Biogen's record 3rd-qtr boosted by strong Tecfidera performance

US biotech major Biogen (Nasdaq: BIIB) posted a record set of results late yesterday, showing that third-quarter 2016 revenues rose 6% to $296 billion, beating analysts’ forecasts of $2.91 billion. Biogen’s shares closed Wednesday up 3.66% at $296.46.

GAAP (generally accepted accounting principles) net income attributable to Biogen increased 7% to$1.0 billion compared with the same quarter in the prior year. GAAP diluted earnings per share (EPS) of $4.71 increased 13%. Non-GAAP net income attributable to Biogen of $1.1 billion represented a 9% increase versus the same quarter in the prior year. Non-GAAP diluted EPS was $5.19, a 16% increase. Analysts polled by Thomson Reuters had expected a more modest $4.97 per share.

“This quarter we saw solid performance from our leading multiple sclerosis business as an increasing number of patients globally are benefiting from our diverse portfolio of therapies,” said chief executive George Scangos who will soon be stepping down from the post, adding: “We are also excited to be offering patients a new treatment option with the introduction of Zinbryta [daclizumab], a new therapy for multiple sclerosis. In our biosimilars business, we are pleased to have launched two new treatments in Europe: Flixabi, a biosimilar of infliximab, and Benepali, a biosimilar of etanercept.”