BIOTECHNOLOGY
Biogen results rise, but miss forecasts
CAMBRIDGE — Biogen Inc. reported lower-than-expected profit and revenue for the first quarter on slower sales growth of its multiple sclerosis drug Tecfidera. The biotechnology company reported its first-quarter profit climbed 71 percent to $822.5 million, or $3.49 per share. Revenue rose 20 percent to $2.55 billion, which also fell short of Street forecasts. Nineteen analysts surveyed by Zacks expected $2.66 billion. The disappointing results sent Biogen shares down $28.57, or 6.6 percent, to $401.71 Friday.
BLOOMBERG NEWS
FINANCE
State Street earnings up as fee revenue increases
State Street Corp. said first-quarter profit rose 5.9 percent on higher fee revenue and income from foreign exchange trading. Net income increased to $377 million, or 90 cents a share, from $356 million, or 81 cents, a year earlier, the company said Friday. Earnings missed the $1.09 a share estimate of nine analysts surveyed by Bloomberg. State Street chief executive Joseph Hooley has relied on a combination of cost savings and market gains to overcome the impact of low interest rates.
BLOOMBERG NEWS
FOOD
Diet Pepsi dropping aspartame on customer concerns
NEW YORK — PepsiCo says it’s dropping aspartame from Diet Pepsi in response to customer worries and replacing it with sucralose, another artificial sweetener commonly known as Splenda. The decision to swap sweeteners comes as Americans keep turning away from popular diet sodas. Rival Coca-Cola said this week that sales volume for Diet Coke, which also uses aspartame, fell 5 percent in North America in the first three months of the year. Atlanta-based Coca-Cola said in a statement that it has no plans to change the sweetener in Diet Coke, which is the country’s top-selling diet cola. The Food and Drug Administration says aspartame is ‘‘one of the most exhaustively studied substances in the human food supply, with more than 100 studies supporting its safety.’’
ASSOCIATED PRESS
TRANSPORTATION
In year of recalls, GM paid CEO $15.8 million
DETROIT — General Motors CEO Mary Barra’s compensation more than tripled in 2014 to $15.8 million in her tumultuous first year in the automaker’s top job. Barra, 53, became the first woman to lead a major global automaker on Jan. 15. Almost immediately, she was hit with a series of embarrassing safety recalls that led to congressional hearings, a Justice Department investigation, and a $35 million fine from US safety regulators. The recalls included 2.6 million small cars with defective ignition switches that caused numerous crashes. So far, the company has agreed to pay compensation in 87 death cases and for 157 injuries. She received a base salary of $1.57 million, cash incentive pay of just over $2 million, stock awards valued at $11.76 million, and nearly $413,000 in other compensation.
ASSOCIATED PRESS
RETAIL
TJX chief took home $28.7 million in 2014
Carol Meyrowitz took home $28.7 million in total compensation as the chief executive of the TJX Cos. last year, according to the Framingham retailer’s most recent proxy statement. Meyrowitz, who is among the highest paid executives in the state, received a 27.4 percent pay boost from the year prior, when she made $22.5 million. TJX is the parent company of T.J. Maxx, Marshalls, HomeGoods, and Sierra Trading Post. Meyrowitz earned $16.5 million in stock awards and a base salary of $1.6 million. Her compensation also included $5.4 million from deferred compensation and a change in pension value, as well as $4.6 million through an incentive plan.
TARYN LUNA
TRANSPORTATION
Harley recalls nearly 46,000 motorcycles
DETROIT — Harley-Davidson is recalling nearly 46,000 motorcycles in the United States because they could stay in gear due to clutches that won’t fully disengage. The recall covers certain Electra Glide, Ultra Limited, Police Electra Glide, Street Glide, Road Glide, and Road King models from the 2014 and 2015 model years. Harley-Davidson Motor Co. says in documents that gas bubbles can cause the clutch master cylinder to lose its ability to fully disengage the clutch, especially if the bike has been parked for a long time. Harley reported 27 crashes and four minor injuries.
ASSOCIATED PRESS
TECHNOLOGY
Fancy photo app startup VSCO raises $30 million more
If the name Visual Supply Co. doesn’t ring a bell, it’s well known among photo aficionados who use the company’s VSCO Cam, a mobile app that lets users edit and share their images. It’s been a regular on the list of the 20 most-downloaded photo apps since its debut almost two years ago, according to App Annie, an analytics company. That popularity has drawn interest from venture capital firms, including a fresh $30 million Series B round. VSCO raised $40 million a year ago. Founded in 2011, VSCO sells photo editing tools that integrate with Adobe Lightroom.
BLOOMBERG NEWS
HEALTH CARE
Mylan makes official $30 billion bid for Perrigo
NEW YORK — Generic drug maker Mylan is making official its $30 billion offer for over-the-counter medicines maker Perrigo despite opposition from a larger rival that wants to buy Mylan. By buying Perrigo, Mylan hopes to create a company with more than $15 billion in annual sales of specialty and generic drugs, over-the-counter-products, infant formula, and vitamins. Teva, the world’s biggest generic drug company by revenue, wants to buy Mylan and says the companies could save large amounts on manufacturing and research and development. A combined Teva and Mylan would also dominate the global generic drug market, giving it the leverage to try to raise prices on some products. Teva wants Mylan to drop its offer for Perrigo, and it said Friday that it is committed to buying Mylan.
ASSOCIATED PRESS
TECHNOLOGY
Chinese court dismisses American Superconductor case
Shares of American Superconductor Corp. plunged 31 percent Friday after the Devens company said its $6 million copyright infringement case was dismissed by a Chinese court and a hearing on its $450 million trade secret case was scheduled on or about May 11. American Superconductor, which makes software used to manage energy grids, brought suit against its former Chinese customer, Sinovel Wind Group Ltd., in 2011. The suits claimed that Sinovel breached its contract with American Superconductor and allegedly stole its technology. Sinovel has repeatedly denied that it engaged in intellectual property theft. The company said it would immediately appeal the dismissal to the Beijing Higher People’s Court. American Superconductor shares closed at $6.88, down $3.12.
BENNIE DINARDO