Shares in Biogen (NSDQ:BIIB) rose this week after the biopharmaceutical company met expectations on Wall Street with its 4th quarter financial results, but pegged its full-year revenue forecast lower than analysts expected.
The Cambridge, Mass.-based company posted profits of $649.2 million, or $2.99 per share, on sales of $2.87 billion for the 3 months ended Dec. 31, for bottom-line loss of -21.9% on sales growth of 1.1% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $5.09, ahead of consensus on The Street, where analysts were looking for sales of $2.94 billion.
“Biogen seeks to advance transformational pipeline programs for some of the greatest challenges in medicine, including Alzheimer’s disease, Parkinson’s, and ALS,” CEO Michel Vounatsos said in prepared remarks. “Spinraza for spinal muscular atrophy is a prime example of the type of groundbreaking innovation that we must continue to pursue. As the first treatment for infants and children with this devastating disease, Spinraza has the potential to improve and extend the lives of thousands of patients worldwide.”
“In 2016 we saw continued growth from our multiple sclerosis portfolio, which includes the market leading therapies amongst the orals, the interferons, and the high efficacy agents. Together with AbbVie we are launching Zinbryta as a new option for MS patients around the world. Our hemophilia products continued to perform well as we prepare to spin off this business in the coming days, and we are pleased with the strong growth of Benepali, an etanercept biosimilar we are commercializing in Europe. I am excited to take the helm of a company with such a strong foundation, and my plan is to maintain a disciplined focus on near-term execution while laying the groundwork for Biogen’s long-term sustainability through continued investment in R&D and innovation and business development.”
Biogen said it expects sales of $11.1 billion to $11.4 billion for the full year, compared to analysts’ expectations of $12.1 billion.
BIIB shares were trading at $277.71 apiece today in premarket trading, up 1.6%.