Categories AlphaGraphs, Earnings, LATEST, Other Industries

Biogen posts solid Q3 results, topping expectations

Biogen Inc. (BIIB) beat market expectations on revenue and earnings for the third quarter of 2018. Total revenues grew 12% to $3.4 billion from the prior-year period, helped by strength in SPINRAZA and biosimilars, as well as OCREVUS royalties.

On a GAAP basis, net income grew 18% to $1.44 billion and EPS grew 24% to $7.15 year-over-year. Adjusted net income grew 12% to $1.49 billion and adjusted EPS grew 17% to $7.40. Earnings in the quarter benefited from a lower tax rate and a lower share count.

Biogen third quarter 2018 Earnings Infographic
Biogen Q3 2018 Earnings Infographic

Total product revenues grew 6% to $2.78 billion. The company’s core multiple sclerosis (MS) business remained stable during the quarter while SPINRAZA benefited from higher patient demand both within and outside the US. Biogen is trying to expand its pipeline beyond its MS and Alzheimer’s portfolios and made progress in stroke, progressive supranuclear palsy and ALS during the third quarter.

In multiple sclerosis, TECFIDERA revenues improved 2% year-over-year. In spinal muscular atrophy, SPINRAZA revenues rose 73% while in biosimilars, revenues grew 33%. Revenues declined for all the other products on a year-over-year basis. During the quarter, channel inventory levels in the US remained stable for TECFIDERA, AVONEX and PLEGRIDY combined.

Biogen recorded SPINRAZA revenues in over 30 countries during the third quarter. On a sequential basis, the number of commercial patients receiving SPINRAZA grew around 11% in the US and around 29% internationally.

Biogen stock gains on upbeat Q2 results

In the third quarter, the company’s board authorized a program to repurchase up to $3.5 billion of its common stock. As of September 30, Biogen had cash, cash equivalents and marketable securities totaling approx. $5.7 billion and around $5.9 billion in notes payable.

Biogen’s shares were up 2.5% in early trading hours on Tuesday. The stock is up 2% thus far this year.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO

Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training

INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues

Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came

Riding the AI wave, Nvidia looks set to stay on the high-growth path

After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on

Tags

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