(RTTNews) - Biotechnology company Biogen Inc. (BIIB) reported Wednesday that profit for the fourth quarter surged 50 percent from last year, reflecting lower expenses despite a 7 percent revenue growth. However, adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also initiated adjusted earnings and revenue growth guidance for the full-year 2023, in line with estimates.
For the fourth quarter, the company reported net income attributable to the company of $550.4 million or $3.79 per share, higher than $368.2 million or $2.50 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $4.05 per share, compared to $3.39 per share in the year-ago quarter.
On average, 26 analysts polled by Thomson Reuters expected the company to report earnings of $3.48 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter declined 6.9 percent to $2.54 billion from $2.73 billion in the same quarter last year. Revenues were down 4.0 percent in constant currency. Analysts expected revenues of $2.44 billion for the quarter.
Total product revenues decreased 13.2 percent to $1.90 billion from last year, with MS product revenue declining 17.0 percent to $1.27 billion and Biosimilars product revenue decreasing 20.9 percent to $174.8 million, while SPINRAZA product revenue increased 4.1 percent to $458.8 million from a year ago.
Revenue from anti-CD20 therapeutic programs grew 8 percent to $448 million and Contract manufacturing and royalty revenue surged 52 percent to $192 million from last year.
Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $15.00 to $16.00 per share on revenue decline in the mid-single digits.
The Street is looking for earnings of $15.72 per share on a revenue decline of 6.8 percent to $9.38 billion for the year.
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