Why did VEEA's EPS remain unchanged in Q4 2021?

The EPS of VEEA (Vanguard FTSE All-World ex-US ETF) remained unchanged in Q4 2021 due to a combination of factors: 1. **Revenue Performance**: Biogen's flagship product, Tecfidera, faced strong competition, resulting in a significant year-over-year decline in sales. Additionally, the sales of Spinraza and Biosimilars also decreased, while the revenue from Aduhelm, a controversial drug, was minimal. These factors contributed to the overall decline in quarterly profit, which may have impacted the EPS if not for other factors. 2. **Cost Management**: Biogen's strategic focus on cost management and operational efficiency likely helped offset the impact of declining sales on EPS. Such measures can stabilize earnings even in the face of declining revenues. 3. **Other Factors**: The company's ability to manage costs effectively, along with any new strategic initiatives or market conditions that may not be immediately apparent, could also have played a role in maintaining EPS stability. In summary, Biogen's ability to manage costs and competitive pressures despite declining sales, along with any strategic initiatives, likely contributed to the stability of their EPS in Q4 2021.