NEW YORK (TheStreet) -- Shares of Biogen  (BIIB - Get Report) were advancing in pre-market trading on Wednesday after reporting 2016 third-quarter earnings and revenue above analysts' projections.

Before the market open, the Cambridge, MA-based biopharmaceutical company reported adjusted earnings of $5.19 per share, beating analysts' estimates of $4.97 per share. 

Revenue gained 6% year-over-year to $2.96 billion, above analysts' estimates of $2.90 billion for the period. 

Growth was driven by a 10% increase in the company's multiple sclerosis treatment Tecfidera, though total global interferon sales fell 10% year-over-year.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Biogen's strengths such as its solid stock price performance, impressive record of earnings per share growth, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: BIIB

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 article's author.