With quarterly earnings underway, BioPharma Dive is providing a snapshot of some companies’ results and how they’re being received by investors. Today, we’re offering insight into the latest numbers from Biogen, AstraZeneca and GSK.
Biogen’s ‘resilient’ quarter
Biogen, with its latest earnings report out Wednesday, drummed up more confidence in its product portfolio on Wall Street.
The Boston-area biotechnology company reported $2.7 billion in revenue between April and the end of June, a 3% increase from the same period a year prior. Diluted earnings per share were 66 cents under generally accepted accounting principles and $3.60 when adjusted. In a note to clients, Jefferies analyst Andrew Tsai wrote that analysts, on average, expected revenue to come in at $2.5 billion and non-GAAP EPS at $2.88.
Several of Biogen’s flagship products contributed to the beat. Sales of Spinraza, a treatment for an uncommon muscular disorder, were up 7% from the first quarter, to $402 million. The $381 million Biogen got from royalties tied to Roche’s multiple sclerosis drug Ocrevus were about $21 million above analyst forecasts. And Biogen’s broader MS franchise, though pressured by competition from copycat drugs, still delivered $963 million on the quarter. The business “continues to be more resilient than expectations,” wrote RBC Capital Markets analyst Brian Abrahams.
