Shares of drugmaker Biogen (BIIB) - Get Report jumped on Tuesday after the company reported second-quarter results that beat analysts' forecasts, and also raised its guidance for the remainder of the year on strong demand for its multiple sclerosis and other disease-fighting medications.
Biogen posted GAAP net income of $1.49 billion, or $7.85 a share, vs. $866.6 million, or $4.18 a share, in the comparable year-earlier quarter. Analysts polled by FactSet had been expecting earnings of $7.45 a share. Revenue was $3.61 billion vs. $3.36 billion a year earlier, and above analysts' estimates of $3.48 billion.
The company also lifted its full-year outlook. For 2019, the company raised its adjusted per-share earnings outlook to between $31.50 and $32.30 from between $28 and $29, and its revenue guidance to between $14 billion and $14.2 billion from between $13.6 billion and $13.8 billion.
Multiple sclerosis revenue rose 3% to $2.4 billion, as Tecfidera sales increased 6% to $1.15 billion, the company said. Spinraza sales increased to $488 million from $423 million.
Shares of Biogen gained nearly 6% in early trading on Tuesday, rising to $246.18.