Categories Earnings, Health Care

Biogen (BIIB) Q3 profit rises 7% on spinal muscular atrophy drug addition

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.

Biogen (BIIB) Q3 profit rises 7%

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.

Read: Centene Q3 earnings snapshot

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.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Infographic: Nvidia (NVDA) Q4 revenue up 61%; earnings beat

Nvidia Corporation (NASDAQ: NVDA) Wednesday said its fourth-quarter revenues and profit increased in double-digits amid elevated demand. The results also topped the Street view, driving the stock higher during the

Nutanix (NTNX) Earnings: 2Q21 Key Numbers

Nutanix (NASDAQ: NTNX) reported second quarter 2021 earnings results today. Total revenue remained flat at $346.4 million compared to the same period a year ago. GAAP net loss was $287.3

Macy’s (M) expects digital channels to generate approx. $10 billion in sales by 2023

Shares of Macy’s Inc. (NYSE: M) were down 2.7% in morning trade on Wednesday. The stock has gained 37% since the beginning of the year. A day ago, the retailer

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top