When Biogen Inc. (NASDAQ: BIIB) reported its first-quarter financial results before the markets opened on Wednesday, the firm said that it had $9.14 in earnings per share (EPS) and $3.53 billion in revenue. Analysts were calling for $7.73 in EPS and revenue $3.41 billion. The same period of last year reportedly had EPS of $6.98 on $3.39 billion in revenue.
Concerning the COVID-19 pandemic, Biogen estimates that its first-quarter product revenues benefitted by approximately $100 million, attributed to accelerated sales as a result, primarily in Europe.
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In terms of its segments, the company reported as follows:
- Multiple sclerosis (MS) revenues, including $162 million in royalties on the sales of Ocrevus, increased 9% versus the prior year to $2,280 million.
- Spinraza revenues increased 9% versus the prior year to $565 million.
- Biosimilars revenues increased 25% versus the prior year to $219 million.
- Other revenues decreased 63% versus the prior year to $109 million primarily due to the sale of approximately $200 million of hemophilia inventory to Bioverativ in the first quarter of 2019.
At the end of the quarter, Biogen had cash, cash equivalents and marketable securities totaling approximately $4.83 billion and approximately $5.96 billion in notes payable.
Biogen did not issue guidance for the second quarter. However, analysts are calling for $8.28 in EPS and $3.54 billion in revenue. Looking ahead to the full year, analysts are forecasting $32.29 in EPS and $14.06 billion in revenue.
Michel Vounatsos, Biogen’s CEO, commented:
The COVID-19 pandemic has created a challenging situation for people and companies throughout the world, and Biogen personally felt the painful impact of this global crisis. During these challenging and unprecedented times, Biogen has continued to deliver on its mission and purpose. We have continued to operate our business and deliver our therapies to patients across the world and are especially grateful to our dedicated employees as we continue to execute on our strategy.
Biogen stock traded down about 11% to $293.77 on Wednesday, in a 52-week range of $215.78 to $374.99. The consensus price target is $331.69.
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