Biotechnology giant Biogen (BIIB) reported second-quarter results that exceeded analysts’ estimates, pushing the shares up more than 5% during pre-market trading. Total revenue came in at $3.4 billion, up 9% year-over-year, driven mainly by growth in the company’s SPINRAZA revenue. Analysts had expected revenue to come in at $3.26 billion for the quarter.
Profit for the quarter attributable to the company, on a reported basis, was $867 million, increasing marginally by 0.4%, while on a per share basis, Biogen reported EPS of $4.18, up 2.7% year-over-year.
Adjusting for special items, EPS attributable to Biogen was $5.80, jumping 15% from a year ago. Analysts had expected adjusted earnings to come in at $5.26 per share.
Related: Biogen shares rally on success of experimental Alzheimer’s drug
On the business development side, the Massachusetts-based biotech company said that today it acquired ALG-801 (Phase 1a) and ALG-802 (preclinical) from AliveGen, Inc. The acquisition includes an upfront payment of $27.5 million, and the company may pay up to $535 million in additional potential development and commercialization milestones across both assets and multiple indications.
Also in July, Biogen completed enrollment in the Phase 3 studies of aducanumab, Biogen’s antibody candidate for Alzheimer’s disease.
“We saw an increase of over 20% in the number of adult Spinraza patients in the US versus last quarter, as we work to increase access and adoption in older patients. In addition, we have made advancements in Alzheimer’s disease, with the completed enrollment in the aducanumab Phase 3 studies and encouraging topline data for BAN2401,” said Michel Vounatsos, CEO.
Backing the strong results, Biogen updated its fiscal 2018 financial guidance with revenue now expected in the range of $13 billion to $13.2 billion, up from the earlier guidance of $12.7 billion to $13.0 billion.
Related: Biogen’s Q1 earnings
GAAP EPS expectation was also raised to the range of $21.80 to $22.40, compared to the prior expectation of $22.20 to $23.20. On an adjusted basis, diluted EPS is now expected in the range of $24.90 and $25.50, up from the prior guidance of $24.20 to $25.20.
For the 52-week period, Biogen stock soared more than 25%, while since January the stock increased 7%, especially riding on the success of the company’s experimental Alzheimer’s drug in July. This news had lifted the shares more than 19%.
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
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