The Cambridge, Mass., company earned $8.08 a share in the quarter, up 71% from $4.73 in the year-earlier quarter. The latest adjusted earnings were $8.34 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $8.05 a share.
Revenue came in at $3.67 billion, up 4.1% from $3.53 billion. The analyst consensus: $3.54 billion.
Sales of Biogen’s Spinraza, a treatment for spinal muscular atrophy, rose 16% in the quarter to $543 million while multiple-sclerosis treatment Tecfidera saw a 5% rise to $1.16 billion.
In 2019 Biogen saw "resilience in [multiple-sclerosis medications], continued strong worldwide growth for Spinraza, and an expanded biosimilars business,” Chief Executive Michel Vounatsos said in a statement.
The company also is optimistic about aducanumab for Alzheimer’s disease. Biogen "[looks] forward to completing a regulatory filing in the U.S. as soon as possible,” the executive said.
For the full year, the company reported a 6.9% increase in revenue to $14.38 billion. The figure reflected particularly $9.2 billion from its MS-treatment segment - including $688 million of royalties from Roche (RHHBY) on sales of Ocrevus - and $2.1 billion from Spinraza.
In January, Biogen said it agreed to acquire a potential Alzheimer’s treatment from Pfizer (PFE) - Get Report that could also be developed to treat irregular sleep wake rhythm disorder in Parkinson’s disease.
Biogen paid $75 million up front for the treatment, with up to an additional $635 million to be paid if the drug reaches development and commercial milestones.
At last check Biogen shares were up nearly 2% to $288.