Biogen Beats Third-quarter Expectations, Will Cut 11% Of Workforce

Biogen Inc. beat third-quarter earnings expectations Wednesday and raised its full-year guidance, announced an 11% reduction in workforce. Biogen reported net income of $965 million, or $4.16 per share, up from $856 million, or $3.63 per share, in the year-earlier period. The company reported adjusted earnings per share of $4.48, above the Factset consensus of $3.79. Biogen reported revenue of $2.78 billion, above $2.51 billion in the year-earlier period and above the Factset consensus of $2.65 billion. The company announced an 11% cut in it workforce, which will also end some pipeline program and is expected to reduce the annual run rate of operating expenses by about $250 million. Biogen said it will invest that money into commercial initiatives as well as explore treatments for Alzheimer's disease, multiple sclerosis, and spinal muscular atrophy. The company raised its full-year guidance, with revenue growth expected to grow 8% to 9%, non-GAAP diluted EPS between $16.20 and %16.50 and GAAP diluted EPS between $14.65 and $14.95.