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Biogen Trims FY20 Earnings Outlook; Q3 Results Top Estimates - Quick Facts

While reporting financial results for the third quarter on Wednesday, Biogen Inc. (BIIB) trimmed its earnings, adjusted earnings and revenue guidance for the full-year 2020, due to the impact of multiple generic entrants for its multiple sclerosis drug Tecfidera in the U.S.

For fiscal 2020, the company now projects earnings in a range of $25.50 to $26.50 per share and adjusted earnings in a range of $32.50 to $33.50 per share on revenues between about $13.2 billion and $13.4 billion.

Previously, the company expected earnings in the range of $32.00 to $34.00 per share and adjusted earnings in the range of $34.00 to $36.00 per share on revenues between about $13.8 billion and $14.2 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $34.77 per share on revenues of $13.83 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income attributable to the company of $702 million or $4.46 per share, down from $1.55 billion or $8.39 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $8.84 per share, compared to $9.17 per share in the year-ago quarter.

Total revenue for the quarter grew 6 percent to $3.38 billion from $3.60 billion in the same quarter last year.

The Street expected the company to report earnings of $8.13 per share on revenues of $3.35 billion for the quarter.

Multiple sclerosis (MS) revenues, including $272 million in royalties on the sales of OCREVUS, decreased 4 percent from the prior year to $2.26 billion.

Further, Biogen's Board of Directors authorized a program to repurchase up to $5.0 billion of the Company's common stock (the 2020 Share Repurchase Program). The 2020 Share Repurchase Program does not have an expiration date.

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