Biogen Stock Rises After First-quarter Earnings, Profit Beat

By Emma CourtMarketsMarketWatch Pulse

Biogen Inc. shares rose as much as 4.8% in premarket trade Tuesday after the company reported a first-quarter earnings and profit beat. Earnings for the latest quarter declined to $747.6 million, or $3.46 per share, from $970.9 million, or $4.43 per share, in the year-earlier period. The latest results include the $263 million cost of a settlement and license agreement with Forward Pharma , Biogen said. Adjusted earnings-per-share were $5.20, compared with the FactSet consensus of $4.97. Revenue rose to $2.81 billion from $2.73 billion, compared with the FactSet consensus of $2.73 billion. Revenue from Biogen's key multiple sclerosis drug, Tecfidera, rose to $958.2 million from $945.2 million, below the FactSet consensus of $977.5 million. Biogen shares have surged 10.0% over the last three months, compared with a 3.3% rise in the S&P 500 .

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