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.
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.
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.
Most Popular
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to
Key highlights from Exxon Mobil Corporation’s (XOM) Q3 2024 earnings results
Exxon Mobil Corporation (NYSE: XOM) reported its third quarter 2024 earnings results today. Total revenues and other income remained relatively flat at $90 billion compared to the same period a
AAPL Earnings: Apple Q4 2024 sales rise 6% YoY, beat estimates
Apple Inc. (NASDAQ: AAPL) reported an increase in revenues for the fourth quarter of 2024. The top line came in above estimates. The gadget giant generated revenues of $94.9 billion