Cambridge, MA-based Biogen Inc. BIIB 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 strong as it delivered a positive surprise in each of the last four trailing quarters with the average being 6.49%.
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 first quarter 2019 earnings beat expectations. The company posted earnings of $6.98 per share while our consensus called for EPS of $6.84.
Revenues Beat: Biogen posted revenues of $3.49 billion, beating the consensus estimate of $3.38 billion. Revenue increased 11% year over year.
Key Statistics: Tecfidera sales rose 1% year over year to $999 million. However, Tecfidera sales declined 10% sequentially in the quarter due to lower U.S. sales. Sales of Spinraza, the first drug approved for treating spinal muscular atrophy, grew 42% year over year to $518.0 million. Spinraza sales rose 10.3% sequentially as strong sales performance in the ex-U.S. markets offset lower sales in the United States.
Pre-Market Trading: Shares rose more than 1% in pre-market trading.
Biogen Inc. Price and Consensus
Biogen Inc. Price and Consensus | Biogen Inc. Quote
Check back later for our full write up on this BIIB earnings report later!
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