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Biogen (BIIB) Beats on 1Q Earnings by a Wide Margin

Cambridge, MA-based Biogen BIIB, one of the world’s leading biotechnology companies, focuses on therapeutic areas including neurology, immunology and hemophilia. The company is best known for its multiple sclerosis (MS) franchise comprising treatments like Avonex, Tysabri, Tecfidera and Plegridy.

Biogen also has a presence in the hemophilia market with two marketed products in its portfolio – Alprolix and Eloctate. The MS franchise remains the main contributor to the top line and Biogen is working on consolidating its position in the MS market.

Since the emergence of the first progressive multifocal leukoencephalopathy (PML)-related death in a patient on oral MS drug, Tecfidera, Biogen has been reporting a slowdown in Tecfidera’s growth rate. Investor focus will remain on scrip growth of this oral MS treatment in the coming quarters. The continued ramp up of Plegridy will also be in focus.

BIIB has a pretty good earnings track record with the company delivering positive earnings surprises in three of the last four quarters with an average surprise of 7.23%.

Currently, BIIB has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Huge Earnings Beat: BIIB’s first quarter 2016 earnings were far better-than expected. The company posted earnings of $4.79 per share while our consensus called for EPS of $4.48.

Revenues Fall Short: Biogen posted revenues of $2.727 billion, just shy of the consensus estimate of $2.758 billion. Tecfidera revenues declined 5% sequentially.

Check back later for our full write up on this BIIB earnings report later!

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