Biogen (BIIB) Tops Q1 EPS by 20c

Biogen (NASDAQ: BIIB) reported Q1 EPS of $5.20, $0.20 better than the analyst estimate of $5.00. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.74 billion.

• Total revenues of $2.8 billion, a 3% increase versus the prior year and an 8% increase excluding hemophilia revenues*.
  • TYSABRI® revenue grew 14% versus the prior year. Outside the U.S., TYSABRI revenues benefited by approximately $45 million due to reaching an agreement with the Price and Reimbursement Committee of the Italian National Medicines Agency (AIFA) related to TYSABRI sales in prior periods.
  • Versus Q4 2016, Biogen estimates TECFIDERA® U.S. revenues were negatively impacted by approximately $50 million to $60 million due to lower inventory levels in the channel.
  • Worldwide SPINRAZA® revenues were $47 million.
• GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. of $748 million and $3.46, respectively.
  • GAAP net income and diluted EPS were negatively impacted by $263 million and $1.22, net of tax, respectively, related to the settlement and license agreement with Forward Pharma including consideration of the U.S. Patent and Trademark Office (USPTO) ruling in favor of Biogen in the interference proceeding.
• Non-GAAP net income and diluted EPS attributable to Biogen Inc. of $1.1 billion and $5.20, respectively.

For earnings history and earnings-related data on Biogen (BIIB) click here.

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