Biogen's Stock Surges After Profit, Sales Beat

Biogen Inc.'s stock jumped 5.4% in premarket trade Wednesday, after the biotechnology company beat fourth-quarter profit and sales expectations. Earnings came in at $831.6 million, or $3.77 a share, compared with $883.5 million, or $3.74 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $4.50, above the FactSet consensus $4.06. Revenue rose $2.84 billion from $2.64 billion, above the FactSet consensus of $2.71 billion. For 2016, the company expects adjusted EPS of $18.30 to $18.60, surrounding the FactSet consensus of $18.45. Revenue is expected to be $11.1 billion to $11.3 billion, compared with the FactSet consensus of $11.29 billion. The stock has slumped 11% over the past three months through Tuesday, while the S&P 500 has lost 7.9%.