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Biogen (BIIB) Tops Q2 Earnings and Revenue

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Cambridge, MA-based Biogen Inc. (BIIB - Free Report) one of the world’s leading biotechnology companies, focuses on therapeutic areas including neurology and immunology. The company is best known for its multiple sclerosis (MS) franchise comprising treatments like Avonex, Tysabri, Tecfidera and Plegridy.

Meanwhile, in Feb 2017, the company spinned-off its hemophilia business which allows it to focus on neurology, its key area of expertise.

BIIB has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 5.29%.

Biogen Inc. Price and EPS Surprise

Biogen Inc. Price and EPS Surprise | Biogen Inc. Quote

Currently, BIIB has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Beat: Biogen’s second quarter 2017 earnings were better-than expected. The company posted earnings of $5.04 per share while our consensus called for EPS of $4.36.

Revenues Miss: Biogen posted revenues of $3.08 billion, beating the consensus estimate of $2.81 billion. Revenue increased 6% year over year and 15% excluding hemophilia revenues.

Key Statistics: Oral multiple sclerosis (MS) drug Tecfidera’s revenues increased 13% year over year and 16% sequentially. The other MS drug, Tysabri’s sales decreased 9% sequentially.

Pre-Market Trading: Shares were up more than 3% in pre-market trading.

Check back later for our full write up on this BIIB earnings report later!

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