )—which is falling today on a downgrade after its poor earnings report — Vertex Pharmaceuticals ( VRTX ), Alexion Pharmaceuticals ( ALXN ), Amgen ( AMGN ) and Celgene ( CELG ). Leerink’s Geoffrey Porges writes that all these save Amgen saw disappointing revenues (although some delivered EPS beats), and thus he has subsequently reduced his sales and earnings estimates for all except Amgen on the back of their reports. Read More »