Biogen beats first-quarter profit estimates on Spinraza strength
Reuters
Published Apr 24, 2019 07:19AM ET
Biogen beats first-quarter profit estimates on Spinraza strength
(Reuters) - Drugmaker Biogen Inc (NASDAQ:BIIB) beat analysts' estimates for first-quarter profit on Wednesday, boosted by higher sales of its growth driver Spinraza, even as its top-selling multiple sclerosis drug faces intensifying competition.
The company's shares rose 2.1 pct to $235.01 in pre-market trading.
Spinal muscular atrophy treatment Spinraza brought in $518 million in the quarter, beating Refinitiv IBES estimates of $486.4 million.
Biogen's multiple sclerosis drug Tecfidera, which brought in $999 million in the quarter, missed estimates, and faces several challenges to its intellectual property, which is key to shielding the blockbuster drug from generic competition.
The company suffered an $18 billion drop in market value when the drugmaker and its partner Eisai Co Ltd last month ended two late-stage trials of their experimental Alzheimer's treatment aducanumab.
Biogen said it expects a nearly $125 million reduction in operating expenses during the year related to the discontinuation of aducanumab, with net savings of about $80 million.
Net income attributable to the company rose 20 percent to $1.41 billion, in the quarter ended March 31. (https://
On an adjusted basis, the company earned $6.98 per share on revenue of $3.49 billion. Analysts had expected the company to earn $6.87 per share on revenue of $3.39 billion.
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Written By: Reuters
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