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.
Biogen also has a presence in the hemophilia market with two marketed products in its portfolio - Alprolix and Eloctate. However, Biogen will be spinning off the hemophilia business in early 2017. The MS franchise remains the main contributor to the top line and Biogen is working on consolidating its position in the MS market.
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 11.39%.
BIOGEN INC Price and EPS Surprise
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:
Earnings Beat: BIIB's third quarter 2016 earnings were far better-than expected. The company posted earnings of $5.19 per share while our consensus called for EPS of $4.97.
Revenues Top: Biogen posted revenues of $2.96 billion, beating the consensus estimate of $2.90 billion.
Key Statistics: Oral multiple sclerosis (MS) drug Tecfidera's revenues improved 5% sequentially. The other MS drug, Tysabri's sales also grew 4% sequentially.
Pre-Market Trading: Shares were up around 3% in pre-market trading .
Check back later for our full write up on this BIIB earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.