Biogen Inc. (NASDAQ:$BIIB) reported Q2 profit and revenue beats on Tuesday, which caused Biogen’s shares to climb 5.8% in premarket trade.
Let’s dive into the numbers:
Earnings for the latest quarter dropped to $863 million ($4.07 per share) from $1.05 billion ($4.79 per share) in the 2016 period. Compared with the FactSet consensus of $4.37, adjusted earnings-per-share were $5.04. Revenue for Biogen increased to $3.08 billion from $2.89 billion, compared with the FactSet consensus of $2.81 billion. Biogen, which spun out its hemophilia business into Bioverativ (NASDAQ:$BIVV) in Q1, said that it eliminated all hemophilia revenues from the Q2 of 2016.
Based on the latest results, there was a 5% increase in multiple sclerosis revenues as compared with 2016, a 13% increase in revenue for the drug Tecfidera (which treats multiple sclerosis) as compared with the prior year, and $203 million in revenue for the spinal muscular atrophy therapy Spinraza, which was approved at the end of last year.
Additionally, Biogen increased its 2017 financial guidance as a result of “faster than anticipated adoption of Spinraza in the U.S.,” increasing revenue outlook to roughly $11.5 to $11.8 billion and earnings per share outlook to between $20.80 and $21.40, which is up from $20.45 and $21.25.
Over the last three months, Biogen’s shares have dropped 0.8%, compared with a 3.4% in the S&P 500.
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