Cambridge, MA-based Biogen Inc. (NASDAQ:BIIB) 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 8.79%.
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 2019 earnings beat expectations. The company posted earnings of $9.17 per share while our consensus called for EPS of $8.28.
Revenues Beat: Biogen posted revenues of $3.6 billion, beating the consensus estimate of $3.53 billion. Revenue increased 5% year over year.
Key Statistics: Revenue growth was principally driven by higher sales of its key multiple sclerosis (MS) drugs and continued global launch of spinal muscular atrophy (SMA) drug, Spinraza.
Tecfidera sales rose 3% year over year to $1.12 billion. Sales of Spinraza increased 17% year over year and 12% sequentially to $547.0 million.
To Pursue FDA Approval of Aducanumab: In a separate press release today, Biogen said it plans to submit a regulatory application seeking approval of its experimental Alzheimer’s therapy to the FDA in early 2020. The regulatory application will be based on promising results from a new analysis of a larger dataset of the discontinued ENGAGE and EMERGE phase III studies in patients with early Alzheimer’s disease. The new data showed that aducanumab reduced clinical decline of Alzheimer’s disease in such patients.
Pre-Market Trading: Shares rose 40% in pre-market trading.
Check back later for our full write up on this BIIB earnings report later!
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Biogen Inc. (BIIB): Free Stock Analysis Report
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