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Biogen Boosts FY20 Earnings Outlook; Q2 Results Top Estimates - Quick Facts

While reporting financial results for the second quarter on Wednesday, Biogen Inc. (BIIB) raised its earnings and adjusted earnings guidance for the full-year 2020, while trimming annual revenue outlook.

For fiscal 2020, the company now projects earnings in a range of $32.00 to $34.00 per share and adjusted earnings in a range of $34.00 to $36.00 per share on revenues between about $13.8 billion and $14.2 billion.

Previously, the company expected earnings in the range of $29.50 to $31.50 per share and adjusted earnings in the range of $31.50 and $33.50 per share on revenues between about $14.0 billion and $14.3 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $32.96 per share on revenues of $13.94 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income attributable to the company of $1.54 billion or $9.59 per share, up from $1.49 billion or $7.85 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $10.26 per share, compared to $9.15 per share in the year-ago quarter.

Total revenue for the quarter grew 2 percent to $3.68 billion from $3.62 billion in the same quarter last year.

The Street expected the company to report earnings of $8.04 per share on revenues of $3.44 billion for the quarter.

Multiple sclerosis (MS) revenues, including $208 million in royalties on the sales of OCREVUS, decreased 2 percent from the prior year to $2.34 billion.

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