Drug Discovery and Development

  • Home Drug Discovery and Development
  • Drug Discovery
  • Genomics/Proteomics
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Orphan Drugs
  • R&D 100 Awards

Biogen beats The Street on tough Q3, cuts 2020 outlook

By Chris Newmarker | October 21, 2020

BiogenBiogen (NASDAQ:BIIB) posted third-quarter results today that beat the consensus forecast on Wall Street — but cut its outlook for the rest of the year, citing the emergence of generic versions of its Tecfidera drug for multiple sclerosis.

The Cambridge, Mass.–based neurological therapies company reported profits of $702 million, or $4.46 per share, on sales of $3.376 billion for the three months ended Sept. 30, 2020, for a bottom-line drop of 55% and a sales decline of 6% compared with Q3 2019.

Adjusted to exclude one-time items, earnings per share were $8.84, 71¢ ahead of The Street, where analysts were looking EPS of $8.13 on sales of $3.35 billion.

“In the third quarter, Biogen continued to execute on its strategy and delivered solid performance, although we began to face the launch of multiple generics of Tecfidera in the U.S.,” said Biogen CEO Michel Vounatsos said in a news release.

Biogen faces a potentially crucial FDA advisory committee meeting on Nov. 6 related to aducanumab, an Alzheimer’s disease treatment candidate.  “We have continued to allocate capital to create the opportunity for long-term shareholder value, including business development with our new collaboration in Parkinson’s disease,” Vounatsos added.

Biogen expects to log adjusted EPS of $32.50–$33.50 this year, down from the prior guidance range of $34–$36. It cut its top-line outlook to approximately $13.2–$13.4 billion, compared to the prior guidance range of $13.8-$14.2 billion.

Investors reacted by sending BIIB shares up 0.67% to $268.91 apiece by the close of trading today.

 

 

 

Tell Us What You Think! Cancel reply

You must be logged in to post a comment.

Related Articles Read More >

Psilocybin mushrooms
Psilocybin narrowly beat Lexapro in small depression study
Bristol Myers Squibb
FDA approves Bristol-Myers Squibb immunotherapy for gastric cancer
Thermo Fisher PPD
Thermo Fisher to buy PPD for $17B
COVID-19 therapies vaccines coronavirus
EU won’t renew J&J, AstraZeneca vaccine contracts, report says

DeviceTalks Tuesdays

DeviceTalks Tuesdays

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.

Need Drug Discovery news in a minute?

We Deliver!
Drug Discovery & Development Enewsletters get you caught up on all the mission critical news you need. Sign up today.
Enews Signup

R&D Twitter

Tweets by @RandDWorld
Drug Discovery and Development
  • Enews Signup
  • Contact Us
  • R&D World
  • Pharmaceutical Processing
  • Drug Delivery Business News

Copyright © 2021 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Drug Discovery

  • Home Drug Discovery and Development
  • Drug Discovery
  • Genomics/Proteomics
  • Oncology
  • Neurological Disease
  • Infectious Disease
  • Orphan Drugs
  • R&D 100 Awards