Biogen (BIIB) Tops Q3 EPS by 62c

Biogen (NASDAQ: BIIB) reported Q3 EPS of $7.40, $0.62 better than the analyst estimate of $6.78. Revenue for the quarter came in at $3.44 million versus the consensus estimate of $3.33 million.

“Biogen performed well against our strategic and operational priorities in the most recent quarter,” said Michel Vounatsos, Biogen’s chief executive officer. “Reported revenues grew at a double-digit rate boosted by strong gains from SPINRAZA, our biosimilars business, and OCREVUS royalties versus a year ago. Net income and earnings per share both increased at double-digit rates supported by a lower tax rate and a lower share count. Our core MS business was relatively resilient during the quarter. For SPINRAZA, in the U.S. we saw increased new patient demand among adults. Outside of the U.S., SPINRAZA revenues benefitted from strong patient uptake across a number of geographies, as well as broadening approvals and solid reimbursement patterns.”

“Biogen continued to advance our pipeline beyond our industry leading portfolios in MS and Alzheimer’s,” Mr. Vounatsos continued. “In the third quarter, we made notable progress in stroke, progressive supranuclear palsy, and ALS. As ever, we remain focused on allocating our capital properly and efficiently with the goal of maximizing returns on behalf of our shareholders over the long-term.”

For earnings history and earnings-related data on Biogen (BIIB) click here.

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