Biogen Inc. reported first quarter 2016 financial results, including:
- Total revenues of $2.7 billion, a 7 percent increase versus the same period in the prior year. Growth was driven by a 15 percent increase in worldwide TECFIDERA® revenues as well as increased revenues from ELOCTATE® and ALPROLIX®. Revenues were partially offset by a decrease in worldwide interferon sales.
- Foreign exchange, including a $26 million reduction in hedging gains, negatively impacted total revenues by approximately $50 million compared to the first quarter of 2015.
- Non-GAAP diluted earnings per share (EPS) of $4.79, a 25 percent increase versus the same period in the prior year. Growth was driven by a combination of increased revenues, lower SG&A and R&D expense, and a lower share count.
- Non-GAAP net income attributable to Biogen Inc. increased 17 percent to $1.0 billion.
- GAAP diluted EPS of $4.43, a 27 percent increase versus the same period in the prior year.
- GAAP net income attributable to Biogen Inc. increased 18 percent to $971 million.
“The remainder of 2016 will be an exciting period as we look to advance a number of potential breakthrough therapies in the clinic,” said Chief Executive Officer George A. Scangos, Ph.D. “We are executing Phase 3 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 2 data to provide us with a better understanding of its potential as a reparative therapy for multiple sclerosis.”
Filed Under: Drug Discovery