Biogen Results Beat Estimates - Profit Guidance Lifted

Biogen's adjusted second-quarter results beat estimates and the drugmaker lifted its full-year earnings guidance.
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Biogen  (BIIB) - Get Report reported second-quarter earnings and revenue that topped analyst estimates, and the drugmaker lifted its full-year earnings outlook while trimming its expected revenue range.

The Cambridge, Mass., company reported a 12% increase in non-GAAP diluted earnings, to $10.26 a share. Analysts surveyed by FactSet were expecting the company to report adjusted earnings of $8.02 per share 

Revenue rose 4% year over year to $3.68 billion. Analysts were looking for revenue of $3.43 billion.

“Our progress with aducanumab exemplifies our broader strategy of building a multifranchise portfolio based on our deep expertise in neuroscience," Chief Executive Michel Vounatsos said in a statement. 

On July 8 Biogen said it had completed submission of a biologics license application to the Food and Drug Administration to market aducanumab as a treatment for Alzheimer's disease.

The CEO added that Biogen has "multiple near-term value-creation opportunities in other areas such as amyotrophic lateral sclerosis, ophthalmology, lupus, stroke, and biosimilars." 

For the full year, earnings are expected to be $34 to $36 a share, up from its previous guidance between $31.50 and $33.50. 

The company provided revenue guidance between $13.8 billion and $14.2 billion, down from its prior guidance range of $14 billion to $14.3 billion. 

Spinal muscular atrophy treatment Spinraza posted revenue up 1% year over year to $495 million. 

Sales from the company's portfolio of multiple sclerosis treatments decreased 2% year over year to $2.33 billion. The figure includes $208 million in royalties on the sale of its MS drug Ocrevus. 

Biosimilar revenue decreased 7% to $172 million. 

Biogen shares at last check were up 1.7% to $285.