Biogen, which has a major campus in RTP, beat Wall Street expectations with its latest earnings report early Wednesday. And CEO George Scangos sees a “very exciting” year ahead. An interactive graphic breaks down Biogen’s financials.
Biogen (Nasdaq: BIIB) reported fourth-quarter net income of $831.6 million.
The Cambridge, Massachusetts-based company said it had profit of $3.77 per share. Earnings, adjusted for one-time gains and costs, came to $4.50 per share.
The results exceeded Wall Street expectations. The average estimate of 21 analysts surveyed by Zacks Investment Research was for earnings of $4.07 per share.
Biogen disclosed 130 job cuts at its RTP campus last October. It also said some 800 cuts would be made company wide.
From Graphiq Newsdesk:
Biogen Idec Inc. (Nasdaq: BIIB) reported earnings of $831.6 million, or $3.77 a share, down 6% from a profit of $883.46 million, or $3.74 a share, from the same period a year ago.
On an adjusted basis, the company earned $4.50 a share, beating analysts’ expectations of $4.07 a share by 11%.
Revenue grew from $2.64 billion to $2.84 billion over the same time period; analysts surveyed by Zacks expected revenue of $2.71 billion.
The biotechnology company posted revenue of $2.84 billion in the period, also beating Street forecasts. Twenty-one analysts surveyed by Zacks expected $2.71 billion.
For the year, the company reported profit of $3.55 billion, or $15.34 per share. Revenue was reported as $10.76 billion.
Biogen expects full-year earnings in the range of $18.30 to $18.60 per share, with revenue in the range of $11.1 billion to $11.3 billion.
Biogen shares have decreased 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has dropped roughly 7 percent. The stock has declined 28 percent in the last 12 months.
What Biogen’s top exec says:
“We saw solid performance in our industry leading multiple sclerosis portfolio and strong adoption of our hemophilia therapies,” said Chief Executive Officer George Scangos.. “We continue to make investments in important and promising programs that we believe have the potential to help people suffering from devastating diseases, and we are also excited about the potential to launch three new products this year: Benepali, Zinbrytatm, and an infliximab biosimilar.”
“The year ahead will be very exciting for our pipeline, as we look to advance several potential breakthrough programs,” Dr. Scangos continued.“We are executing two Phase 3 clinical trials for aducanumab in Alzheimer’s disease, and are awaiting new data from two other Alzheimer’s candidates. We are encouraged by open label Phase 2 data for nusinersen for spinal muscular atrophy, the leading genetic cause of infant mortality, and are advancing two Phase 3 studies in infants and children with our collaboration partner Ionis. We expect to see Phase 2 data for anti-LINGO in multiple sclerosis in the middle of the year, allowing us to better understand its potential to reverse or repair damage caused by the disease. We are also focused on expanding our leadership in neurology by continuing to attract top talent and using new technology, novel science and a better understanding of disease biology to pursue early stage programs in areas such as Parkinson’s disease and ALS.”
Read the earnings report at: