Biogen Inc. shares surged 5.8% in premarket trade Tuesday after the company reported second-quarter profit and revenue beats. Earnings for the latest quarter fell to $863 million, or $4.07 per share, from $1.05 billion, or $4.79 per share in the year-earlier period. Adjusted earnings-per-share were $5.04, compared with the FactSet consensus of $4.37. Revenue rose to $3.08 billion from $2.89 billion, compared with the FactSet consensus of $2.81 billion. Biogen, which spun out its hemophilia business into the company Bioverativ in the first-quarter, said it excluded all hemophilia revenues from the second quarter of 2016. The latest results include a 5% increase in multiple sclerosis revenues as compared with the prior year, a 13% increase in revenue for the multiple sclerosis drug Tecfidera as compared with the prior year and $203 million in revenue for the spinal muscular atrophy therapy Spinraza, which was only approved at the very end of 2016. Biogen also raised its 2017 financial guidance due to "faster than anticipated adoption of Spinraza in the U.S.," increasing revenue outlook to about $11.5 to $11.8 billion and EPS outlook to between $20.80 and $21.40, up from $20.45 to $21.25. Biogen shares have slumped 0.8% over the last three months, compared with a 3.4% rise in the S&P 500 .
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