Cambridge, MA-based Biogen Inc. (BIIB - Free Report) holds a strong position in the multiple sclerosis (“MS”) market with a wide range of products including Avonex, Tysabri, Tecfidera and Plegridy. However, as competition in the MS market intensifies, Biogen is trying to diversify beyond MS to other areas like Alzheimer's, Parkinson's, stroke, among others.
Biogen’s earnings performance has been decent so far. The company delivered a positive surprise in three of the last four quarters. The average earnings beat over the last four quarters is 5.13%.
Currently, Biogen 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 third quarter 2018 earnings beat expectations. The company posted earnings of $7.40 per share while our consensus called for EPS of $6.80.
Revenues Beat: Biogen posted revenues of $3.44 billion, beating the consensus estimate of $3.33 billion. Revenue increased 12% year over year.
Key Statistics: The company's oral MS drug Tecfidera’s sales rose 2% year over year to $1.09 billion. The other MS drug, Tysabri’s sales were flat year over year at $470 million. Spinraza (spinal muscular atrophy) sales grew 73% year over year and 11% sequentially to $468 million driven by sales growth in both United States and in ex U.S. markets.
Pre-Market Trading: Shares were in-active in pre-market trading.
Check back later for our full write up on this BIIB earnings report later!
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