Biogen (BIIB) Tops Q1 EPS by 13c, Miss on Revenues

Biogen (NASDAQ: BIIB) reported Q1 EPS of $6.05, $0.13 better than the analyst estimate of $5.92. Revenue for the quarter came in at $3.1 billion versus the consensus estimate of $3.15 billion.

• Total revenues of $3.1 billion, an 11% increase versus the prior year or a 15% increase excluding hemophilia revenues*.
  • Multiple sclerosis (MS) revenues were $2.1 billion, including approximately $77 million in royalties on the sales of OCREVUS®.
  • Revenue growth was principally driven by SPINRAZA®, which contributed $364 million in global revenues, biosimilars, which contributed $128 million, and Other Revenues of $164 million.
• GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. of $1.2 billion and $5.54, respectively, compared to $748 million and $3.46 in the first quarter of 2017, respectively.
  • In the first quarter of last year GAAP net income and diluted EPS were negatively impacted by $243 million and $1.14, net of tax, respectively, related to the U.S. Patent and Trademark Office ruling in favor of Biogen in the Company\'s interference proceeding with Forward Pharma A/S.
• Non-GAAP net income and diluted EPS attributable to Biogen Inc. of $1.3 billion and $6.05, respectively, compared to $1.1 billion and $5.20 in the first quarter of 2017, respectively.

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

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