Biogen (NASDAQ: BIIB) reported Q1 EPS of $4.79, $0.33 better than the analyst estimate of $4.46. Revenue for the quarter came in at $2.73 billion versus the consensus estimate of $2.75 billion.

Growth was driven by a 15% increase in worldwide TECFIDERA revenues as well as increased revenues from ELOCTATE and ALPROLIX. Revenues were partially offset by a decrease in worldwide interferon sales.

Foreign exchange, including a $26 million reduction in hedging gains, negatively impacted total revenues by approximately $50 million compared to the first quarter of 2015.

At the end of the first quarter of 2016, Biogen had cash, cash equivalents and marketable securities totaling approximately $6.8 billion, and $6.5 billion in notes payable and other financing arrangements.

“Our leading multiple sclerosis portfolio, a growing hemophilia business, and our ongoing focus on managing expenses led to robust earnings growth in the first quarter,” said Chief Executive Officer George A. Scangos, Ph.D. “We are pleased with the recent European approval of BENEPALI® and positive CHMP opinion for FLIXABI®, both anti-TNF biosimilars. We are also encouraged by the recent positive CHMP opinion of ALPROLIX for hemophilia B in Europe.”

“The remainder of 2016 will be an exciting period as we look to advance a number of potential breakthrough therapies in the clinic,” Dr. Scangos continued. “We are executing Phase 3 clinical trials for aducanumab in early Alzheimer’s disease and, along with our collaboration partner Ionis, we are progressing nusinersen in spinal muscular atrophy. In the coming months, we expect opicinumab (anti-LINGO) Phase 2 data to provide us with a better understanding of its potential as a reparative therapy for multiple sclerosis.”

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