Biogen Beats Estimates

This morning, Biogen (BIIB) reported Q3 earnings of $5.19 per share. That’s a very strong number. Wall Street had been expecting $4.97 per share.

All across the board, Biogen had a very good quarter. Their star drug is Tecfidera. Last quarter, Tecfidera sales grew 10% to just over $1 billion.

Chief Executive George Scangos announced in July he would beleaving the company, allowing a new chief to lead the company as it works to reignite growth. The biotechnology giant has also drawn takeover interest from drug companies such as Merck Co. andAllergan PLC, The Wall Street Journal reported in August.

Overall for the third quarter, Biogen reported a profit of $1.03 billion, or $4.71 a share, up from $965.6 million, or $4.15 a share, a year earlier. Excluding the restructuring charges, among other items, per-share earnings rose to $5.19 from $4.48.

Total revenue rose 6% to $2.96 billion. Analysts had projected adjusted earnings of $4.97 a share on sales of $2.91 billion, according to Thomson Reuters.

The shares are up about 3.3% today.

Posted by on October 26th, 2016 at 9:19 am


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