Cambridge, Massachusetts-based Biogen, which opened a new manufacturing facility in Research Triangle Park in September, reported third quarter revenues of $3.1 billion, up 4 percent over last year and topped analysts’ estimates of both earnings and sales.
Q3 earnings were $6.31 per share, beating the Zacks consensus estimate of $5.70 and up 22 percent year over year.
The company said sales of its recently launched spinal muscular atrophy drug, Spinraza, helped drive up revenue. It earned $271 million in Q3.
Sales of its muscular sclerosis treatments were lower than expectations, however, largely due to increased competition in the marketplace.
That figure excludes the hemophilia revenues because Biogen completed separation of the business into a new company called Bioverativ.
“In the third quarter, we executed well against our strategic priorities,” said Michel Vounatsos, Biogen’s CEO in a statement.
“Our multiple sclerosis portfolio demonstrated resilience in an increasingly competitive market, and we’re encouraged by the strength of SPINRAZA’s global launch. We had a solid third quarter, and over the balance of the year we anticipate seasonal pressure as well as increased spending as we invest behind our strategic priorities.”
In September 2017, Biogen opened a new manufacturing facility in Research Triangle Park, North Carolina dedicated to the production of antisense oligonucleotide therapies (ASOs). This facility gives Biogen the capability to manufacture ASO drugs like SPINRAZA for the first time and will also support a clinical pipeline of additional ASOs.
Biogen stock (Nasdaq:BIIB) traded in positive territory, up $1.39 to $317.14 a share in mid-morning trading Wednesday, although the gain wavered throughout the morning.