Biogen Inc. (BIIB) reported revenue and earnings that surpassed market expectations for the fourth quarter of 2018. The stock was up 1.16% in morning trade on Tuesday.
Total revenues grew 7% year-over-year to $3.53 billion, helped by a 4% increase in total product revenues.
On a GAAP basis, the company swung to a profit during the quarter, reporting a net income of $947 million, or $4.73 per share, versus a net loss of $297 million, or $1.40 per share, in the same period last year. Adjusted net income grew 25% to $1.4 billion while adjusted EPS rose 33% to $6.99.
In multiple sclerosis, TECFIDERA registered a 3% growth in revenues while TYSABRI remained flat compared to the year-ago period. Channel inventory levels in the US grew by around $115 million for TECFIDERA, AVONEX, PLEGRIDY and TYSABRI combined.
Also see: Biogen Q4 2018 Earnings Conference Call Transcript
In spinal muscular atrophy, SPINRAZA revenues grew 30% year-over-year to $470 million. On a sequential basis, the number of commercial patients receiving SPINRAZA grew around 9% in the US and around 18% internationally. In other product revenues, biosimilars posted a 28% growth on a year-over-year basis.
Michel Vounatsos, Biogen’s CEO said, “We have shown strong momentum in building depth in our core growth areas beyond Alzheimer’s disease, as we continue to build multiple franchises within neuroscience. The positive data for BIIB067 in SOD1 ALS highlight the potential to leverage groundbreaking science to address previously untreatable diseases and exemplifies our strategy to build depth in neuromuscular diseases and movement disorders. Over the next 12-18 months, we expect to have several important data readouts across clinical programs in multiple sclerosis, progressive supranuclear palsy, and Alzheimer’s disease.”
For the full year of 2019, Biogen expects revenue to be approx. $13.6 billion to $13.8 billion. GAAP EPS is expected to be $26.65 to $27.65 while adjusted EPS is expected to be $28-29.