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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.

 

 

 


Filed Under: Drug Discovery
Tagged With: Biogen
 

About The Author

Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at cnewmarker@wtwhmedia.com.

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