Biogen 1st-qtr misses sales expectations but beats on EPS
US biotech major Biogen (Nasdaq: BIIB) saw its shares slip 2% in pre-market trading, after the company posted first-quarter 2016 financial results that missed analysts’ sales expectations. However, by mid-morning the stock was up 4.7% at $278.44
Revenue rose 6.6% to $2.73 billion from $2.56 billion, missing the FactSet consensus forecasts of $2.74 billion, boosted by growing demand for its multiple sclerosis treatment Tecfidera (dimethyl fumarate).
Net income attributable to the U.S. biotechnology company rose to $970.9 million, or earnings per share of $4.43 per share, in the first quarter ended March 31, from $822.5 million, or $3.49 per share, a year earlier. On an adjusted basis, the company earned $4.79 per share, compared with the FactSet consensus of $4.44.
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