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Biogen ups 2018 profit and revenue guidance after second-quarter earnings and revenue beat expectations

The Nasdaq-listed firm said its earnings for the quarter rose to US$867mln, or US$4.18 per share, up from US$863mln, or US$4.07 per share in the year-earlier period
Biotech trials
Biogen said it now expects 2018 adjusted earnings of US$24.90 to US$25.50 per share, an increase from previous guidance of US$24.20 to US$25.20 per share

Biogen Inc. (NASDAQ:BIIB) saw its shares rise in pre-market New York trading on Tuesday as the biotech company raised its 2018 profit and revenue guidance after seeing second-quarter earnings and revenue beat expectations.

The Nasdaq-listed firm said its earnings for the quarter rose to US$867mln, or US$4.18 per share, up from US$863mln, or US$4.07 per share in the year-earlier period.

The group’s adjusted earnings per share of US$5.80 beat the consensus estimate of US$5.21, while revenue for the second quarter rose to US$3.36bn from US$3.08bn, also above consensus of US$3.25bn.

Biogen Increased its 2018 revenue guidance to a range of about US$13bn to US$13.2bn, up from a previous range of between US$12.7bn to US$13.0bn, and above the consensus of US$12.96bn.

The company also said it now expects 2018 adjusted earnings of US$24.90 to US$25.50 per share, an increase from previous guidance of US$24.20 to US$25.20 per share, and above the consensus for US$23.83 per share.

Biogen also announced that it has acquired two neuromuscular drugs - a pre-clinical product and a drug that is in phase 1a trials - from privately-owned biotechnology company AliveGen Inc. for an upfront payment of US$27.5mln.

The group said AliveGen is also eligible for up to US$535mln in additional milestone payments.

In pre-market trading, Biogen shares were nearly 6% higher at US$397.40.

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