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Biogen Raises 2022 Guidance

Biogen Inc. (BIIB) said, for full year 2022, the company now projects non-GAAP EPS of $16.50 to $17.15, updated from prior guidance range of $15.25 to $16.75. Total revenue is now expected in a range of $10.0 to $10.15 billion, revised from prior guidance range of $9.9 to $10.1 billion. The company said the increase in full year 2022 revenue and non-GAAP EPS guidance is driven primarily by better than-expected topline performance and continued cost management.

Third quarter non GAAP earnings per share was $4.77, flat with prior year. On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $4.15, for the quarter. Analysts' estimates typically exclude special items.

Total net income attributable to Biogen was $1.14 billion compared to $329.2 million, last year. Total earnings per share was $7.84 compared to $2.22.

Total revenue was $2.51 billion, down 10% from the prior year at actual currency and 8% at constant currency. Analysts on average had estimated $2.47 billion in revenue.

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