Biogen 3rd-qtr sales up 12% and EPS leaps 17%, beating expectations

US biotech major Biogen (Nasdaq: BIIB) today posted strong third-quarter 2018 financials, showing that total revenues of $3.4 billion increased 12% versus the like prior-year period, just beating analysts’ estimates of $3.33 billion.

Non-generally accepted accounting principle (GAAP) income came in at $1.49 billion. a rise of 12%, while earnings per share were $7.40, up 17% and exceeding analysts’ projections of $6.78. Biogen’s shares rose 3.65% to a high of $326.50 in very early trading but fell back to $315.00 by mid-morning.

“Biogen continued to advance our pipeline beyond our industry leading portfolios in MS and Alzheimer’s,” said chief executive Michel Vounatsos, adding: “In the third quarter, we made notable progress in stroke, progressive supranuclear palsy, and ALS. As ever, we remain focused on allocating our capital properly and efficiently with the goal of maximizing returns on behalf of our shareholders over the long-term."