243.88 0.00 (0.00%)
After hours: 5:15PM EDT
|Bid||241.50 x 1800|
|Ask||243.50 x 1000|
|Day's Range||238.21 - 246.99|
|52 Week Range||216.12 - 388.67|
|Beta (3Y Monthly)||1.51|
|PE Ratio (TTM)||10.54|
|Earnings Date||Jul 23, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||253.00|
Shares of Biogen jumped early Tuesday after the biotech company topped Wall Street's second-quarter expectations and formally unveiled an experimental multiple sclerosis treatment.
Celgene Corp., Bristol-Myers Squibb Co. and AbbVie Inc. are all reporting earnings later this week. Companies are facing several potential changes in health policy, including a proposal to shift the risk of Medicare Part D catastrophic coverage from patients and the federal government to health plans and manufacturers. Biopharma companies, many of which rely on just one or two drugs for a big chunk of revenue, are also facing increasingly fierce generic competition.
Biogen Inc. reported second-quarter results that surpassed analysts’ expectations and will raise full-year forecast.
Biogen earnings for the second quarter of the year have BIIB stock heading higher on Tuesday.Source: Shutterstock Biogen (NASDAQ:BIIB) starts off its earnings report for the second quarter of 2019 with earnings per share of $9.15. This is a major increase over the company's earnings per share of $5.80 reported in the second quarter of 2018. It was also a blessing for BIIB stock by coming in well above Wall Street's earnings per share estimate of $7.53 for the period.The Biogen earnings report for the second quarter of the year also has net income coming in at $1.49 billion. That's up quite a bit from the company's net income of $867 million reported in the same period of the year prior.InvestorPlace - Stock Market News, Stock Advice & Trading TipsOperating income reported in the most recent Biogen earnings report comes in at $1.96 billion. The biotechnology company reported operating income of $1.21 billion for the second quarter of the previous year.Biogen earnings for the second quarter of 2019 see it bringing in revenue of $3.62 billion. This is better than the company's revenue of $3.36 billion reported during the same time last year. It was also good news for BIIB stock by beating out analysts' revenue estimate of $3.47 billion for the quarter.Biogen is also increasing its outlook for the full year of 2019 in its earnings report for the second quarter. This has the company now expecting earnings per share between n $31.50 and $32.30 for the year. The previous guidance was for earnings per share ranging from $28.00 to $29.00. Wall Street is looking for earnings per share of $29.70 for the year. * 10 Stocks to Buy From This Superstar Fund The new revenue outlook for 2019 has it sitting between $14.00 billion to $14.20 billion. The previous revenue guidance was a range of $13.60 billion to $13.80 billion. Analysts are estimating earnings per share of $13.95 billion for the year.BIIB stock was up 3% as of Tuesday morning. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy From This Superstar Fund * 7 Stocks to Buy This Summer Earnings Season * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk As of this writing, William White did not hold a position in any of the aforementioned securities.The post Biogen Earnings: BIIB Stock Surges on Big Q2 Earnings Beat appeared first on InvestorPlace.
During an earnings call Tuesday morning, executives at Biogen Inc. brushed off investor concerns about competitors closing in on its key drugs.
