real-time news and commentary for investors
Monday, Oct 28
Biogen beats, raises guidance as Tecfidera impresses
- Biogen (BIIB) beats handily on the bottom line and narrowly on the top, as net income and revenue rise 23% and 32% Y/Y, respectively.
- Tecfidera sales breeze past expectations, coming in at $286M versus consensus of around $218M. Tecfidera is now "the leading oral MS therapy in the U.S. after only six months on the market." It appears this is where some of Gilenya's growth might have gone. Furthermore, it looks like Tecfidera beat consensus even accounting for inventory in the channel, which BIIB says was $12M for Q3.
- Tysabri revenues jump 46% as BIIB assumes full rights for the drug. Fampyra/ Fumaderm sales were $33M versus $28M in Q2 2012.
- FY13 outlook: Revenue growth of 23-25%, non-GAAP EPS of $8.65-8.85, versus previous guidance of $8.25-8.50/share on sales growth of 22-23%. (PR)
- BIIB +3% premarket