Biogen beats revenue expectations in the third quarter

Biogen’s BIIB, -1.70% stock was up 0.7% in premarket trading on Tuesday after it beat expectations for earnings and revenue in the third quarter of the year. The company had earnings of $1.1 billion, or $7.84 per share, in the third quarter of 2022, compared with $2.5 billion, or $2.22 per share, in the same quarter a year ago. Adjusted earnings per share were $4.77, against a FactSet consensus of $4.13. Biogen said revenue was $2.5 billion for the quarter, down from $2.7 billion in the same three months of last year. The FactSet consensus was $2.4 billion. Much of the quarterly revenue decline was driven by lower sales in Biogen’s multiple sclerosis franchise. Tysabri’s revenue was $505 million for the quarter, down from $522 million a year ago, while Tecfidera revenue fell to $339 million in the third quarter, down from $498 million a year ago. Biogen updated its outlook for the year, saying it now expects revenue of $10.00 billion to $10.15 billion, up from previous guidance of $9.90 billion to $10.10 billion. It also raised guidance for adjusted EPS in 2022 to $16.50 to $17.15, up from previous guidance of $15.25 to $16.75. Biogen’s stock has gained 14.4% this year, while the broader S&P 500 SPX, +0.32% has declined 20.3%.