Health and Healthcare

Biogen Takes Breather on Earnings and MS Drug Sales

Biogen Idec Inc. (NASDAQ: BIIB) reported its third-quarter results before the market opened Wednesday as $3.80 in earnings per share and $2.5 billion in revenue. That was against Thomson Reuters has consensus estimates of $3.46 in earnings per share and $2.48 billion in revenue. In the third-quarter of the previous year, it had earnings of $2.35 per share and revenue of $1.83 billion.

The company updated its guidance for the 2014 full year. Revenue growth is expected to be 38% to 41% compared to 2013, and earnings per share are expected to be in the range of $13.45 to $13.55. These increases are due to updated business development expectations. Thomson Reuters has full-year earnings estimates of $13.10 per share and $9.69 billion in revenue.

Net revenue for the third quarter was $856 million, up roughly 76% from the same period of the previous year of $487 million.

A few performance highlights from third-quarter drug sales:

  • Tecfidera revenues were $787 million, consisting of $638 million in U.S. sales and $149 million in sales outside the United States.
  • Interferon revenues, including Avonex and Plegridy, were $745 million, consisting of $482 million in U.S. sales and $263 million in sales outside the United States.
  • Tysabri revenues were $501 million, consisting of $275 million in U.S. sales and $226 million in sales outside the United States.
  • Net revenues relating to Rituxan and Gazyvz from Biogen’s unconsolidated joint business arrangement were $291 million.
  • Alprolix revenues were $25 million and Eloctatetm revenues were $22 million.

CEO George A. Scangos Ph.D. said:

We introduced innovative therapies for MS and hemophilia and began to launch them in markets worldwide. We also launched TECFIDERA in several European countries, furthering its position as a leading oral MS therapy.

Bank of America initiated coverage on Biogen with a Buy rating and price target of $371.00 on October 1.

ALSO READ: 5 Beaten Down Biotech Stocks With Hugh Upside Potential

Shares of Biogen closed Tuesday’s trading up almost 5% to $326.77. Following the earnings announcement, the reaction in the premarket was negative and shares were down over 2.5% at $318.00. Despite making earnings, shares appear to be down after sales of one of its MS drugs failed to impress investors. The shares have a consensus analyst price target of $13.95 and a 52-week range of $9.55 to $14.15. The company has a market cap of $15 billion.

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.