Categories AlphaGraphs, Earnings, LATEST, Other Industries

Biogen delivers a massive earnings surprise in Q2

Biopharma firm Biogen (NASDAQ: BIIB) on Tuesday reported second-quarter earnings that surpassed Wall Street expectations. The company reported adjusted earnings of $9.15 per share, way ahead of the street projection of $7.53 per share.

On a GAAP basis, earnings grew 88% to $7.85 per share.

Biogen (NASDAQ: BIIB) on Tuesday reported second-quarter earnings that surpassed Wall Street expectations.

Revenue grew 8% to $3.62 billion, surpassing the target of $3.47 billion set by analysts. The topline was primarily boosted by its Spinal Muscular Atrophy drug Spinraza as well as its biosimilars.

Revenue from Spinraza totaled $488 million in Q2, compared to $423 million a year ago. Meanwhile, biosimilar revenues increased to $184 million, compared to $127 million in Q2 of last year.

READ: GNC beats Q2 earnings amidst store optimizations

BIIB shares gained 2.8% following the announcement. The stock has declined 24% in the year-to-date period, primarily due to the failure of its Alzheimer’s drug candidate aducanumab in Phase 3 trials earlier this year.

CEO Michel Vounatsos said, “We added four new programs to our pipeline this quarter, as we continued to diversify and build depth within neuroscience and pursue therapeutic adjacencies.”

Guidance raised

Buoyed by the better-than-expected results, Biogen raised its full-year revenue guidance to $14 billion to $14.2 billion, compared to the earlier guidance range of $13.6 billion to $13.8 billion.

Non-GAAP diluted EPS is expected to be between $31.50 and $32.30, an increase from the prior guidance range of $28 to $29.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

PayPal Holdings (PYPL) Q1 2021 revenue up 31%; earnings beat

PayPal Holdings Inc. (NASDAQ: PYPL) reported stronger-than-expected earnings and revenues for the first quarter of 2021. Shares of the payment service provider gained during Wednesday’s extended trading session soon after

Infographic: How Twilio (TWLO) performed in Q1 2021

Twilio (NYSE: TWLO) reported first quarter 2021 earnings results today. Revenue increased 62% year-over-year to $590 million. GAAP net loss widened to $206 million, or $1.24 per share, compared to

Uber Technologies reports Q1 loss of 6 cents per share: Infographic

Uber Technologies (NYSE: UBER) reported first-quarter 2021 financial results after the regular market hours on Wednesday. The ride-hailing company reported Q1 revenue excluding the UK accrual of $3.5 billion, up

Tags

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