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Biogen Shares Down After Q4 Earnings, 2017 Weak Outlook
From StockNews.com: Biogen Inc (NASDAQ:BIIB) early Thursday posted mixed fourth quarter earnings results and offered a tepid 2017 outlook that sent its shares plunging.
The Cambridge, MA-based biotech giant reported Q4 EPS of $5.04, which was $0.08 better than the Wall Street consensus view of $4.96. Revenues rose 1.2% from last year to $2.87 billion, falling short of analyst expectations for $2.94 billion.
Biogen noted the following revenues for its various drug treatments in the quarter:
- TECFIDERA – $1.00 billion
- Interferon – $688.2 million
- TYSABRI – $473.9 million
- ELOCTATE – $149.0 million
- ALPROLIX – $93.2 million
Looking ahead, BIIB forecast full-year 2017 EPS ranging from $20.45 to $21.25, which straddles Wall Street’s current $20.98 estimate. Revenues are seen between $11.1 and $11.4 billion, however, which is well below analysts’ view of $12.1 billion for the year.
The company commented via press release:
“In 2016 we saw continued growth from our multiple sclerosis portfolio, which includes the market leading therapies amongst the orals, the interferons, and the high efficacy agents,” Vounatsos continued. “Together with AbbVie we are launching ZINBRYTA as a new option for MS patients around the world. Our hemophilia products continued to perform well as we prepare to spin off this business in the coming days, and we are pleased with the strong growth of BENEPALI, an etanercept biosimilar we are commercializing in Europe. I am excited to take the helm of a company with such a strong foundation, and my plan is to maintain a disciplined focus on near-term execution while laying the groundwork for Biogen’s long-term sustainability through continued investment in R&D and innovation and business development.”
Biogen shares fell $8.24 (-3.02%) in premarket trading Thursday. Prior to today’s report, BIIB had declined -3.65% year-to-date, versus a 2.70% rise in the benchmark S&P 500 index during the same period.
BIIB currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #46 of 253 stocks in the Biotech category.
This article is brought to you courtesy of StockNews.com.
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