Biogen (BIIB) Stock Rockets On Planned Filing And Q3 Results

Biogen BIIB Stock News
  • Revenue – Revenue for the quarter came in at $3.6 billion. This represented a 5% year over year increase.
  • MS Revenue – Multiple sclerosis revenue came in at $2.348 billion. This included $188 million in royalty payments.
  • SPINRAZA – The continued commercial launch of SPINRAZA is leading to strong growth in revenue. In the third quarter, the drug generated $547 million in revenues, compared to $468 million in the same quarter last year.
  • Earnings – The company generated $8.39 per share on a GAAP basis. This compares well to the $7.15 per share reported in the same quarter last year.

In a statement, Michael Vounatsos, CEO at BIIB, had the following to offer:

Biogen delivered solid performance in the third quarter driven by continued resilience from our MS core business and growth from SPINRAZA and biosimilars. SPINRAZA continued on a strong trajectory, particularly outside the U.S., and we are preparing for the expected launch of VUMERITY, which we believe will be an important addition to our market-leading
multiple sclerosis portfolio. In addition to the recent news on aducanumab, we made strong progress in our pipeline as we initiated new clinical programs targeting Parkinson’s disease and brain contusion, and we look forward to nine important data readouts by the end of next year. We continue to believe that our core focus on neuroscience will lead to new innovative treatments for patients and will maximize long-term returns for our shareholders.

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The Bottom Line

The bottom line here is simple. Biogen is firing on all cylinders. Not only is the company seeing growth in sales of already approved products, it is working to bring its AD treatment to market. All in all, investors are excitedly looking forward to continued revenue growth ahead!

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