Biogen Stock Lifts As Much As 3% As MS Drugs Propel Third-quarter Beat

By Emma CourtMarketsMarketWatch Pulse

Biogen Inc. shares rose 2.8% in premarket trade Wednesday after the company beat third-quarter expectations. Earnings for the latest quarter rose to $1.0 billion, or $4.71 per share, from $966 million, or $4.15 per share in the year-earlier period. Adjusted earnings-per-share were $5.19, above the FactSet consensus of $4.70 per share. Revenue rose to $2.96 billion from $2.79 billion, above the FactSet consensus of $2.90 billion. The company said third-quarter growth was propelled by blockbuster multiple sclerosis drug Tecifidera, which had sales rise by 10% to $1.03 billion, above the FactSet consensus of $1.00 billion. Sales of another multiple sclerosis drug, Tysabri, grew by 7% to $515 million, above the $508 million FactSet consensus. Growth of hemophilia drugs Eloctate and Alprolix, as well as biosimilar anti-inflammatory drug Benepali helped offset a decrease in sales of another Biogen multiple sclerosis drug, Avonex, the company said. Biogen shares decreased 6.6% over the year to date, compared with a 4.9% rise in the S&P 500 .

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