Biogen up 4% on upbeat financial results

A set of quarterly financial results that exceeded expectations and led to improved full-year guidance prompted shares in Biogen (Nasdaq: BIIB) to increase by 5% in Tuesday morning’s trading.

The US biotech reported revenue for the second quarter of $3.6 billion, up 8% on the same period of 2018 and ahead of the expectations of analysts, who on average had predicted $3.47 billion.

"We remain focused on investing in the areas we believe have the highest potential return"Adjusted earnings per share were $9.15, significantly higher than the average analyst estimate for $7.53, while net income, going by generally accepted accounting principles, hit $1.41 billion, up 72% on a year ago, when certain deals led to heavy quarterly spending.