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Biogen profit rises 72% on multiple sclerosis therapy sales

Biogen profit rises 72% on multiple sclerosis therapy sales
FILE PHOTO: A sign marks a Biogen facility in Cambridge, Massachusetts, U.S. January 26, 2017. REUTERS/Brian Snyder   -   Copyright  Brian Snyder(Reuters)
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(Reuters) – Biogen Inc <BIIB.O> posted a 72% rise in quarterly profit and lifted its 2019 earnings forecast on Tuesday, boosted by higher sales of its top-selling multiple sclerosis therapy Tecfidera.

Shares of the company rose 5.4% to $244.99 before the bell, as the U.S. biotechnology company raised its 2019 adjusted earnings forecast to between $31.50 and $32.30 per share from the prior range of $28 to $29.

Analysts were expecting earnings of $29.70 per share, according to IBES data from Refinitiv.

Tecfidera brought in $1.15 billion (£924.21 million) in second-quarter sales, beating estimates of $1.05 billion.

On the other hand, sales of spinal muscular atrophy treatment Spinraza, the company’s most closely watched growth driver, came in at $488 million, missing estimates of $535.1 million.

Net income attributable to the company rose to $1.49 billion, or $7.85 per share, in the quarter ended June 30, from $866.6 million, or $4.18 per share, a year earlier. (https://bit.ly/2LDqLL6)

Excluding items, Biogen earned $9.15 per share.

Total revenue rose to $3.62 billion from $3.36 billion.

(Reporting by Saumya Sibi Joseph and Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)

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