(Bloomberg) -- Biogen Inc. raised its financial forecast for the year after topping second-quarter sales and earnings estimates, but the good news masks a worrying longer-term outlook for the biotechnology giant.Part of the reason why the company was able to boost guidance Tuesday was due to lower spending on research. Biogen stopped a late-stage trial of an Alzheimer’s drug in March, a failure that has sent its shares into a monthslong slump. That drug was the most watched of its experimental therapies.In the pharmaceutical industry, spending on R&D is an expensive necessity. While a drug’s failure may temporarily improve the bottom line thanks to lower costs, it’s disastrous for long-term growth. In the past 12 months, Biogen has lost more than $30 billion of market value, making it among the lowest-valued companies in biopharma.The shares rose 5.3% to $244.86 at 9:49 a.m. in New York.The company said it expects revenue this year to be between $14 billion and $14.2 billion, up from a January forecast of $13.6 billion to $13.8 billion. Its adjusted earnings-per-share for the quarter were $9.15, while analysts had anticipated $7.53.It now stands to be seen which of the other treatments in Biogen’s research pipeline might replace sales from its aging multiple sclerosis franchise, which remains the backbone of the Cambridge, Massachusetts-based company’s sales.Biogen Chief Executive Officer Michel Vounatsos said on a call with analysts that the company was “refining” its R&D strategy and would look to make some changes to its pipeline of drugs. Biogen now sees ophthalmology as a core franchise, and sees immunology as an emerging research area. It will also increase its focus on neuromuscular disorders.For now, the company’s key growth driver is Spinraza, a therapy that treats the deadly childhood disease spinal muscular atrophy. While Spinraza is highly effective, a recently approved competitor from Novartis AG appears to cure the disease.Biogen’s drug will serve as either a case study or cautionary tale of how legacy drugs will fare in the age of genetic cures for dire diseases. Spinraza’s second-quarter sales were $488 million, down from a quarter prior, and below the $530 million projected by analysts. Biogen said that Novartis’s gene therapy, which was approved in May, had yet to have a meaningful impact on its drug’s sales.“Results were overall good and we like the general execution,” Jefferies analyst Michael Yee said in a note to clients. “However, investors aren’t looking to invest in Biogen for quarters and buybacks -- but for an improving financial outlook and better visibility on 1-5 year growth trajectory.”(Updates with share price in fourth paragraph.)\--With assistance from Karen Lin.To contact the reporter on this story: Rebecca Spalding in Boston at firstname.lastname@example.orgTo contact the editors responsible for this story: Drew Armstrong at email@example.com, Timothy Annett, Mark SchoifetFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Biogen (BIIB) beats estimates for both earnings and sales in the second quarter. It lifts sales and earnings expectations for the year. Shares rise in pre-market trading
U.S. stock index futures inched higher on Tuesday lifted by a batch of largely upbeat earnings reports from companies including Coca-Cola and United Technologies, that soothed concerns over the pace of economic growth. Coca-Cola Co shares rose 2.2% after the fizzy drink maker beat quarterly revenue for the ninth straight quarter and raised its revenue forecast for the full year, boosted by demand for its sparkling soft drinks and coffees. Industrial conglomerate United Technologies Corp gained 2.6% after raising its full-year profit and sales outlook, helped by an increase in demand for aircraft parts and spares.
Here's a roundup of top developments in the biotech space over the last 24 hours. Scaling The Peaks (Biotech stocks hitting 52-week highs on July 22) Acasti Pharma Inc (NASDAQ: ACST ) Apellis Pharmaceuticals ...
Biogen, the neuroscience-focused biotech company, raised full-year guidance and beat earnings and revenue expectations, driven by sales of drugs for multiple sclerosis and the serious genetic disease spinal muscular atrophy. It raised its forecasts for statutory diluted earnings per share to between $29.60 and $30.40, an increase from the previous range of between $26.65 and $27.65. Michel Vounatsos, Biogen’s chief executive, said the company was on track for a “strong year”.
Biogen Inc reported better-than-expected second quarter profit and raised its 2019 earnings forecast on Tuesday, driven by higher sales of its top-selling multiple sclerosis drug Tecfidera and lower taxes. Credit Suisse analyst Evan Seigerman said the Novartis treatment could begin to eat into Spinraza sales in 2020.
Shares of Biogen Inc. surged 5.0% in premarket trading Tuesday, after the biotechnology company reported second-quarter earnings and revenue that were well above expectations and lifted its full-year outlook. Net income rose to $1.49 billion, or $7.85 a share, from $867 million, or $4.18 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS grew to $9.15 from $5.80, beating the FactSet consensus of $7.53. Revenue grew 8% to $3.62 billion, above the FactSet consensus of $3.48 billion. Multiple sclerosis revenue rose 3% to $2.4 billion, as Tecfidera sales increased 6% to $1.15 billion to top expectations of $1.10 billion. Spinraza sales increased to $488 million from $423 million, below the FactSet consensus of $531.6 million. For 2019, the company raised its adjusted EPS outlook to $31.50 to $32.30 from $28.00 to $29.00 and its revenue guidance to $14.0 billion to $14.2 billion from $13.6 billion to $13.8 billion. Biogen's stock has slumped 23% year to date through Monday, while the S&P 500 has gained 19%.
The drugmaker reports second-quarter results that beat analysts' forecasts and raises its guidance for the remainder of the year on strong demand for its multiple sclerosis and other disease-fighting medications.
