Biogen Inc. (NASDAQ: BIIB) reported a 7% increase in earnings for the third quarter of 2019 as spinal muscular atrophy drug Spinraza and biosimilars drove revenues higher. The results exceeded analysts’ expectations.
In a separate release, the company plans to pursue regulatory approval for aducanumab, an investigational treatment for early Alzheimer’s disease after consulting with the U.S. Food and Drug Administration (FDA). This is based on a new analysis of a larger datasets from phase 3 studies. Biogen plans to submit a biologics license application in early 2020.
Net income increased by 7% to $1.55 billion or $8.39 per share. Adjusted earnings jumped by 24% to $9.17 per share.
Revenue rose by 5% to $3.6 billion. The topline was primarily boosted by its Spinraza as well as its biosimilars. It also includes higher multiple sclerosis revenue.
The company said Spinraza continued on a strong trajectory, particularly outside the US, and it is preparing for the expected launch of Vumerity, which is believed to be an important addition to Biogen’s multiple sclerosis portfolio.
In addition to the recent news on aducanumab, the company made strong progress in its pipeline as it initiated new clinical programs targeting Parkinson’s disease and brain contusion, and look forward to 9 important data readouts by the end of next year.
In the third quarter of 2019, Spinraza revenues comprised $237 million in sales in the US and $310 million in sales outside the US. The number of commercial patients receiving Spinraza grew about 3% in the US and about 18% outside the US compared to last year.
Research and development expenses rose by 6% due to the inclusion of net closeout costs for phase 3 studies of elenbeceestat in early Alzheimer’s disease and the phase 2b study of BG00011 in idiopathic pulmonary fibrosis.