Biogen beats the Street on Spinraza growth
US biotech Biogen saw third-quarter profits come in ahead of analysts' estimates as a result of double-digit sales growth of its muscular atrophy treatment Spinraza.
Biogen Idec Inc.
$202.46
13:09 25/04/24
Nasdaq 100
17,430.50
12:15 25/04/24
For the three months ended 30 September, the multiple sclerosis and muscular atrophy specialist reported a 17% increase in net income to $1.44bn, or $7.15 on a per share basis, while total revenues rose 11.7% to $3.44bn.
Adjusted for certain items, Biogen pulled in $7.40 per share, well above analysts' estimates of $6.78 per share.
Spinraza, Biogen's spinal muscular atrophy treatment, reported sales of $468m throughout the quarter, ahead of Wall Street estimates of $448.1m.
Elsewhere, sales of multiple sclerosis treatment Tecfidera rose 1.9% to $1.09bn, which was slightly short of the consensus estimate of $1.11bn, while its other MS drug, Tysabri, brought in $470m throughout the estimates, also above estimates.
After the opening bell, Biogen shares were little moved at $315.55.