Shares of Biogen Inc. BIIB, +0.69% fell 2.3% in premarket trading on Tuesday after the company missed Wall Street's expectations for revenue and earnings for the first quarter of 2022. Biogen had net income of $303.8 million, or $2.06 per share, in the first quarter of the year, down from $410.20, or $2.69 per share, in the first quarter of last year. Adjusted earnings per share were $3.62, against a FactSet consensus of $4.34. The company attributed the change in EPS to inventory write-offs for Aduhelm, its controversial Alzheimer's disease drug. Biogen reported revenue of $2.5 billion in the first quarter, down from $2.7 billion in the same three months of last year. The FactSet consensus was $2.5 billion. Tysabri, Biogen's blockbuster multiple sclerosis drug brought in $520.8 million in sales for the quarter (up from $503.3 million), followed by Tecfidera, another MS drug that generated $409.9 million in sales for the quarter (down from $479.3 million). Aduhelm had $2.8 million in sales. Biogen said it plans to put into place $500 million in cost-cutting, with cuts partially coming from eliminating global commercial efforts around Aduhelm. The company reaffirmed guidance for 2022, saying it expects revenue of $9.7 billion to $10.0 billion and EPS of $14.25 to $16.00 for the year. Biogen's stock is down 13.4% this year, while the S&P 500 SPX, +0.48% has declined 12.8%.