Biogen (BIIB) Stock Soars on Q2 Earnings, Revenue Beat
NEW YORK (TheStreet) -- Shares of Biogen (BIIB) - Get Report are climbing 6.17% to $278.60 in pre-market trade after the company reported 2016 second quarter earnings that blew past estimates.
Biogen reported non-GAAP earnings per share of $5.21, surpassing analysts' estimates of $4.67 per share.
The Cambridge, MA-based biopharmaceutical company reported revenue of $2.9 billion for the quarter, also topping Wall Street's estimates of $2.79 billion.
Biogen's revenue growth was largely driven by increases in global revenue from the company's multiple sclerosis and hemophilia businesses, according to a company statement.
"We are excited about our science and research as we shape a robust pipeline of novel candidates we believe could have a significant impact on neurological and related conditions," said CEO George Scangos.
Biogen reported positive guidance for the year, with 2016 fiscal year revenue forecasts of $11.2-$11.4 billion and earnings of $19.70-$20.00 per share.
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. TheStreet Ratings feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: BIIB
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.