Biogen Earnings Rise, Surpass Estimates

Biogen said Tuesday that as of the end of September, there were more than 35,500 patients on commercial and clinical Tysabri therapy worldwide, compared with 31,800 patients on the therapy at the end of the second quarter.

Looking ahead, the company now expects adjusted earnings above $3.50 a share, and above $2.51 a share on a GAAP basis, including the potential for up to $40 million in upfront and milestone payments. The company is now guiding for 2008 revenue growth above the mid-20% range over 2007.

Biogen had previously guided for adjusted EPS "at-or-above" $3.50, with revenue growth in the mid-20% range.

Analysts surveyed by Thomson Reuters expect 2008 earnings of $3.55 a share on revenue of $3.98 billion.