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.”
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.