Biogen Inc. (NASDAQ:BIIB) unwinded its second quarter earnings results on Wednesday 22nd July 2020 before market open.
The biotech drug manufacturer, reported $ 9.59 income per share for the quarter.
On adjusted basis, Biogen Inc. reported income for the quarter of $ 10.26 per share, beat the consensus estimate of $ 8.04 income per share by $ 2.22 or 27.61 percent.
The quarterly earnings improved 22.17 percent compared with the same quarter last year.
The firm had revenue of $ 3,681.60 million for the quarter, compared to the consensus estimate of $ 3439.71 million. The revenues outshined analysts estimates by $ 241.89 million or 7.03 percent.
The financial report showed revenues escalated 1.79 percent versus second quarter of last year.
Michel Vounatsos, Chief Executive Officer, said, In the second quarter, Biogen continued to deliver strong financial results. We are pleased to have completed the BLA submission for aducanumab and look forward to the prospect of launching the first therapy to reduce clinical decline in Alzheimer’s disease. Our progress with aducanumab exemplifies our broader strategy of building a multi-franchise portfolio based on our deep expertise in neuroscience, and we have multiple near-term value creation opportunities in other areas such as ALS, ophthalmology, lupus, stroke, and biosimilars.
Moving forward, Biogen Inc. revised revenue for 2020 from previous estimates range of $ 14000.00 million ~ $ 14300.00 million to a new range $ 13800.00 million ~ $ 14200.00 million
At the same time, the company updates 2020 earnings estimate from the previous range of $ 31.50 ~ $ 33.50 per share to a new range $ 34.00 ~ $ 36.00 per share.
Wall street analysts expected 2020 income of $ 32.96 per share on revenue of $ 13943.90 million.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
