Biogen Q1 profits rise boosted by Tecfidera sales
Shares in Biogen (Nasdaq: BIIB) climbed to close up over 5% Thursday after the company reported 18% rise in first-quarter profit driven by sales of multiple-sclerosis drug Tecfidera.
The biotech firm reported profit of $970.9 million, or $4.43 a share, up from $822.5 million, or $3.49 a share, a year earlier.
Excluding charges from restructuring and other items, adjusted per-share earnings rose to $4.79 from $3.82 a year earlier. Revenue grew 6.7% to $2.73 billion, the company said in a statement.
Chief Executive George Scangos, said: “Our leading multiple sclerosis portfolio, a growing hemophilia business, and our ongoing focus on managing expenses led to robust earnings growth in the first quarter.”
The company is developing treatments for Alzheimer’s disease and multiple sclerosis.
Scangos said: “The remainder of 2016 will be an exciting period as we look to advance a number of potential breakthrough therapies in the clinic. We are executing Phase III clinical trials for aducanumab in early Alzheimer’s disease and, along with our collaboration partner Ionis, we are progressing nusinersen in spinal muscular atrophy. In the coming months, we expect opicinumab (anti-LINGO) Phase II data to provide us with a better understanding of its potential as a reparative therapy for multiple sclerosis.”
Sales for multiple sclerosis drug Avonex dropped 19% to $564 million in the first quarter, down from $693 million a year ago.
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