Biogen reported earnings.
The 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 multi-franchise 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.
Vounatsos 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.
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