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 Tysabri and Tecfidera. 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 strong as it delivered a positive surprise in each of the four trailing quarters with the average being 6.39%.
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 second quarter 2019 earnings beat expectations. The company posted earnings of $9.15 per share while our consensus called for EPS of $7.58.
Revenues Beat: Biogen posted revenues of $3.62 billion, beating the consensus estimate of $3.48 billion. Revenue increased 8% year over year.
Key Statistics: Revenue growth was principally driven by higher sales of its key multiple sclerosis drug Tecfidera and spinal muscular atrophy (SMA) drug Spinraza in the United States.
Tecfidera sales rose 6% year over year and 15% sequentially to $1.15 billion. Sales of Spinraza increased 15% year over year to $488.0 million. Spinraza sales, however, declined 6% sequentially due to lower sales in ex-U.S. markets.
Ups 2019 Outlook: The company raised its full-year expectations for revenues and earnings per share while lowering its costs and tax expense guidance.
The revenue guidance was raised from a range of $13.6-$13.8 billion to $14.0-$14.2 billion.
Earnings per share are now expected between $29.60 and $30.40, an increase from the prior guidance range of $26.65 and $27.65.
The Zacks Consensus Estimate for earnings and sales stood at $29.78 per shares and $13.93 million.
Pre-Market Trading: Shares rose around 1% in pre-market trading.
Check back later for our full write up on this BIIB earnings report later!
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