Yahoo Finance Biogen (BIIB) Q4 Earnings & Sales Beat Estimates
Cambridge, MA-based Biogen Inc. BIIB holds a strong position in the multiple sclerosis (“MS”) market with a wide range of products including Tysabri and Tecfidera. However, as competition in the MS market intensifies, Biogen is trying to diversify beyond MS to other areas like Alzheimer's, Parkinson's, stroke, among others.
Biogen’s earnings performance has been strong as it delivered a positive surprise in each of the four trailing quarters with the average being 9.3%.
Currently, Biogen has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Beat: Biogen’s fourth quarter 2019 earnings beat expectations. The company posted earnings of $8.34 per share while our consensus called for EPS of $8.00.
Revenues Beat: Biogen posted revenues of $3.67 billion, beating the consensus estimate of $3.54 billion. Revenue increased 5% year over year.
Key Statistics: Revenue growth was principally driven by higher sales of its key multiple sclerosis (MS) drugs, continued global growth of spinal muscular atrophy (SMA) drug, Spinraza, and expansion of biosimilar business.
Tecfidera sales rose 5% year over year to $1.16 billion. Sales of Spinraza increased 16% year over year to $543 million.
2019 Results: Biogen posted full year revenues of $14.4 billion, representing a year-over-year growth of 7%. Earnings per share were up 28% year-over-year at $33.57.
2020 Guidance: Biogen expects full year revenues in 2020 to be in the range of $14-$14.3 billion and earnings per share to lie between $31.50 and $33.50.
Pre-Market Trading: Shares were up 0.6% in pre-market trading.
Check back later for our full write up on this BIIB earnings report later!
Biogen Inc. Price and Consensus
Biogen Inc. price-consensus-chart | Biogen Inc. Quote
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