Biogen (BIIB) Beats on Q4 Earnings; Misses Sales

Cambridge, MA-based Biogen Inc.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.

Meanwhile, by Feb 1, 2017, Biogen will be spinning off its hemophilia business into a new company, Bioverativ. The spin-off will allow Biogen to focus on the neurology segment, its key area of expertise.

BIIB has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 8.15%.

Biogen Inc. Price and EPS Surprise

Biogen Inc. Price and EPS Surprise | Biogen Inc. Quote

Currently, BIIB has a Zacks Rank #2 (Buy), 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:

Earnings Beat: BIIB's fourth quarter 2016 earnings were better-than expected. The company posted earnings of $5.04 per share while our consensus called for EPS of $4.97.

Revenues Miss: Biogen posted revenues of $2.87 billion, missing the consensus estimate of $2.95 billion.

Key Statistics: Oral multiple sclerosis (MS) drug Tecfidera's revenues declined 3% sequentially. The other MS drug, Tysabri's sales also declined 8% sequentially.

2017 Guidance: The company said it expects revenues in the range of 11.1 to $11.4 billion. Earnings are expected to be between $20.45 and $21.25.

Pre-Market Trading: Shares were down more than 2% in pre-market trading .

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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