Investing.com - Biogen (NASDAQ:BIIB) reported second quarter earnings that beat analysts' expectations on Tuesday and revenue that topped forecasts.
Investors will key into Biogen earnings before the market opens Tuesday to better understand the biotech company's ongoing efforts in Alzheimer's treatment, according to an analyst.
Investors have very little to look forward to when Biogen Inc. (NASDAQ: BIIB) reports its quarterly results on July 23 after the market closes. Biogen stock cratered in late March when its potential Alzheimer's treatment, aducanumab, failed. What, if anything, should investors look for in Biogen's upcoming quarterly report? Biogen's Positive DevelopmentsSource: Shutterstock Biogen is trying to pick itself up months after Biogen stock got hammered back in March, sinking from $320 to as low as $220 after BIIB and Eisai terminated two trials of their Alzheimer's drug. * 7 Defense Stocks to Buy to Fortify Your Portfolio Still, BIIB's MS franchise remains a key player in its long-term strategy. The unit brings in over $9 billion of annual revenue. Biogen also launched Spinraza, its spinal muscular atrophy product, and has plans to grow its biosimilars products. Its earnings per share has been growing at a compound annual growth rate of 15%.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBiogen's consistent performance is keeping BIIB stock in a tight trading range between $225 and $240. With Biogen stock trading at a price-earnings ratio of less than ten, markets are not assigning any premium for the company's long-term growth prospects. Higher R&D Costs ExpectedTo maintain its focus and leadership in neuroscience, Biogen is investing a great deal of capital in R&D. The cycle of researching, discovering, and developing and commercializing products will play out over several years. The company has three franchises: MS is its core business, while it also has Spinraza and biosimilars.BIIB's efforts to grow beyond its core business will widen its addressable market, but does carry some risk. Commercializing more products takes time, money, and resources, and the sales of its newer products may initially lag those of its older ones. Still, Biogen is tackling the unmet needs of patients suffering from neurological diseases. Product PortfolioBiogen has 26 programs, including four growth areas and four emerging ones. This large scope diversifies the company and lessens its reliance on blockbusters. In the next 18 months, it will have over ten data readouts. Any positive clinical results should gain investors' attention and might lift Biogen stock. Quarterly Earnings Expectations12 analysts who cover BIIB stock have an average Q2 EPS estimate of $7.40, per Tipranks.That is sharply higher than the $5.80 EPS that BIIB reported for Q2 of 2018. The global launch of Spinraza's likely boosted BIIB's revenue last quarter. The company said that the product is meeting unmet medical needs in the U.S. and in overseas markets.In 2018, BIIB generated $6.2 billion of cash flow from its operations. Based on that metric, Biogen stock has a future cash flow value of $319, (per simplyWallSt) sharply higher than its recent price of $233.But nine analysts have a "hold" on Biogen stock and just two call BIIB stock a "buy." Analysts' average price target on BIIB stock is $248. The Bottom Line on Biogen StockBiogen, like most other biotechnology companies, is facing increased competition. But Biogen earnings on July 23 should demonstrate its resiliency. As mentioned above, its MS franchise generates $9 billion of annual revenue, but the annual global addressable MS treatment market is $20 billion, suggesting the franchise can grow further.Meanwhile, as Spinraza's sales grows, the owners of Bioogen stock will focus on the long-term growth prospects of the drug. Biogen earnings will enable investors to assess whether Biogen's MS franchise and its Spinraza drug are on the right track.As of this writing, the author did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Defense Stocks to Buy to Fortify Your Portfolio * 10 High-Flying, Overvalued Stocks in Danger of Crashing * 8 Stocks to Buy That Are Growing Faster Than Amazon The post MS Franchise, Spinraza Likely to Be Key Catalysts for Biogen Stock appeared first on InvestorPlace.
Biotech stocks had a relatively muted performance last week. Johnson & Johnson (NYSE: JNJ ) kick started the second-quarter reporting season for big pharma companies, beating forecasts and an upward adjustment ...
While sales of Biogen's (BIIB) MS franchise are expected to decline in the second quarter of 2019, Spinraza U.S. sales may improve.
Gene therapy developers might steal all of the headlines, but manufacturing is likely to be the more lucrative investing opportunity -- for both companies and investors.