By Senad Karaahmetovic
Shares of Biogen (NASDAQ:BIIB) are trading nearly unchanged in premarket despite the company beating Q2 estimates and raising full-year guidance.
Biogen reported Q2 EPS of $5.25 to easily top the analyst estimate of $4.13. Revenue for the quarter came in at $2.59 billion versus the consensus estimate of $2.49 billion.
The company raised its EPS guidance to now expect EPS between $15.25 and $16.75 (saw $14.25 to $16), vs. the estimate of $15.49. BIIB now sees revenue of $9.9 billion to $10.1 billion, higher than the previous guidance of $9.7 billion to $10 billion. The Street consensus sits at $9.84 billion.
Biogen reported an FX hit of $55 million from April 29 to July 15.
“We made important progress towards bringing new potential treatments to patients suffering from Alzheimer’s disease and depression, which we believe are critical steps on our path to drive value creation for both patients and shareholders over time,” the company said in a press release.
A Mizuho analyst commented:
“The numbers are fine: revenues meet/slight beat with no major outliers driving performance.”
For a Truist analyst, the focus remains on the Lecanemab data.
“Investor focus remains on Lecanemab data in Fall 2022 and accelerated approval pathway decision expected by Jan 6, 2023,” the analyst added.
A BMO analyst reflected more cautiously.
“Good enough quarter with a top- and bottom-line beat, but all that really matters is the fall CLARITY-AD trial readout and the appointment of a new CEO… Despite better operational performance vs. expectations, the P&L remains challenged with multiple headwinds and a make or break catalyst later this year.”