Biogen Posts 4Q Loss on Charge From U.S. Tax Reform
Biogen Inc. (BIIB) on said it swung to a loss in the fourth quarter on the back of a $1.2 billion charge due to the U.S. tax reform.
The Cambridge, Mass., biotechnology company posted a quarterly loss of $297.4 million, or $1.40 a share, compared with a profit of $649 million, or $2.99 a share, for the same period last year.
The company attributed the loss to a $1.2 billion charge due to the new U.S. tax law, which included the transition toll tax and the remeasurement of its net deferred tax assets. On an adjusted basis, Biogen reported a profit of $1.12 billion, or $5.26 a share. Analysts expected a profit of $1 billion, or $4.66 a share, according to FactSet.
Sales rose to $3.31 billion from $2.87 billion for the year-earlier quarter, topping analyst forecasts of $3.08 billion.
Biogen said it expects adjusted earnings of $24.20 to $25.20 a share for 2018 on revenue of $12.7 billion to $13 billion. Research-and-development expense will represent between 16% and 17% of total revenue, the company added.
Write to Adria Calatayud at adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
January 25, 2018 07:21 ET (12:21 GMT)