© Reuters. Biogen (BIIB) stock pops after earnings beat
Biogen (NASDAQ:) shares rose 1.8% in early New York trading on Wednesday after the company reported third-quarter results that topped analyst expectations.
Earnings per share of $4.36 beat the analyst estimate by $0.37. The company’s revenue for the quarter came in at $2.53 billion, surpassing the consensus estimate of $2.39 billion.
In terms of specific product revenues, Biogen reported $1.16 billion in revenue for multiple sclerosis, in line with the estimate. Revenue for Spinraza reached $448.2 million, exceeding the estimate of $434.9 million.
Tysabri revenue was reported at $456.3 million, slightly below the estimate of $466.5 million. Total Fumarate revenue was $405 million, easily ahead of the estimate of $390 million.
Looking ahead, Biogen expects earnings per share in the range of $14.50 to $15.00 for the full year 2023, compared to the earlier guidance of $15 to $16. This adjustment reflects approximately $0.75 of dilution from the Reata deal.
The company now anticipates a low-single-digit percentage decline in annual revenue, whereas it previously expected a mid-single-digit drop.