Biogen Earns $4.50 per Share

Biogen (BIIB) crushed their earnings estimates. For Q4, the biotech company earned $4.50 per share which was 42 cents better than estimates.

Revenue increased 7.5% to $2.84 billion, above the $2.71 billion analysts had forecast. The company cited the solid performance from its multiple sclerosis drugs and the strong adoption of its hemophilia therapies.

Tecfidera sales rose 8.4% to $992.8 million. Its revenue benefited from an increase in wholesale inventory.

Sales of the drug have been pressured recently because fewer new patients were being prescribed the drug, in part because of doctors’ concerns about a rare side effect that was linked to a patient death last year.

For 2016, Biogen forecast adjusted earnings of $18.30 and $18.60 a share, while analysts forecast $18.45 a share. The company said it expects revenue of $11.1 billion to $11.3 billion; analysts forecast $11.3 billion.

The shares are up about 6% in pre-market trading.

Posted by on January 27th, 2016 at 8:07 am

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